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‘India should come up with bio-plastics policy Gravita to acquire waste tyre recycling plant

with govt. support’ in Romania

India should come out with a investments over fi ve years to encour- Gravita India has announced that forming a separate SPV in Romania fi nancial, environmental and legal
national bio-plastics policy with fi scal age the development of bioplastics its step-down subsidiary, Gravita Nether- in which GNBV will be holding 80% due diligence.
incentives like capital subsidy as well manufacturing and infrastructure. The lands BV (GNBV), has executed of equity with management control
as government support for research & report also called for regulatory frame- a Memorandum of Understanding and remaining equity by other partners GNBV also aims to expand its
development, according to a report. work mandating use of bio-plastics, (MoU) to acquire a 17-ktpa waste tyre based in Romania. recycling business operations across
implementing QCOs (quality control recycling plant in Romania from an the European market, leveraging new
The report titled ‘Incentivising orders), imposing import restrictions, existing entity based out in Romania. This Total investment in the transaction market opportunities and establishing
Bioplastics, a Biopolymer’ by EY and and rationalising GST rates required for will be Gravita’s fi rst recycling facility will be approximately Rs. 40-crore strategic partnerships to drive growth.
ASSOCHAM outlines a strategic vision the growth of industry. in Europe. and GNBV will be investing ap- The company has rubber recycling
for transforming India’s bio-plastics proximately Rs. 32-crore towards its facilities in Senegal, Togo, Ghana and
industry through targeted government To establish India as a premier hub Government support for research This acquisition will be done by contribution subject to in-depth Tanzania.
interventions and regulatory changes for production of bio-plastics, the and development, job creation and
along with educational campaigns and report calls for comprehensive National infrastructure within these clusters is CLEAN ENERGY
leveraging India’s agricultural strengths Bio-Plastics Policy in India. It sug essential for advancing technological
to enhance sustainability and environ- gested fi scal incentives like capital sub- innovation and ensuring economic Hero Future Energies plans to invest $20-bn in
mental performance. sidies of up to 50% on eligible capital viability, it added.
renewables over 6 years
BUSINESS RESTRUCTURING
Hero Future Energies (HFE), the tors such as KKR and International and through a mix of debt and equity,
Ernst & Young to help India Glycols identify new Hero Group’s power production unit, Finance Corporation (IFC), aims to Mr. Munjal said.
plans to invest $20-bn over the next six increase its capacity to 30-GW by
growth opportunities years to scale up its capacity by nearly 2030 from an installed 1.9-GW cur- The company, which already owns
16 times, according to its Chairman rently. The capacity additions will renewable energy projects in India,
Green chemicals fi rm, India Glycols holders value. The committee was quarter of the current fi nancial year. Upon Mr. Rahul Munjal. go towards producing wind and solar Ukraine and Vietnam, expects 3.4-GW of
Ltd. (IGL), has appointed of Ernst & authorised to appoint external experts and completion of evaluation of options, the energy as well as battery storage tech- capacity, currently under construction, to
Young LLP (E&Y) as fi nancial and tax consultants to conduct the exercise. With committee will submit its recommenda- HFE, backed by global inves- nologies and will be funded internally be commissioned in the next two years.
consultant. its appointment as a consultant, EY will tions to the Board for consideration.
work with IGL in identifying and evalu- POLYESTER RECYCLING
The development follows an an- ating various options and opportunities IGL operates in various business seg-
nouncement by the company in July this including restructuring of businesses of ments such as bio-based specialties and Magpet to set up recycling plant in Kharagpur
year about the formation of a ‘Committee the company with the objective to unlock performance chemicals (bio-glycols, spe-
of Directors’ to examine the company’s stakeholders’ value. EY is expected to ciality chemicals, bio-fuels, bio-polymers, Magpet Polymers Pvt. Ltd., one of 45-ktpa of recycled PET pellets will be the latest European technology,” said
business strategy for enhancing stake- present its report and fi ndings in the third power alcohol, etc), potable spirits, etc. the leading polyethylene terephtha- produced. “It will be India’s largest Mr. Indroneel Goho, Magpet President
late (PET) preform and container integrated PET recycling plant with and CEO.
GREEN SIGNAL manufacturers in eastern India, will
set up a recycling plant at Kharagpur Pidilite signs exclusive distribution
Godavari Biorefi neries gets SEBI nod to fl oat IPO this year with an investment of

Godavari Biorefi neries Ltd. (GBL), launch the IPO. In SEBI parlance, the face value of Rs. 10 each. GBL’s port- Rs. 250-crore. deal with CollTech Group
a leading manufacturer of ethanol-based receipt of observation letter means the folio comprises of bio-based chemicals, Adhesive and construction chemi- In a regulatory fi ling, Pidilite said,
chemicals, said it has received approval company can launch its IPO within the sugar, different grades of ethanol and The plant, likely to be operational cals specialist, Pidilite Industries “Under this partnership, Pidilite will
from the capital markets regulator SEBI next one year. power. The company has the largest in November in the fi rst phase, will Ltd., has entered into an exclusive serve as the exclusive distributor of
(Securities and Exchange Board of integrated bio-refi nery in India in terms produce food-grade plastic bottles distribution agreement with Coll- CollTech’s extensive range of products
India) to go ahead with its IPO plans. The company is planning fresh of installed capacity and is the largest using recycled PET resins. In the fi rst Tech Group. US-based CollTech in India. This collaboration is aimed to
issue of equity shares aggregating up to manufacturer of 3-methyl-3-penten- phase, the plant will have an installed manufactures and sells high perfor- enhance CollTech’s market presence
The company recently received the Rs. 325-crore and an offer for sale of 2-one worldwide in terms of installed capacity of 20-ktpa of recycled PET mance adhesives and thermal man- and further expand Pidilite’s position
fi nal observation letter from SEBI to up to 65,26,983 equity shares of the capacity. fl akes, while in the second phase, agement solutions. in the electronics industry in India.”

142 Chemical Weekly October 1, 2024 Chemical Weekly October 1, 2024 143

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