The OeEB-backed project will process post-consumer PET bottles into food-grade recycled materials for the food, beverage and FMCG packaging sectors.
Greenwave Circularity has secured a $31.5 million credit line from OeEB, the Development Bank of Austria, to develop an integrated PET recycling facility in Odisha. The financing agreement was signed in March 2026 and will support the development of what OeEB describes as India’s first fully integrated, closed-loop greenfield PET recycling facility.
The planned facility will process post-consumer polyethylene terephthalate (PET) bottles into recycled materials, including food-grade recycled PET (rPET) resin and preforms for the food and beverage packaging industry. The plant is designed to have an annual capacity of 42,000 tonnes of rPET resin and will also produce rPET flakes, pellets and granules.
The project will also recycle polyolefin-based plastic bottle caps, with the recovered material intended for applications including consumer goods, automotive products and industrial packaging. This integrated approach is designed to connect waste collection and processing with demand for recycled materials across multiple industries.
Greenwave plans to incorporate several sustainability-focused technologies into the Odisha facility. The plant is expected to use rooftop solar power, biofuels and a zero-liquid-discharge effluent treatment system, while the company also plans to seek LEED green-building certification. OeEB estimates that replacing virgin PET with recycled PET could reduce greenhouse-gas emissions by up to 79%, equivalent to around 1.7 kilograms of carbon dioxide equivalent for every kilogram of material.
The financing is supported through the Transforming Global Value Chains programme under the European Fund for Sustainable Development Plus (EFSD+). OeEB is benefiting from a €16.2 million EU-backed guarantee as well as a guarantee from Austria’s Ministry of Finance, with 60% of the loan amount covered by a guarantee. The project is OeEB’s first real-sector investment implemented under an EFSD+ guarantee programme.
Greenwave Circularity was established in 2024 as a joint venture between Moon Beverage Limited, Jainarain Fabtech and founder and CEO Devang Kumar. Moon Beverage is a Coca-Cola franchise bottler in India, while Jainarain Fabtech has experience in waste management and recycling. The venture has an offtake agreement with Moon Beverage and benefits from Jainarain Fabtech’s network for sourcing used PET bottles.
The investment comes as demand for recycled PET continues to increase in India, partly driven by Extended Producer Responsibility requirements that mandate a growing share of recycled content in PET packaging. The Odisha facility is expected to increase domestic availability of recycled PET, support circular supply chains and contribute to reducing plastic waste.
The project is also expected to create around 250 new jobs, according to OeEB. Intellecap’s Investment Banking Group acted as the exclusive adviser to Greenwave Circularity on the $31.5 million financing.
With its planned combination of PET bottle collection, recycling and production of food-grade recycled materials, the Odisha project represents a significant investment in India’s circular plastics infrastructure. Its development could strengthen the domestic supply of rPET while supporting packaging companies responding to increasing recycled-content requirements.