Representative image of a boy separating plastic bottles | Photo: Sandeep Saxena
KOLKATA
British International Investment (BII), the UK government’s development finance institution, has committed an investment of ₹205 crore to help fight plastic pollution in West Bengal.
BII on Wednesday signed a memorandum of understanding with Magpet Polymers in Kolkata, confirming a debt investment of ₹205 crore ($24 million) in the form of a long-term loan to expand Magpet’s PET bottle recycling facility in Kharagpur, West Bengal.
This investment will enable the expansion and development of an integrated single-line bottle-to-bottle food recycling plant by Magpet at Vidyasagar Industrial Park, Kharagpur, West Bengal.
“This will create over 300 direct employment opportunities in the state and enable the social inclusion of over 10,000 waste pickers in the region in the waste collection process,” said Indranil Goho, president and CEO of Magpet. This venture will be the first of its kind in India.
European technology
The facility will use European technology from Herbold, Coperion and Polymetrix to recycle 45,000 tonnes of PET bottles per year, transforming used plastic into food products.
“This is an important milestone on India’s path to sustainability and addresses one of the most pressing issues of today, plastic pollution,” said British Deputy High Commissioner for East and North East India, Dr Andrew Fleming, at the signing of the The MoU in Kolkata on Wednesday. “Between 2022 and 2026, the BII has committed to channel at least 30% of its investments into climate finance.”
He added that BII’s investment in Magpet will help reduce pollution, create green jobs and positively impact the lives of waste pickers. “This investment comes at a critical time as we move closer to the implementation of the Plastic Waste Management Act in April 2025. I think India has shown bold leadership on this policy,” he said.
Positive impact
According to Nikhil Chulani, investment director at British International Investment, recycling industries and the circular economy are top priorities for the Foreign Office, Commonwealth and Development, the UK Government and the BII. “Investments in these sectors enable us to achieve sustainability and inclusion – reducing carbon emissions by recycling plastic waste and creating sustainable jobs, both directly and indirectly in the supply chain both in West Bengal and in neighboring states.” , he said.
Mr Chulani said the investment would help Magpet’s recycling facility in Kharagpur reduce carbon emissions by over 50,000 tonnes every year.
“Investment in East and North East India is a very high priority for BII. This is a region that has 350 million people in terms of total population and produces a significant proportion of the country’s plastic waste, but relative to the population and the amount of plastic waste produced, it is currently underserved in terms of recycling capacity,” said Mr. n Chulani.
Devendra Surana, founder and managing director of Magpet, said the company’s Kharagpur facility polymerizes plastic from used PET bottles by aggregating public waste bottles, crushing the husks and re-creating pellets at their facility. “This allows us to reduce our reliance on clean plastic,” he said.
Published – 24 Oct 2024 04:50 AM IST
