Representational image of a boy segregating plastic bottles
| Photo Credit: Sandeep Saxena
KOLKATA
British International Investment (BII), the United Kingdom Government’s developmental finance institution, has committed an investment of ₹205 crore to help fight plastic pollution in West Bengal.
On Wednesday, BII signed a memorandum of understanding with Magpet Polymers in Kolkata confirming a ₹205 crore ($24 million) debt investment in the form of a long-term loan towards the expansion of Magpet’s PET-bottle recycling facility in Kharagpur, West Bengal.
This investment will enable the expansion and development of an integrated single-line bottle-to-bottle food-grade recycling plant by Magpet at Vidyasagar Industrial Park, Kharagpur, West Bengal.
“It will create over 300 direct job opportunities in the State, and will enable the social inclusion of over 10,000 waste-pickers in the region in the waste aggregation process,” said Indranil Goho, President and CEO of Magpet. This plant will become the first of its kind in India.
European technology
The facility will use European technology from Herbold, Coperion, and Polymetrix to recycle 45,000 tonnes of PET bottles annually, transforming used plastic into food-grade products.
“This is a significant milestone in India’s sustainability journey and addresses one of the most pressing issues of today, plastic pollution,” British Deputy High Commissioner to the East and Northeast India, Dr Andrew Fleming, said at the MoU signing in Kolkata on Wednesday. “Between 2022 and 2026, BII is committed to directing at least 30% of its investments towards climate finance.”
He added that BII’s investment in Magpet will help reduce pollution, create green jobs, and positively impact the lives of waste-pickers. “This investment comes at a critical time as we approach the enforcement of the Plastic Waste Management Act in April 2025. I think India has shown bold leadership in this policy,” he said.
Positive impact
According to Nikhil Chulani, investment director of British International Investment, recycling industries and the circular economy are major priorities for the Foreign, Commonwealth, and Development Office, the UK Government, and the BII. “Investments in these sectors allow us to achieve sustainability and inclusivity — reducing carbon emissions by recycling plastic waste and creating sustainable jobs both directly and indirectly in the supply chain in both West Bengal and adjoining States,” he said.
Mr. Chulani said the investment will help Magpet’s Kharagpur recycling facility reduce carbon emissions by over 50,000 tonnes every year.
“Making investments in East and Northeast India is a very big priority for the BII. This is a region that has 350 million people in terms of total population and produces a significant portion of the plastic waste in the country, but relative to the population and the amount of plastic waste produced, it is currently underserved in terms of recycling capacity,” Mr. Chulani said.
Devendra Surana, Magpet’s founder and managing director, said the company’s Kharagpur facility polymerizes plastic from used PET bottles by aggregating bottles from public waste, crumbling them into flakes, and recreating pellets in their facility. “This allows us to reduce our dependence on virgin plastic,” he said.
Published – October 24, 2024 04:50 am IST
