With this, the company has become the first ever to list a plastic project from the country with an aim to generate India's first ever International plastic credits.

The project ensures that plastic waste – predominantly polyethylene terephthalate (PET) waste, PET flakes and chips is duly sourced and recycled to produce recycled polyester staple fibre (RPSF) that can be further used in the textile industry for garments and other fabric based utility products.

Manish Dabkara, CMD & CEO, EKI Energy Services (EKI), said, “Today, majority of the plastic waste in the country end up either in landfills or is burnt, both of which leak toxic and poisonous chemicals into the environment, adversely affecting the climate. A structured plastic project enables this waste to be collected and recycled in a safe manner, enabling the waste to be transformed into safe to use fabric.

As we are empowering such projects to get listed and consequently generate additional revenues, it will inspire many more projects in the country to scale their recycling activities in a structured manner for plastic credits finance that can facilitate and promote greater climate action."

The plastic project has been listed under the Plastic Waste Reduction Standard of Verra – the Washington based accreditation that is a cornerstone standard globally for the implementation of various climate projects.

EKI Energy Services is a carbon credit developer & supplier across the globe. EKI offers sustainable solutions for climate change and carbon offsets with global standards like CDM, VCS, Gold Standard, GCC, IREC, TIGR and others.

The company's standalone net profit surged to Rs 106.98 crore in the quarter ended June 2022 as against Rs 35.70 crore during the previous quarter ended June 2021. Sales jumped 162.81% to Rs 508.11 crore in Q1 FY23 over Q1 FY22.