Popularly known as JC Global, Jayachandran Global Refineries Pvt. Ltd., a leading Coimbatore-based plastics recycler, specializes in the production of high-quality, OEM-grade recycled polymers and circular pyrolysis oil. Founded in 2022, the company leverages advanced compounding technology and deep industry expertise to transform post-consumer plastic waste into high-performance materials. The company has announced a US$ 9.5 million investment from Circulate Capital to accelerate its growth in circular plastics recycling in India. 
The investment will support capacity expansion, technology enhancement, stronger operational infrastructure and the development of an integrated recycling platform focused on recovering post-consumer plastics and converting them into high-value circular materials. The initiative further strengthens JC Global’s sustainability roadmap across mechanical recycling, chemical recycling, recycled polymers and resource recovery, contributing to India’s transition towards a more circular plastics economy, said JC. Pradeep, Founder, Chairman and Managing Director, in an interaction with Dilip Kumar Jha, Editor, Polymerupdate.
Circulate Capital has signed definitive documents with JC Global, a pioneering plastics recycler, to invest US$ 9.5 million. This investment will mark Circulate Capital’s eighth investment in India and the inaugural deployment of capital from the Circulate Capital Asia Fund II, following the fund’s recent US$ 220 million first close. Through this funding, Circulate Capital will acquire a significant minority stake in JC Global, establishing a strong foundation for the partnership, alongside potential future follow-on investments to support the company’s long-term scaling and development.
As India accelerates its transition towards a circular economy, demand for high-quality recycled materials has outpaced current supply. JC Global addresses this gap by processing plastics from difficult-to-recycle waste streams, such as those generated by the automotive and large-appliance sectors. Its model converts waste into high-value materials for India’s automotive and electronics industries, while diverting plastic waste from landfills and incineration. The investment will provide JC Global with growth capital to transition from a single-site operation to an integrated multi-plant network.
What are JC’s operational objectives?Committed to sustainable growth and circularity, JC Global integrates advanced mechanical recycling with innovative chemical solutions to provide scalable, cost-effective and environmentally friendly alternatives to virgin plastics. Key operational objectives include: Increasing capacity for high-quality recycled polyolefins, including polypropylene (PP), high-density polyethylene (HDPE) and ABS resins, to meet rising industrial demand for high-quality recycled plastics; Commissioning new sites in Tamil Nadu to capture untapped regional feedstock and improve supply chain resilience; and Maximizing material recovery and recycling by integrating chemical recycling capacity to convert residual plastics from the mechanical recycling process into feedstock for circular polymers.
Is this JC’s first fund raising? Has the company lost past opportunities?Yes. This is JC Global's first external fund raise. Until now, we have focused on building the business and developing our recycling capabilities primarily through promoter/own funds. This approach enabled us to establish operating capacity, strengthen execution capabilities and improve the underlying EBITDA profile before bringing in an institutional investor. We view the timing as deliberate: the current fund raise is intended to accelerate the next phase of growth from a stronger operating and valuation base.
What is JC Global's current capacity and what expansion plans does it have over the next five years?JC Global currently has approximately 30,000 MT per annum of recycling capacity. We plan to scale this to approximately 100,000 tonnes of plastic waste each year The expansion is aimed at building a larger, technology-led and compliant recycling platform capable of serving multiple end-use sectors.
What is the objective of the current fund raising?The fund raise is intended to accelerate JC Global's scale-up, technology development and market reach. Our broader objective is to build the capability to process up to 150,000 MTA of post-consumer recycled (PCR) plastic waste into higher-value circular materials. On the mechanical recycling side, we aim to convert PCR waste into consistent recycled and compounded polymers that can replace a meaningful share of virgin polymers in automotive, household appliances, rigid packaging and flexible packaging applications. On the chemical recycling side, we aim to process non-recyclable plastic waste into circular feedstock for refineries, enabling its conversion back into circular polymers. Alongside capacity expansion, the investment will support advanced recycling technologies, responsible sourcing, robust ESG systems and a wider pan-India presence. At the targeted scale, we estimate the platform can contribute to avoiding approximately 190,000 tonnes of carbon emissions annually, subject to the final operating mix and lifecycle-assessment methodology.
Would you please talk about the current stake sale to Circulate Capital and total equity sale so far?The current transaction with Circulate Capital is a substantial minority investment in JC Global. It is the company's first external institutional equity fund raise. The investment is intended to support the next phase of capacity expansion, technology enhancement, operating systems and growth while the promoters continue to retain a significant ownership position and remain actively involved in the business.
How do you see the plastic recycling industry progressing?The plastic recycling industry is entering a significant growth phase. EPR regulations, recycled-content requirements, brand-owner commitments and improvements in recycling technology are creating sustained demand for high-quality recycled materials. However, meeting this demand requires more than additional processing capacity. Larger and better integrated facilities can support more efficient collection, sorting and can further help with lowering processing costs. Cost-effective high-grade products will have a definite advantage over virgin raw materials while delivering sizable environmental impact.
Is the plastic recycling industry over-regulated?We do not see effective regulation as a constraint to the industry's long-term growth. Plastic recycling requires clear, enforceable standards that promote responsible sourcing, traceability, environmental compliance and product quality. Stronger implementation can help formalise the sector, encourage credible investment and create a level playing field for organised recyclers. The focus should be on practical, transparent and consistently enforced regulation that supports both environmental outcomes and scalable circular-economy infrastructure.
Plastic manufacturers often attribute land, air and water pollution from plastic waste to careless disposal, with waste ending up in landfills, open burning, oceans and ecosystems. What are your observations?The priority now should be to move from identifying the problem to building scalable solutions. Plastic waste is a shared value-chain challenge that requires collaboration among brand owners, manufacturers, converters, recyclers, policymakers, investors and technology providers. The solution lies in designing products for circularity, improving collection and segregation, ensuring responsible sourcing, expanding compliant recycling infrastructure and creating reliable markets for recycled materials. Advanced mechanical and chemical recycling technologies can play complementary roles, particularly when supported by traceability, ESG compliance and clear policy frameworks. The objective should be to keep more plastic in productive circular use and minimise leakage into landfills and the environment.
Any other points you would like to add?India has a major opportunity to build a globally competitive circular plastics ecosystem. The next phase of the industry should focus on quality, scale, traceability and collaboration rather than recycling volumes alone. At JC Global, our objective is to develop an integrated recycling platform that can handle different streams of post-consumer plastic waste through the most suitable recycling route, produce materials capable of replacing virgin polymers in demanding applications, and operate with responsible sourcing and strong ESG compliance. We believe collaboration between brand owners, investors and recycling partners on the ground will be critical to creating the infrastructure, specifications and supply chains required for a truly circular plastics economy.
DILIP KUMAR JHA
Editor
dilip.jha@polymerupdate.com
