Joint Venture5 Sept 2024, 09:14 pm
Race Eco Chain Ltd and Ganesha Ecosphere Ltd Forge Strategic Joint Venture to Propel India's Recycled PET Market
AI Summary
Race Eco Chain Ltd. (BSE: 537785, NSE: RACE), one of India’s fastest growing companies engaged in plastic waste management, and Ganesha Ecosphere Limited, the largest PET recycler in India, have agreed to form a joint venture named Ganesha Recycling Chain Private Limited. The joint venture aims to launch numerous washing lines across India to transform PET bottles into reusable flakes, with Race Eco Chain acquiring up to a 51% equity stake and Ganesha Ecosphere securing up to a 49% stake. This initiative is in response to mounting demand of ESG and regulatory demands (EPR Rules) and is expected to significantly reduce plastic waste and foster a circular economy.
Key Highlights
- Race Eco Chain Ltd. and Ganesha Ecosphere Limited form a joint venture named Ganesha Recycling Chain Private Limited
- The joint venture aims to launch numerous washing lines across India to transform PET bottles into reusable flakes
- Race Eco Chain to acquire up to a 51% equity stake and Ganesha Ecosphere to secure up to a 49% stake
- This initiative is in response to mounting demand of ESG and regulatory demands (EPR Rules)
- The joint venture is expected to significantly reduce plastic waste and foster a circular economy