Ganesha Ecosphere Buys Stake in Race Eco Chain

In a strategic move to bolster the circular economy and enhance the plastic packaging waste supply chain in India, Ganesha Ecosphere, the country’s leading PET bottle recycler, has acquired an equity stake in Race Eco Chain. Race Eco Chain, a pioneer in plastic waste management, aims to organise the unorganised waste supply chain and promote sustainability, as outlined in its 2030 vision.

Ganesha Ecosphere’s investment highlights a commitment to environmental stewardship and aligns with governmental mandates such as Extended Producer Responsibility (EPR) and Business Responsibility and Sustainability Reporting (BRSR). The acquisition aims to strengthen Race Eco Chain’s network of over 500 suppliers and regional collection centres, which operate under stringent Environmental, Social, and Governance (ESG) principles.

Race Eco Chain has established itself as a leader in the plastic waste management sector through innovative initiatives. The company’s ambitious goals for 2030 include targeting a revenue growth of 40 to 50 per cent and securing a market share of over 25 per cent in the PET waste market. Additionally, Race Eco Chain plans to procure 50 per cent of its materials from ESG-compliant players and ensure that 50 per cent of its procurement processes are end-to-end traceable.

The company is also expanding its operations to meet escalating demand by establishing washing lines across India to supply raw materials necessary for bottle-to-bottle (B2B) manufacturing. This expansion includes setting up additional plants to scale up production and address raw material requirements. Race Eco Chain’s expansion and sustainability initiatives are crucial for meeting the growing demand for recycled PET and for fostering a more sustainable plastic waste management system in India. By organising the unorganised waste supply chain, the company aims to create a significant impact on environmental sustainability.

The partnership with Ganesha Ecosphere is expected to further drive these efforts, reinforcing both companies’ roles in advancing sustainability and contributing to a circular economy. As they align with governmental mandates and embrace ESG principles, Ganesha Ecosphere and Race Eco Chain are poised to lead the way in sustainable plastic waste management in India.

“The latest collaboration with Ganesha Ecosphere signifies a shared vision for a sustainable future. This partnership will drive positive change in India’s environmental landscape. With an ESG audit score of 58, we aim to achieve 100 per cent ESG-compliant procurement. The goal is to foster a circular economy by digitizing the waste supply chain and actively engaging with communities,” Sunil Malik, MD, said.