Ganesha Ecosphere Invests Rs 100 Crore In Subsidiary Ganesha Ecopet
Ganesha Ecosphere Limited (GESL) has announced a significant investment in its wholly-owned subsidiary, Ganesha Ecopet Pvt. Ltd. The company has invested Rs. 100 crore into Ganesha Ecopet by subscribing to 10 crore equity shares, each with a face value of Rs. 10, on a rights basis.
This strategic move highlights Ganesha Ecosphere’s commitment to expanding its footprint in the recycled polyester industry. Ganesha Ecopet specializes in the recycling of post-consumer PET bottle waste, a core component of GESL’s operations. The subsidiary reported a turnover of Rs. 10,478.46 lakh and a net worth of Rs. 6,693.31 lakh as of the financial year ending March 31, 2024.
The investment will support Ganesha Ecopet in repaying debts and meeting general corporate purposes. The allotment of the equity shares was completed on June 26, 2024, with the transaction structured as a cash consideration. This infusion of capital ensures that Ganesha Ecopet remains a wholly-owned subsidiary of GESL.
Ganesha Ecopet, incorporated in November 2019, has been focal in GESL’s mission to promote sustainable practices through the manufacturing of recycled PET resin, recycled polyester staple fiber, recycled filament yarn, and other recycled plastic products.
