Circulate Capital Investment to Boost Plastic Recycling Infrastructure
Plastic Recycling | 2020-12-28 12:38:00
Earlier, CCOF had invested $39 million in Lucro Plastecycle and Nepra Resources Management.
By Paul Ploumis
SEATTLE (Scrap Monster): Singapore-based Circular Capital announced multi-million dollar investment in India to boost plastic recycling infrastructure. The investment is aimed at preventing plastic from leaking into the ocean and advancing the circular economy.
The Circulate Capital Ocean Fund (CCOF) has committed investment of $19 million in four leading Indian companies- Srichakra Polyplast (Srichakra), Rapidue Technologies (Recykal), Deeya Panel Products (Ricron) and Dalmia Polypro Industries (Dalmia). The investment is part of its earlier commitment to dedicate 50% of CCOF’s $106 million capital in Indian waste management and recycling industry. Earlier, CCOF had invested $39 million in Lucro Plastecycle and Nepra Resources Management.
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The investment in small and medium enterprises (SMEs) that are pioneers in the waste management sector is expected to transform the country’s waste management and recycling value chain.
Rob Kaplan, CEO, Circulate Capital noted that the combined investment in six Indian companies will create over 6,600 direct jobs and prevent at least 5 million metric tonnes of plastic pollution from entering the environment by 2030. Going forward, Circular Capital will focus on investments in Indonesia, Thailand and Vietnam, the announcements of which will be made during early-2021.
