JV to set up thermofuel plants across country.
Surat-based Total Thermo Waste Solution Pvt. Ltd. (TTWSPL) is in talks with Australia’s Ozmotech for floating a joint venture company to set up thermofuel plants across the country. The 50:50 JV Enviro Fuel India Ltd. is likely to be formed by the end of next calendar year.
To begin with, TTWSPL, a part of Surat-based de Tox group, will set up plants turning plastic waste into diesel in Vapi, Surat, Baroda, Rajkot, Ahmedabad and Samkhiyali in Kutch with an investment of around Rs 300-400 crores.
The company proposes to fund the process through a mix of equity, debt and bank loans and is also mulling to float an IPO to fund its expansion at a later stage.
The company will set up six manufacturing plants across Gujarat, for which it will import machinery from Australia. Initially each plant will have a capacity of 20 tonne per day. The plants are expected to be start operations by 2010.
Besides, an industrial hazardous waste treatment and disposal project is being set up at Samkhiyali and Kutch by de Tox group with an estimated investment of Rs 70 crores. The project is being executed by another group company 'Saurastra Enviro Projects Pvt. Ltd.'
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"We aim to generate fuel from plastic waste. The process will eliminate plastic disposal cost and deliver strong returns on the investment. The process will convert waste into valuable resource," said Chetan Contractor, chairman and managing director, Total Thermo Waste Solution Pvt. Ltd.
"TTWSPL is in the process of forming a 50:50 JV with Australia-based Ozmotech company to set up plants across India. The JV, Enviro Fuel India Ltd. is expected to be formed by the end of next calendar year. The proposed company will form more joint ventures with waste management companies across India. Ozmotech's role will be to give technology supply and technology backup, while de tox will manage supply of raw materials, marketing of finished goods," he added.