Greenwave Circularity Private Limited

Currently, India generates more than 9 million tonnes of plastic waste annually and only a tiny portion of this is recycled back to food contact quality, mainly due to insufficient waste sorting and recycling infrastructure and the limited number of compliant food-grade recycling facilities. The project aims to address this gap through the construction of a modern recycling plant in the Indian state of Odisha, which will produce high quality recycled PET (rPET) for the food and beverage packaging industry. The plant is planned to have an annual capacity of 42,000 tonnes of rPET resin, with additional recycling of plastic bottle caps made from Polyolefin (PO) finding application across consumer goods, automotive and industrial packaging sectors. Rising requirements under India's extended producer responsibility framework, which mandate a growing share of recycled content in PET bottles, are driving longterm demand for rPET.

The project, one of the largest by scale and industry leading technology standards, also includes several environmentally friendly measures, such as a rooftop solar installation (green energy), an effluent treatment plant with a zero liquid discharge, biofuels and LEED green building certification of the production facility. Further, the project aligns with IFC-Performance Standards, international food regulator compliant technologies and the financing will contribute to the creation of approximately 250 new jobs while supporting the development of a modern circular economy. By replacing virgin PET with rPET, up to 79% of greenhouse gas emis-sions (around 1.7 kg CO₂equivalent per kg) can be avoided. 

In addition, the project benefits from support under the EDFI TGVC programme, 60% of the loan amount is covered by a guarantee. This makes Greenwave the first OeEB real-sector project to be implemented under an EFSD+ guarantee programme. EDFI TGVC is a guarantee managed by EDFI Management Company and funded by the European Union under the EFSD+ programme, as part of the EU's Global Gateway strategy.

Greenwave Circularity Private Limited is a joint venture between Moon Beverage Limited (one of the largest private franchise bottlers of Coca Cola in India), Jainarain Fabtech Ltd. (engaged in waste management and recycling), and the Founder & CEO Mr Devang Kumar. The shareholders establish a vertically integrated supply chain while contributing extensive expertise across the value chain and help secure both the offtake of part of the produced rPET and the supply of PET bottles as raw material thereby endorsing the circularity promise embarked upon.

The project aligns with OeEB's mandate to support projects in the circular economy. By reducing the re-source consumption and waste, the project helps in improving resource and energy efficiency and contributes to achieving carbon neutrality. Furthermore, Greenwave fosters job creation that delivers lasting social impact, enables sustainable economic growth and builds critical climate impact infrastructure in an emerging yet underserved region of India.