Representational image of a boy segregating plastic bottles
KOLKATA
British International Investment (BII), the UK Government’s developmental finance institution, has announced a significant investment of ₹205 crore aimed at combating plastic pollution in West Bengal.
In a recent signing ceremony held in Kolkata, BII formalized a memorandum of understanding with Magpet Polymers, confirming a ₹205 crore ($24 million) debt investment to expand Magpet’s PET-bottle recycling facility located in Kharagpur, West Bengal.
This funding initiative will facilitate the construction of an integrated single-line bottle-to-bottle food-grade recycling plant at Vidyasagar Industrial Park, Kharagpur.
“This project will generate over 300 direct job opportunities within the state and support the social inclusion of more than 10,000 waste-pickers by integrating them into the waste aggregation process,” stated the CEO of Magpet. This facility is set to be the first of its kind in India.
Utilizing European Technology
The recycling facility will incorporate cutting-edge European technology from Herbold, Coperion, and Polymetrix to efficiently recycle 45,000 tonnes of PET bottles annually, converting used plastic into food-grade products.
“This investment marks a pivotal moment in India’s sustainability efforts and addresses the critical challenge of plastic pollution,” remarked a representative at the MoU signing event. “From 2022 to 2026, BII is dedicated to allocating a minimum of 30% of its investments towards climate finance.”
The representative emphasized that BII’s investment in Magpet not only aims to reduce pollution but also to create green job opportunities and enhance the livelihoods of waste-pickers. “With the implementation of the Plastic Waste Management Act approaching in April 2025, this investment arrives at a crucial period,” they added.
Driving Positive Change
According to investment officials at BII, promoting recycling industries and the circular economy are top priorities for the institution. “Investments in these sectors are essential for achieving sustainability and inclusivity, as they help minimize carbon emissions through plastic waste recycling while generating sustainable jobs both directly and in the wider supply chain across West Bengal and neighboring regions,” they highlighted.
The investment is projected to enable Magpet’s Kharagpur facility to reduce carbon emissions by over 50,000 tonnes annually.
Investment authorities stressed the importance of focusing on East and Northeast India, a region with a population of 350 million that generates a substantial amount of plastic waste yet currently lacks adequate recycling facilities.
The founder of Magpet explained the process of polymerizing plastic from used PET bottles at their Kharagpur facility, detailing how bottles are collected from public waste, crushed into flakes, and transformed into pellets. “This process reduces our reliance on virgin plastic,” he concluded.
Published – October 24, 2024 04:50 am IST
