Antony Waste secures JPY 750 million JFE investment

In a boost to India’s waste-to-energy (WtE) ambitions, Antony Waste Handling Cell has announced a strategic partnership with JFE Engineering Corporation, with the latter investing approximately JPY 750 million for a 25% stake in two WtE projects in Andhra Pradesh.

The deal marks the first Japanese foreign direct investment into India’s WtE sector. The investment will be routed through special purpose vehicles (SPVs) promoted by Antony Waste’s subsidiary, Antony Lara Enviro Solutions, which will retain a 75% stake.

The partnership covers the development of two large-scale WtE plants in Kadapa and Kurnool in Andhra Pradesh. Each facility is designed to process around 1,000 tonnes of municipal solid waste (MSW) per day, with approximately 750 tonnes used as feedstock for power generation. The plants are expected to generate around 15 MW each, taking the combined capacity to 30 MW.

With a concession period of 20 years and a power purchase agreement (PPA) tariff of INR 8.10 per unit, the projects are projected to generate approximately INR 3,200 crore in revenue over their lifecycle. The financing structure follows a 75:25 debt-to-equity ratio, reflecting a typical infrastructure funding model while ensuring long-term viability.

Construction is expected to be completed within 24 months, with commissioning targeted for Q1 FY29. The projects were originally awarded in August 2025, and this investment formalises JFE Engineering’s entry into India’s waste management market.

As part of the agreement, JFE Engineering India will act as the engineering, procurement and construction (EPC) contractor and technology partner. The company will deploy globally proven WtE technologies, backed by its experience across more than 250 waste treatment facilities worldwide. This includes advanced digital monitoring, automation systems and environmental control technologies aimed at improving operational efficiency and regulatory compliance.

The collaboration is also expected to enable knowledge transfer and capability building, particularly in designing solutions suited to India’s high-organic, heterogeneous waste streams — an area where global technologies often require localisation.

Commenting on the development, Jose Jacob, chairman and managing director, Antony Waste Handling Cell, said: “This investment marks a defining moment for India’s Waste-to-Energy sector. It validates our execution capabilities, governance standards, and long-term vision. Partnering with JFE Engineering enables us to combine global technology leadership with deep local expertise to build scalable and environmentally responsible infrastructure. We see this as a long-term partnership anchored in strong execution, compliance, and shared commitment to sustainable outcomes.”

Akira Usui, director of Recycling Business Promotion Division, Environmental Solutions Sector, JFE Engineering, added: “This investment reflects our strong belief in India’s Waste-to-Energy opportunity and in Antony Waste as a trusted and capable partner. As our first investment in India’s waste sector, it underscores our long-term commitment to bringing advanced technology and engineering excellence to support sustainable infrastructure development in the country.”

India generates nearly 150,000 tonnes of MSW daily but has utilised less than 5% of its estimated 5,600 MW WtE potential, highlighting a significant gap — and opportunity — for organised players. The Antony–JFE partnership is expected to serve as a template for future cross-border collaborations in the sector.

The deal also aligns with the broader India–Japan Joint Vision 2025, which targets JPY10 trillion of Japanese investment into India’s priority sectors, including sustainable infrastructure and resource management.