The overall value of the world's plastic market was estimated at $593.00 billion in 2021. From 2022 to 2030, it is anticipated to grow at a CAGR of 3.7 percent. During the forecast period, market growth is anticipated to be supported by rising plastic use in the construction, automotive, and electrical & electronics industries. The plastics business is a sizable industry with numerous participants, all of whom are vying to outperform one another. With a current manufacturing capacity of 72000 MT/Annum (to be expanded to 1,13,600 MT/Annum by end of FY 2023-24), JB Ecotex is one of the top producers of recycled polyester staple fiber (RPSF) and PET Flakes. Owing to the hard work of the team under the direction of a zestful and forward-thinking Managing Director, Ayodhyaprasad J. Singhal, the business has achieved a position of significant prominence and high prestige. Ayodhyaprasad J. Singhal, a highly accomplished Chartered Accountant, possesses more than two decades of extensive experience in the field. He has garnered exceptional accolades, securing the 27th Rank in the CA Final examination and the 49th Rank in the CA Inter examination.
Ayodhyaprasad founded JB Ecotex with the goal of fostering a sustainable way of life, bringing decades of knowledge to the fabric dyeing and printing industry. He began conceptualizing a scheme to produce recycled polyester staple fiber (RPSF) from used PET bottles once he realized the necessity and business potential for a plastic recycling company. The business has since only made progress, surpassing every obstacle. The company positioned itself up for strategic growth when it established its first commercial plant in 2015 with a 30,000 MT of RPSF production capacity and quickly doubled it.
Over the years, the company seized every opportunity that came its way. In 2017, he also pushed the firm to install a 2.1 MW Wind Mill for captive consumption of power. In January 2020, he seized the opportunity to install a 1.2 MW rooftop solar plant for captive consumption of power. Under his proactive leadership, the firm also started a new initiative in 2020 under the name Nirmal Vasundhara aiming to help
stakeholders that utilize plastic for packaging to fulfill their EPR commitments while also aiding in plastic waste management, propelling the clean India mission.
“We are coming up with a new production facility to produce Food Grade (USFDA & EFSA approved) rPET Granules which will be used to produce PET Bottles, with 21,600 MT per annum capacity, proposed to start commercial production during March 2024. Furthermore, we are coming up with another production line for the Chemical recycling of PET waste (Patented technology) to produce rPET granules for the production of BOPET Film and rPOY/rFDY micro denier gray yarn with dyeing guarantee, with 20,000 MT per annum capacity, in the name of JB rPET Industries, proposed to start commercial production during Sept – 2023”, shares Ayodhyaprasad J. Singhal, MD, JB Ecotex.
With a strong emphasis on excellence, innovation, and sustainability, he is devoted to driving the company's continued growth and success while also pushing for the betterment of the industry as a whole. His team successfully recycles over 430 crore PET bottles annually, saving nearly 4 lac tonnes of plastic garbage (since inception) that would otherwise wind up in a landfill. Taking his dedication to sustainability a step further, his manufacturing facility is designed so that roughly half of the energy consumed comes from renewable sources. Furthermore, the company's facility is a zero liquid discharge plant. The company is GRS and OBP certified, as well as Oekotex, Sedex, ISO9001, ISO14001, and ISO15270 certified.
Setting Industry Benchmarks
“The most challenging task I face is team building and transforming our organization from a promoter managed company to a professionally managed company. To achieve this, I continuously strive to improve my capabilities and the capabilities of my team, as this will contribute to the overall development of the organization”, says Ayodhyaprasad.
With a vision to build a world-class organization, Ayodhyaprasad emphasizes excellence & innovation while focusing on building value & a strong foundation & sense of purpose
Ayodhyaprasad has been transformed into an inspirational leader by his singular blend of concentration, grit, dedication to quality and sustainability, passion for innovation, and drive to build capacities. He fervently believes that effective teamwork requires open and honest communication. As a result, he makes sure that his Team members are always informed of the company's advancement. Additionally, he promotes communication between workers and senior and junior management. Additionally, he encourages innovation at all levels, whether it be in terms of new product creation, process enhancement, or marketing strategies. He wants to develop a strong, adaptable organization through capacity building because that is the only way to keep growing. He is determined about developing leadership skills at all levels.
To stay ahead of the competition, he and his team actively participate in exhibitions and conferences focused on plastic recycling and related industries. The firm’s R&D vertical is quite robust and stays up-to-date with the latest technological advancements to be incorporated into the in-house undertakings.
With a vision to build a world-class organization, Ayodhyaprasad emphasizes excellence and innovation while focusing on building value and a strong foundation and sense of purpose. This empowers him in decision-making in addition to ensuring that the initiatives and outcomes always exceed the expectations of all stakeholders.