JFE Engineering Corporation is set to acquire a 25% stake in Antony Waste Handling Cell Ltd as part of its entry into India’s waste management sector, investing ¥750 million to develop two waste-to-energy (WtE) plants in Andhra Pradesh.
Strategic entry into India
Antony Waste, an integrated waste management company, has entered into a strategic partnership with JFE Engineering, marking the first Japanese foreign direct investment in India’s WtE sector.
Under the arrangement, JFE Engineering will hold a 25% equity stake, with the remaining held by Antony Waste through special purpose vehicles (SPVs) to be formed for the projects.
Project execution and scope
JFE Engineering India Pvt Ltd will undertake the engineering, procurement and construction (EPC) of both WtE plants. The company will deploy advanced technologies, digital monitoring systems, and global environmental standards, while also supporting operations and capability building.
The investment will be channelled into SPVs developing the Kadapa and Kurnool WtE projects in Andhra Pradesh, marking a key milestone in India–Japan collaboration on sustainable infrastructure.
The initiative aligns with the broader India–Japan Joint Vision 2025, which envisages ¥10 trillion of Japanese investment into India’s priority sectors.
Leadership commentary
“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,” Antony Waste Handling Cell Ltd, Chairman and Managing Director, Jose Jacob, said.
“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,” JFE Engineering Corporation, Director, Environmental Solutions Sector, Recycling Business Promotion Division, Akira Usui, said.
Capacity and timelines
The partnership includes the development of two WtE plants, each with a municipal solid waste (MSW) inflow capacity of 1,000 tonnes per day and a processing capacity of 750 tonnes per day.
The projects are expected to generate total revenue of ₹3,200 crore over a 20-year concession period. Construction is slated for completion within 24 months, with commissioning targeted in Q1 FY29.
India generates nearly 150,000 tonnes per day of municipal solid waste, yet less than 5% of its estimated 5,600 MW Waste-to-Energy potential has been harnessed, highlighting a significant opportunity for scalable solutions, Antony Waste said.