Recycling and sustainable packaging company Greenwave Circularity has raised $31.5 million from OeEB, the Development Bank of Austria, to expand its plastic recycling capacity in India. The investment will help the company develop new recycling infrastructure and meet the growing demand for recycled packaging materials from fast-moving consumer goods (FMCG) companies.
Financing to Expand Plastic Recycling Capacity
The long-term financing is backed by the European Union’s European Fund for Sustainable Development Plus (EFSD+). Greenwave will use the funding to establish new greenfield plastic recycling capacity in India. The planned facility will process post-consumer plastic waste, with an initial focus on discarded PET bottles. Greenwave will convert the recovered material into food-grade recycled PET (rPET) resin and preforms, which can then be used to manufacture new packaging. In addition, the company plans to expand its recycling capabilities to other widely used plastics, including high-density polyethylene (HDPE) and polypropylene (PP).
European Technology to Support Advanced Recycling
The facility is expected to use European recycling technologies to process post-consumer plastic waste and produce high-quality recycled materials for packaging applications. By deploying advanced recycling technology, Greenwave aims to increase the availability of recycled plastics while supporting the growing shift towards more sustainable packaging solutions.
Strengthening India’s Plastic Waste Collection Network
Alongside new recycling infrastructure, Greenwave plans to strengthen connections across India’s fragmented scrap-collection ecosystem. The company will establish structured links with waste collectors and scrap suppliers to improve the movement of recyclable plastic into formal processing networks. Consequently, the initiative could help increase collection efficiency and improve overall plastic recycling rates. The financing will therefore support both recycling capacity and the supply-chain infrastructure required to secure a consistent supply of post-consumer plastic feedstock.
Rising Demand for Recycled Packaging Materials
Greenwave’s expansion comes as FMCG companies increase their use of recycled materials in packaging and seek reliable domestic supplies of rPET. By expanding local recycling capacity and strengthening collection networks, the company aims to improve access to recycled plastic while supporting India’s transition towards a more circular packaging economy. As reported by manufacturingtodayindia.com, the investment marks another step towards building a stronger domestic recycling ecosystem that can convert post-consumer plastic waste into valuable raw materials for new packaging applications.
