JC Global is planning to expand its recycling capacity
Chennai : Global investment firm Circulate Capital will invest $9.5 million in Jayachandran Global Refineries Pvt Ltd (JC Global), marking its eighth investment in India and the first deployment from its $300 million Asia Fund II into South Asia. Circulate Capital has signed definitive documents to acquire a significant minority stake in the Coimbatore-based plastics recycler, following the recent $220 million first close of the fund. Janavi Papriwal, investment partner and co-head for South Asia at Circulate Capital, said JC Global’s 25 years of experience and strong network made it an ideal partner to bridge India’s critical recycling infrastructure gap.
The investment could be followed by additional capital to support JC Global’s long-term expansion. JC Global processes plastic waste, including material from automobiles and large appliances, into recycled plastics used by the automotive and electronics industries. The company currently operates a single site and plans to use the new capital to build an integrated multi-plant recycling network.
JC Global plans to scale its recycling capacity to nearly 100,000 tonnes of plastic waste a year. This is expected to help avoid more than 190,000 tonnes of CO2e emissions annually, according to Circulate Capital.
Pradeep Chandrasekaran,CMD, JC Global, said the investment would help the company build an integrated polyolefins recycling platform in India, while professionalising operations and expanding its capacity. The investment will also support responsible sourcing and greater traceability across the recycling value chain, including initiatives aimed at improving the livelihoods of informal waste workers.