Race Eco Chain Limited is pleased to announce a significant development in its strategic initiatives. The Board of Directors has approved the incorporation of a joint venture with Ganesha Ecosphere Limited. This new venture aims to set up washing plants for the production of PET flakes, aligning with the company's commitment to sustainability and compliance with ESG mandates.

Details of the Joint Venture:

Name of the Entities: Race Eco Chain Limited and Ganesha Ecosphere Limited.

Proposed Joint Venture Company: Ganesha Recycling Chain Private Limited.

Shareholding Structure: Race Eco Chain Limited will hold up to 51% of the joint venture, while Ganesha Ecosphere Limited will hold up to 49%.

Purpose: The joint venture is aimed at addressing the rising demand for recycled PET driven by environmental regulations and ESG requirements in India. This initiative will support sustainable business practices and enhance Race Eco Chain's position in the recycling industry.

Industry Focus: Plastic Recycling, specifically PET flakes.

Consideration: Cash.

Regulatory Approvals: No specific governmental or regulatory approvals are required for this venture.

Key Highlights:

Ganesha Ecosphere Limited: Established in 1987, Ganesha is a leading PET recycler in India, known for its production of rPET fiber and yarn from PET bottle scrap. The company operates six manufacturing facilities across India and Nepal and exports to over 19 countries.

Impact of the Joint Venture: This collaboration is expected to significantly contribute to the recycling of PET, meeting the growing market demands and setting a benchmark for sustainable practices.

Annexure Details:

Annexure A: Details of the acquisition, including the size and turnover of the proposed joint venture company.

Annexure B: Proposed joint venture agreement details, including shareholding and significant terms.

Annexure C: Arrangements for the strategic tie-up, including the scope of business operations and expected benefits.

About Race Eco Chain Limited: Race Eco Chain Limited, with its registered office in New Delhi and corporate office in Ghaziabad, is focused on promoting sustainable practices through innovative recycling solutions. The company's initiatives aim to address environmental challenges and enhance its role in the recycling industry.

About Ganesha Ecosphere Limited: Ganesha Ecosphere Limited is a pioneer in PET recycling, with a robust network of manufacturing facilities and a strong export presence. The company is listed on the National Stock Exchange of India and the Bombay Stock Exchange.

Disclaimer: Statements in this press release regarding future plans and expectations are forward-looking and subject to risks and uncertainties. Actual results may vary based on various factors including market conditions and regulatory changes.

For more information, visit Race Eco Chain’s official website.

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