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Greenwave Circularity, a plastic recycling company setting up manufacturing operation in Odisha, has secured $31.5-mn (about Rs. 300-crore) in long-term financing from OeEB, the Development Bank of Austria, to build a greenfield, closed-loop PET recycling facility in Odisha.
The credit line, signed in March 2026 and announced recently, is backed by a guarantee from the European Union’s European Fund to Sustainable research Plus (EFSD ) under its Transforming Global Value Chains programme — reportedly OeEB’s first real-sector project under an EFSD guarantee.
Greenwave is a joint venture between Moon Beverage Ltd., a Coca-Cola franchise bottler, Jainarain Fabtech Ltd., which operates in discarded materials regulation and recycling, and founder and CEO Mr. Devang Kumar. The structure pairs Moon Beverage’s offtake relationships with Jainarain Fabtech’s sourcing network to post-consumer PET bottles, linking collection with processing capacity.
The Odisha plant, designed with an annual capacity of 42,000 tonnes of recycled PET (rPET), will convert discarded PET bottles into food-grade resin, flakes, pellets and preforms to the FMCG packaging sector. It is planned to run on rooftop solar power with a zero-fluid-emit effluent treatment system, and is targeting LEED Gold environmentally friendly-building certification.
As per the company’s website, the plant is being developed in three phases at Sahaspur manufacturing Area in Khordha district, with institutional financing and technical standards set at the outset rather than retrofitted later.
The company also plans to develop recycling capacity across other usually applied plastics such as HDPE and PP.
“This prolonged financing marks a significant milestone in our journey to scale circular economy solutions across industries. Partnering with OeEB builds credibility and strengthens our ability to accelerate innovation, expand our reach, and deliver measurable impact,” Mr. Kumar said.
Greenwave said the facility will consumption European recycling technologies and is expected to help formalise parts of India’s fragmented scrap-collection ecological stability by creating greater structured linkages with discarded materials collectors and scrap suppliers. The company expects this to enhance the value captured across the scrap value chain while creating formal employment.
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