Rudra Ecovation is a textile and plastic-waste recycler that has spent four decades pivoting from a conventional yarn-and-fabric mill into a vertically integrated rPET (recycled PET) powerhouse. The company began life in 1980 as Himachal Fibres Limited, spinning cotton-polyester yarn in Himachal Pradesh, and only stepped decisively into the circular economy in late 2023 when its board approved a move into manufacturing products from 100% recycled waste plastic. The recurring approach is to own the entire chain - from collecting and washing discarded PET bottles through to finished fabric, carpets and branded textiles - and to bolt on new capacity by acquiring or merging with promoter-linked companies that already have the plant and the permits. # Business segments A single integrated recycling engine, built around a 100-acre plant that turns waste PET bottles into fibre, yarn, fabric, carpets and chips - soon to be combined with a sister company that supplies its raw material and takes its yarn. ## 1. rPET recycling and manufacturing: the integrated engine **The company washes, chops, melts and extrudes discarded PET bottles into a family of recycled products - fibre, yarn, fabric, carpets and plastic chips - all under one roof, so it captures margin at every step instead of paying middlemen.** - **Waste in, washed flake out** - a wash line with capacity increasing from 200 metric tonnes to 400 metric tonnes of bottles daily cleans and shreds post-consumer PET, including the caps and labels that the company says no other Indian recycler processes. - **Fibre and yarn at scale** - the cleaned flake is converted into recycled polyester staple fibre (125 MT per day, expanding to 225) and filament yarn (24 MT per day, expanding to 48) using dope-dyed technology that colours the material as it is made, skipping a separate dyeing step. - **Spinning into fabric** - roughly 60,000 spindles turn the fibre into spun yarn (about 60 MT per day), which then feeds the company’s own fabric lines, including its branded Anaura sustainable textile, produced at 3,20,000 square metres per day. - **Carpets and non-wovens** - the same rPET feedstock runs a non-woven carpet line (50,000 square metres per day) and a fabric line for leather backing and shoe lining (20 tonnes per day), giving the company outlets beyond apparel. - **Chips for new bottles** - a bottle-to-bottle chip line (20 MT per day) produces food-grade rPET pellets that can be sold to bottle manufacturers, closing the loop back to packaging. ## 2. Anaura: the branded fabric play **Anaura is the company’s own-label sustainable fabric, made from its rPET yarn and sold to apparel brands that want traceable recycled content - a way to earn a brand premium on top of the commodity recycling spread.** - **Traceable from bottle to bolt** - every metre of Anaura carries a certification of origin showing whether the plastic came from ocean-bound, household-bound or post-consumer waste, which lets clothing brands make verifiable sustainability claims. - **Already on order books** - commercial deliveries have begun, with purchase orders from names including Shell & Ferrari, Monte Carlo and Octave, and the company is in active discussions with several larger fabric buyers. - **Capacity being modernised** - the Anaura line runs at 3,20,000 square metres per day, with an upgrade programme underway on its tumbling, stenter, peaching, dyeing and printing machines to lift output and quality. ## 3. Bottle-to-bottle chips and acoustic panels: the subsidiary bet **Through a 51%-owned subsidiary, Shiva Cottex, the company is adding two higher-value rPET product lines - food-grade chips for new bottles and acoustic panels for construction - that sit downstream of its existing flake and fibre output.** - **Bought, not built from scratch** - Rudra acquired its controlling stake in Shiva Cottex in January 2024 for cash at par, gaining a ready-made entity with licences to set up a 7,000-tonne-per-year bottle-to-bottle chip line and a 7,50,000-square-metre-per-year acoustic panel facility. - **Food-grade loop** - the bottle-to-bottle chips meet the standard needed to manufacture new PET bottles, meaning the company can supply packaging makers rather than being confined to textile-grade flake. - **Panels from waste fibre** - the acoustic panel line takes rPET fibre and turns it into sound-absorbing building panels, opening a construction-industry revenue stream that does not compete with the textile business. # Group structure and partners **Rudra Ecovation sits inside a promoter-controlled group - the Shiva Group - and is in the final stages of merging with its larger sister company, Shiva Texfabs, to create a single listed entity that owns the entire chain from waste collection to finished textile.** - **The merger that completes the chain** - under a scheme approved by shareholders (99.99% of votes in favour) and admitted by the NCLT in April 2026, Rudra Ecovation will merge into Shiva Texfabs, with Rudra shareholders receiving 0.213 Shiva Texfabs shares for each share they hold. - **Why it matters** - Shiva Texfabs operates the 100-acre Ludhiana recycling plant that supplies Rudra’s spinning mills with raw material and takes its yarn for textile production; combining them removes related-party friction and creates one vertically integrated balance sheet. - **Common control** - the two companies share promoters and directors, and Rudra already holds a 6.65% stake in Shiva Texfabs; the merger cancels cross-holdings and preference shares, simplifying the structure. - **Post-merger listing** - Shiva Texfabs is proposed to be listed pursuant to applicable SEBI regulations, carrying forward the combined recycling and textile operations under a single stock.