Greenwave Circularity secures USD 31.5m from Austria's OeEB for Indian PET recycling plant
Indian recycler Greenwave Circularity has raised USD 31.5m (Rs 300 crore) from OeEB, the Development Bank of Austria, to build a closed-loop PET recycling facility in Odisha. The financing, guaranteed by the European Union, will fund production of food-grade recycled PET resin, flakes, pellets and preforms for the FMCG sector. OeEB estimates the project will create more than 1,000 jobs.
Why this mattersEuropean development finance backing an Indian rPET plant signals growing cross-border capital flows into food-grade recycling capacity serving FMCG demand for recycled content.
- Greenwave Circularity raised USD 31.5m (Rs 300 crore) from OeEB, Austria's Development Bank.
- The plant is planned in Odisha, India, and is described as one of the country's largest closed-loop PET recycling facilities.
- The financing is de-risked and guaranteed by the European Union.
- The facility will produce food-grade rPET resin, flakes, pellets and preforms for FMCG customers.
- OeEB estimates the project will create more than 1,000 jobs.
- The plant will target LEED Gold certification with rooftop solar and zero-liquid-discharge effluent treatment.