BII invests ₹205 crore in Magpet Polymers for expansion plans and its bottle-to-bottle recycling facility. The British International Investment (BII) is the UK government’s development finance institution and an impact investor. Both organizations formalized the agreement by signing a memorandum of understanding (MoU).
BII invests in Magpet polymers to help Magpet expand it’s operations and accelerate the development of India’s largest and first fully integrated single-line bottle-to-bottle food-grade recycling plant at Vidyasagar Industrial Park in Kharagpur, West Bengal. The plant will use advanced European technology from Herbold, Coperion, and Polymetrix, marking its debut in India.
As reported by projectstoday.com, with an annual production capacity of 45,000 tons, the facility will manufacture food-grade recycled PET (rPET) pellets. It will encompass the entire PET recycling process, transforming used bottles into granules and then back into bottles. Magpet is recognized as India’s first circular enterprise for PET recycling.
“This partnership lays the groundwork for a future where economic development is both sustainable and inclusive, benefiting all,” said Andrew Fleming, the British Deputy High Commissioner to East and Northeast India.
