Race Eco Chain, a plastic waste management brand, partnered with Ganesha Ecosphere, a PET recycler, to establish a new joint venture named Ganesha Recycling Chain.
The venture will focus on setting up multiple washing lines across India to convert PET bottles into reusable flakes, aiming to significantly cut down plastic waste and support a circular economy. The agreement for the joint venture is still pending finalisation and execution.
In this venture, Race Eco Chain will hold a 51% equity stake, while Ganesha Ecosphere will retain a 49% stake. The new entity will operate as a subsidiary of Race Eco Chain.
As reported by thehindubusinessline.com, regulations, packaging must include thirty percent recycled plastic by 2025-26, with the requirement increasing to sixty percent by 2028-29.
