Circulate Capital invests US$9.5M in Indian plastics recycler JC Global

INDIA – Circulate Capital has agreed to invest US$9.5 million in Jayachandran Global Refineries, acquiring a significant minority stake in the Coimbatore-based plastics recycler as the first deployment from its US$300 million Asia Fund II into South Asia.

The global investment firm signed definitive documents to complete the transaction, which marks its eighth investment in India. 

The commitment follows the recent US$220 million first close of Asia Fund II, signalling continued investor appetite for circular economy infrastructure across the region. 

Additional capital could follow to support JC Global’s long-term expansion plans.

Recycler Serves Automotive and Electronics Supply Chains

JC Global processes plastic waste, including material recovered from automobiles and large appliances, into recycled plastics used by automotive and electronics manufacturers. 

The company currently operates a single production site and intends to deploy the new capital toward building an integrated multi-plant recycling network.

Expansion Targets Polyolefin and ABS Capacity

The growth programme includes increasing production of recycled polyolefins such as polypropylene, high-density polyethylene and ABS resins. 

JC Global also plans to commission new plants in Tamil Nadu and integrate chemical recycling capacity to recover residual plastics left over from mechanical recycling. 

Combining mechanical and chemical processes would allow the company to extract value from mixed and contaminated streams that conventional recycling cannot process economically, improving overall material recovery rates.

Circular Economy Investment Momentum Builds

The deal reflects accelerating capital flows into Asian recycling infrastructure, driven by regulatory mandates for recycled content and corporate commitments to reduce virgin plastic consumption. 

India’s Extended Producer Responsibility rules require brand owners to incorporate recycled material, creating structural demand for food-grade and technical-grade recyclate.

Automotive and electronics sectors face mounting pressure to source sustainable materials as global manufacturers pursue decarbonisation targets across their supply chains. 

Circulate Capital, which focuses exclusively on waste management and circular economy businesses, has built a portfolio spanning collection, sorting and processing operations across emerging Asian markets. 

Asia Fund II represents a scaled successor to the firm’s earlier vehicles, targeting larger deployments as recycling infrastructure matures. 

The investment in JC Global positions the recycler to capitalise on rising domestic demand for recycled polyolefins while strengthening India’s capability to process complex post-consumer waste streams that currently remain underutilised.

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