The News National Bureau
British International Investment (BII), the United Kingdom Government’s developmental finance institution, has committed an investment of Rs. 205 crore to help fight plastic pollution in West Bengal.
BII signed a Memorandum of Understanding with Magpet Polymers in Kolkata confirming a Rs. 205 crore debt investment in the form of a long-term loan towards the expansion of Magpet’s PET-bottle recycling facility in Kharagpur, Paschim Medinipur.
This investment will enable the expansion and development of an integrated single-line bottle-to-bottle food-grade recycling plant by Magpet at Vidyasagar Industrial Park in Kharagpur.
The facility will use European technology from Herbold, Coperion, and Polymetrix to recycle 45,000 tonnes of PET bottles annually, transforming used plastic into food-grade products.
This plant will become the first of its kind in India, creating 300 direct job opportunities within the state.