Dear Valued Stakeholder's
It gives me immense pleasure to share my view with our valued stakeholders and present
Annual Report for the financial year 2023-24. This has been a transformative year for our
company, marked by significant strategic initiatives as your company forayed into waste
plastic recycling business which would be game changer for the company in the coming
years. In line with this, your company had in principally decided to merge with Shiva
Texfab Ltd., subject to approval of relevant authorities. Your company has also decided to
acquire approx. 21.46% equity stake in Shiva Texfabs Ltd. The purpose of this investment
is to fund ongoing expansion in Shiva Texfabs pending the merger of these two entities.
Shiva Texfab has one of largest integrated plastic recycling plant with the capacity to
recycle 8.8 Million Plastic Bottles each day. Shiva Texfab have consistently demonstrated
unwavering commitment to sustainability, positioning itself as a trailblazer in PET waste
recycling. Based in Ludhiana, Punjab, with sprawling 100-acre state-of-the-art facility
proudly stands as India's preeminent integrated manufacturing unit for rPET waste
recycling. Over our illustrious 26-year journey, have not only achieved the
impressive feat of reducing global CO2 emissions by more than 1,40,000 metric tons
annually, but have also become synonymous with cutting-edge environmental solutions with a
diverse product range for Pet Flakes, Fibre, Spun Yarn, filament yarn and rPET Upcycled
fabric Anaura.
The circular economy is emerging as one of the largest economic opportunities; it o ers
a USD 10 Trillion global opportunity in reducing waste, stimulating innovation and
creating employment. It promotes clean technologies, creates jobs in sustainable
industries, and positions businesses and economies at the forefront of a globally
transitioning market.
There is a growing demand for sustainable products in India and globally as they help
lower carbon footprint, reduce plastic waste, decrease reliance on virgin materials,
conserve valuable resources, and support a circular economy by recycling and reusing waste
plastic materials. The foray into this new business and the planned acquisition and merger
will help the company in completely transforming itself and in creating long- term value
for all stakeholders with opportunities for business growth.