PET bottle recycler eyes Rs 10bn revenues

Riding on the back of soaring demand for polyester fibre, simultaneously in the local as well as the world markets, the Kanpur-based Ganesh Polytex (GPL) is targeting Rs. 10 billion in revenue over the next five years, through capacity expansion.

Presently, the firm’s revenue is growing at a rate of 30 percent per annum, and is likely to touch around Rs. 2.65 billion for the 2011-12 fiscal.

The firm is engaged in recycling of PET bottle waste and convert it into Recycled Polyester Staple Fibre (RPSF).

Moreover, the firm which is the leading player in the RPSF industry is now also establishing a greenfield yarn spinning facility with a capacity of 25,000 spindles in Uttar Pradesh’s Bilaspur with an investment of Rs. 1.25 billion.

The company plans to fund the investments through equity, debts and internal accruals.

GPL now houses an overall installed capacity of 57,600 tons / annum, and intends to raise this to around 72,000 tons / annum with addition of another 14,000 tons / annum by 2012-13 fiscal.

Moreover, the company is also considering penetration into the business of recycling plastic waste.

The firm now operates two state-of-the-art facilities one each in Kanpur in Uttar Pradesh and at Rudrapur in Uttarakhand.

Of the company’s overall production around 20 percent is exported to European countries, while the remaining 80 percent is consumed domestically.

Original Source: PET bottle recycler eyes Rs 10bn revenues @ Fibre2fashion