This strategic move underscores the company’s commitment to fostering a circular economy & enhancing India’s plastic packaging waste supply chain
INDIA: Ganesha Ecosphere Limited, India’s Largest PET Bottle Recycler has announced an equity investment in Race Eco Chain Limited. This strategic move underscores the company’s commitment to fostering a circular economy and enhancing India’s plastic packaging waste supply chain.
Race Eco Chain Ltd. (BSE: Scrip Code 537785, NSE: Symbol RACE), a pioneer in plastic waste management and a champion of circular economy principles in India, has unveiled its ambitious vision i.e. 2030 goals and expansion plans to meet escalating demand.
Looking forward to Vision 2030, Race Eco Chain Ltd. targets revenue growth of 40% to 50% and aims to secure a market share of over 25% in the PET waste market. Additionally, the company plans to procure 50% of its materials from ESG-compliant players and ensure that 50% of procurement is end-to-end traceable. These objectives align with governmental mandates, including Extended Producer Responsibility (EPR) requirements and Business Responsibility and Sustainability Reporting (BRSR) mandates, emphasizing ESG compliance in the supply chain.
Sunil Malik, Managing Director of Race Eco Chain Ltd., commented, “Our collaboration with Ganesha Ecosphere Ltd. signifies a shared vision for a sustainable future. This partnership underscores our dedication to driving positive change in India’s environmental landscape and benefiting from Ganesha’s vast resources in waste management.”
To meet the escalating demand for sustainable packaging materials, Race Eco Chain Ltd. is expanding its operations by establishing washing lines across India for the supply of raw materials required for bottle-to-bottle(B2B) manufacturing. In India, the current capacity is around 50,000 Metric Tonnes compared to the estimated demand of 3.5 Lakh Metric Tonnes for B2B (Bottle to Bottle manufacturing, the company is setting up additional plants to scale up production and address raw material requirements for this demand.
According to the Pareto Principle, 10% of the players control 90% of the industry. With its extensive pan-India network, dedicated collection centers, future-ready RACE app and upcoming washing plants for B2B manufacturing raw material supply, Race Eco Chain Ltd. is well-positioned to become a leading player in India’s waste management industry. The company’s strategic partnerships and strong focus on sustainability further bolster its potential to dominate the sector.
Supported by strong government initiatives such as the plastic waste management rules including Extended Producer Responsibility (EPR), along with global initiatives and events like COP 28 on sustainability and recycling importance and an increased emphasis on ESG parameters, the Race Eco Chain business model is not just pursuing growth; growth is pursuing Race Eco Chain Ltd.
Ganesha Ecosphere Ltd and Race Eco Chain Ltd. association signifies a shared vision for a sustainable future and underscores both companies’ dedication to driving positive change in India’s environmental landscape, RACE to benefit from Ganesha’s vast resources in waste management.
