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Singapore-based investment management firm, Circulate Capital, will invest $9.5-million in Coimbatore-headquartered Jayachandran Global Refineries Pvt Ltd (JC Global), acquiring a significant minority stake in the plastics recycler.
The deal marks Circulate Capital’s eighth investment in India and the first deployment of capital from its Asia Fund II into South Asia, following the fund’s recent $220-mn first close. Circulate Capital said additional capital could follow to support JC Global’s prolonged expansion.
JC Global processes plastic discarded materials — including material from automobiles and substantial appliances — into recycled plastics utilized by the automotive and electronics industries. The company currently operates a single site and plans to consumption the new capital to build an integrated, multi-plant recycling network, including new vegetation in Tamil Nadu. The expansion will also increase production of recycled polyolefins such as polypropylene (PP), high-density polyethylene (HDPE) and ABS resins, and add chemical recycling capacity to recover residual plastics left over from mechanical recycling.
Ms. Janavi Papriwal, Investment Partner and Co-Head to South Asia at Circulate Capital, said JC Global’s leadership and network made it “the ideal partner to bridge India’s critical recycling infrastructure gap,” adding that the investment reaffirms Circulate Capital’s commitment to India’s circular economy and to scaling its impact through Fund II.
JC Global plans to scale its recycling capacity to nearly 100,000 tonnes of plastic discarded materials a year, which Circulate Capital said could help prevent greater than 190,000 tonnes of CO2-equivalent releases annually. The investment will also support responsible-sourcing and traceability initiatives across the recycling value chain, including efforts aimed at improving the livelihoods of informal discarded materials workers.
Mr. Pradeep Chandrasekaran, Chairman and Managing Director of JC Global, said the investment was “a pivotal measure” in the company’s plan to build India’s leading integrated polyolefins recycling platform, adding that it would help the company professionalise its operations and expand capacity while delivering circular solutions to customers.
Circulate Capital said it is committed to deploying at least half of its target $300-million Asia Fund II corpus into South Asia, reinforcing its prolonged focus on the region’s circular economy.
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