Circulate Capital to invest US$19m in four India waste management firms
SINGAPORE-BASED Circulate Capital's Circulate Capital Ocean Fund (CCOF) is investing US$19 million in four Indian waste management companies, bringing its commitment in India across the waste management and recycling value chain to US$39 million.
"At a time of tremendous uncertainty, the six companies in our India portfolio are positioned to help the country build back sustainably and transform from a linear to circular economy. Combined, they will directly create over 6,600 safe, stable and dignified jobs while preventing five million tonnes of plastic pollution from entering the environment by 2030," said Rob Kaplan, chief executive officer and founder of Circulate Capital.
"Supported by the Swachh Bharat Mission and strong demand from brand owners, India is well placed to provide a blueprint for plastic circularity to improve livelihoods and build back better globally."
The four new companies comprise Srichakra Polyplast, Rapidue Technologies, Deeya Panel Products and Dalmia Polypro Industries. The fund had previously invested in Lucro Plastecycle and Nepra Resources Management. Together, they form part of Circulate Capital's commitment to dedicating half of CCOF's US$106 million of capital to the waste management and recycling industry in India.
Established in partnership with Pepsico (the first investor), Proctor & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company and Chevron Phillips Chemical, CCOF is the world's first investment fund dedicated to combat ocean plastic in South and South-east Asia.
CCOF's portfolio includes seven companies in the waste management and recycling industry, including six in India and one in Indonesia.
A NEWSLETTER FOR YOU
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Asean
Thaksin-linked TV broadcaster to shut down after 15 years
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
Vietnam National Assembly head resigns amid graft purge
Berjaya founder Vincent Tan denies casino plan in Malaysia’s Forest City
Indonesia spices up the global interest rate debate