Shree Renga Polymers Commits ₹100 Crore Investment in Greenfield PET Bottle Recycling Facility in Karur; Signs MoU with TN Government

Karur-based garment company Shri Renga Polymers, renowned for gaining attention when Prime Minister Narendra Modi wore a jacket made from recycled PET bottles in Parliament, is set to make a significant investment of ₹100 crore to expand its capacity.

The company is establishing a greenfield PET bottle recycling facility at Thennilai and Manavasi in Karur, western Tamil Nadu, employing cutting-edge technology to recycle waste PET bottles into value-added products such as fibers, yarns, and garments. This investment aims to boost the capacity of recycled PET staple fiber (rPSF) by six times, reaching 130 tonnes per day. The end products are destined for technical textiles, woven, and knitted items, according to Senthil Sankar, the Managing Partner of the company.

On Monday, the company signed a Memorandum of Understanding (MoU) for the project at the Tamil Nadu Global Investors Meet 2024 in Chennai, anticipating the creation of an additional 500 jobs, as reported by businessline.

Senthil Sankar highlighted the company's current ₹100 crore Annual Run Rate and expressed optimism about the expansion potentially elevating manufacturing revenue to ₹500 crores, propelling the EcoLine brand to a ₹1,000 crore status. Ecoline Clothing, launched in 2020, focuses on sustainable fashion, utilizing yarns spun from recycled plastic fibers and organic cotton.

In February, the Prime Minister demonstrated his commitment to eco-friendly fashion by wearing a "Chandhan" shade Sadri jacket presented by EcoLine Clothing during a Rajya Sabha session. The jacket, presented at the India Energy Week in Bengaluru, was also showcased at the G7 Summit in Japan, garnering viral attention and boosting brand awareness and sales.

Shri Renga Polymers specializes in creating a hybrid fabric by blending organic cotton with fibers made from recycled PET bottles. PET flakes are melted at high temperatures to produce fibers, subsequently processed into yarns, knitted, and transformed into garments.

The company's sustainable fashion products, priced at less than $10 for nearly 90% of its offerings, demonstrate a commitment to affordability. Sankar emphasized, "We prove to the world that Sustainable Fashion doesn’t always have to be expensive."

HBL