What this document is
The executive action brief for state officials and finance leadership. Presents the CSA + Exogenesis™ commercial structure, five structural facts for Maharashtra, key financial figures, and the LOI/MOU execution pathway. Print-optimised.
- Carbotura offers a single commercial structure: the Circular Supply Agreement (CSA) — Beneficiation Fee (TMC Fee) + Circular Royalty™. The Exogenesis™ Royalty ($25/ton) stacks alongside the Circular Royalty™ — with zero state capital committed at any phase.
- The 30-year combined royalty income (Circular Royalty™ + Exogenesis™) reaches $956M (400 TPD), $2.39B (1,000 TPD), or $4.78B (2,000 TPD) — the first time Maharashtra's manufacturing feedstock generates positive royalty income.
- LOI/MOU execution is the only action required — it initiates the Deployment Planning Period and locks Maharashtra's royalty economics as confirmed in this brief.
Maharashtra's SWM liability — compounding, unresolved, and state-owned महाराष्ट्राचे SWM दायित्व — वाढत जाणारे, अनिराकृत आणि राज्य-स्वामित्वाचे
The Solid Waste Management Rules 2016 require all Class I cities and state-level urban local bodies to achieve scientific landfill closure and legacy remediation by mandated deadlines. The Maharashtra Pollution Control Board (MPCB) maintains active compliance enforcement across the state's urban centres. National Green Tribunal orders require remediation of legacy dump sites throughout the state. Maharashtra has over 35 million metric tonnes of legacy accumulated material across legacy dump sites — a perpetual remediation liability that grows every year of inaction. This engagement converts that liability into a royalty income stream. Solid Waste Management नियम २०१६ अंतर्गत सर्व Class I शहरे आणि राज्य-स्तरीय शहरी स्थानिक संस्थांना वैज्ञानिक लँडफिल बंद करणे आणि वारसा उपाययोजना पूर्ण करणे आवश्यक आहे. Maharashtra Pollution Control Board (MPCB) राज्यभरात सक्रिय अनुपालन अंमलबजावणी करते. ३.५ कोटींहून अधिक मेट्रिक टन वारसा साठलेले साहित्य महाराष्ट्रातील वारसा लँडफिल स्थळांवर आहे — दरवर्षी वाढणारे सतत उपाययोजना दायित्व.
Carbotura's Total Material Conversion (TMC) process converts manufacturing feedstock — municipal solid feedstock, construction and demolition material, legacy deposit material — into synthetic graphite, graphene compounds, and recovered minerals through an anoxic, oxygen-free process. No combustion, no ash, no landfill leachate. Every tonne processed is a tonne that does not return to ground. Carbotura चा Total Material Conversion (TMC) प्रक्रिया उत्पादन फीडस्टॉक — नगरपालिका घन फीडस्टॉक, बांधकाम आणि पाडण्याचे साहित्य, वारसा ठेव साहित्य — कृत्रिम ग्रेफाइट, ग्राफीन संयुगे आणि पुनर्प्राप्त खनिजांमध्ये अवायू, ऑक्सिजन-मुक्त प्रक्रियेद्वारे रूपांतरित करतो. कोणतेही ज्वलन नाही, कोणती राख नाही, कोणतेही लँडफिल गळती नाही.
The Government of Maharashtra commits zero capital. Carbotura finances, constructs, owns, and operates every facility. Under the CSA Maharashtra's commercial obligation is the per-tonne Beneficiation Fee, paid at the facility gate. From 13 months after corresponding Beneficiation Fee payment, the Circular Royalty™ returns income to the state on every tonne processed. From 13 months after corresponding Exogenesis™ extraction, the Exogenesis™ Royalty adds a second parallel stream from legacy deposit remediation. महाराष्ट्र सरकार शून्य भांडवल वचनबद्ध करते. Carbotura प्रत्येक सुविधा वित्तपुरवठा, बांधकाम, मालकी आणि संचालन करते. CSA अंतर्गत महाराष्ट्राचे व्यावसायिक दायित्व म्हणजे प्रति-टन Beneficiation Fee, सुविधा गेटवर देय. संबंधित फीडस्टॉक वितरणानंतर १३ महिन्यांनंतर, Circular Royalty™ राज्याला प्रत्येक प्रक्रिया केलेल्या टनावर उत्पन्न परत करते.
The CSA is a 30-year contractual obligation backed by a Parent Performance Guarantee and step-in rights — not a revenue-sharing arrangement contingent on facility performance. Maharashtra's royalty income is due regardless of Carbotura's commercial outcomes; the risk of operation rests entirely with Carbotura's SPV. CSA हे Parent Performance Guarantee आणि step-in अधिकारांद्वारे समर्थित ३०-वर्षाचे करारात्मक दायित्व आहे — सुविधेच्या कामगिरीवर अवलंबून असलेल्या महसूल-वाटणी व्यवस्था नाही. महाराष्ट्राचे रॉयल्टी उत्पन्न Carbotura च्या व्यावसायिक परिणामांची पर्वा न करता देय आहे.
Five structural facts for the Government of Maharashtra महाराष्ट्र सरकारसाठी पाच संरचनात्मक तथ्ये
Maharashtra's urban centres collectively generate in excess of 25,000 TPD of municipal solid feedstock. Legacy dump sites across the state represent decades of accumulated material with ongoing groundwater, soil, and atmospheric impact. MPCB enforcement continues to escalate. The Carbotura engagement at Phase 1 (400 TPD) is an entry point — not a ceiling. The state-level CSA is structured to expand as each phase achieves Financial Closing.महाराष्ट्रातील शहरी केंद्रे एकत्रितपणे दररोज २५,००० TPD पेक्षा जास्त नगरपालिका घन फीडस्टॉक तयार करतात. राज्यभरातील वारसा लँडफिल स्थळे दशकांच्या साठलेल्या साहित्याचे प्रतिनिधित्व करतात. MPCB अंमलबजावणी वाढत आहे.
Under the BOO structure, Carbotura's Special Purpose Vehicle (SPV) raises all construction financing, owns the facility, and bears all operating risk. Maharashtra's sole commitment under the CSA is the per-tonne Beneficiation Fee — the state's guaranteed feedstock volume commitment continues, but no land deed or tax-abatement asset is exchanged for royalty income; site access is arranged via long-lease or separate commercial acquisition. No construction debt. No operating liability. No public capex of any kind at any phase.BOO संरचनेअंतर्गत, Carbotura चा Special Purpose Vehicle (SPV) सर्व बांधकाम वित्तपुरवठा उभारतो, सुविधेचा मालक आहे आणि सर्व संचालन जोखीम सहन करतो. CSA अंतर्गत महाराष्ट्राची एकमेव वचनबद्धता प्रति-टन Beneficiation Fee आहे.
Year 2 Circular Royalty™ at Phase 3 (2,000 TPD): $87.60M. Year 2 Exogenesis™ Royalty at Phase 3: $18.43M. Combined Year 2: $106.03M. Circular Royalty™ escalates +1pp/yr; Exogenesis™ escalates 1%/yr from Year 2. The current baseline generates zero income from these materials and accumulates SWM compliance costs. The CSA converts both positions — eliminating disposal liability and creating royalty income — while Maharashtra pays the separate, never-netted Beneficiation Fee ($73.00M Year 1 at Phase 3).वर्ष २ Circular Royalty™ Phase 3 (२,००० TPD) वर: $८७.६०M. वर्ष २ Exogenesis™ Royalty Phase 3 वर: $१८.४३M. एकत्रित वर्ष २: $१०६.०३M. सध्याचे baseline या सामग्रीतून शून्य उत्पन्न निर्माण करते आणि SWM अनुपालन खर्च जमा करते.
Maharashtra's legacy dump sites carry perpetual closure and post-closure care obligations under SWM Rules 2016 and MPCB directives. Under the CSA, Maharashtra receives Exogenesis™ Royalty income on the legacy mass extracted and processed. The Exogenesis™ Royalty is a CSA add-on stacking alongside the Circular Royalty™, not a contingent benefit. No change to the state's statutory remediation obligations is claimed or implied.महाराष्ट्राच्या वारसा लँडफिल स्थळांवर SWM नियम २०१६ आणि MPCB निर्देशांतर्गत सतत बंद करण्याचे आणि बंद-नंतरच्या देखरेखीचे दायित्वे आहेत. काढलेल्या वारसा वस्तुमानावर महाराष्ट्राला Exogenesis™ Royalty मिळते.
Each 400 TPD increment is a standalone modular facility with its own SPV, its own Financial Closing, and its own royalty commencement trigger. Phase 2 and Phase 3 are incremental expansions — not full restarts. Maharashtra's state-level CSA establishes the framework for all three phases; individual Financial Closings are event-driven by site readiness and permitting completion (the Deployment Planning Period).प्रत्येक ४०० TPD वाढ स्वतःच्या SPV, स्वतःच्या Financial Closing आणि स्वतःच्या रॉयल्टी प्रारंभ ट्रिगरसह एक स्वतंत्र मॉड्युलर सुविधा आहे. Phase 2 आणि Phase 3 वाढीव विस्तार आहेत — पूर्ण पुनरारंभ नाही.
Maharashtra's commercial structure — CSA + Exogenesis™ महाराष्ट्राची व्यावसायिक रचना — CSA + Exogenesis™
Carbotura offers a single commercial structure: the Circular Supply Agreement (CSA) — Beneficiation Fee (TMC Fee) + Circular Royalty™. The Exogenesis™ Royalty add-on stacks alongside the Circular Royalty™, adding a parallel royalty stream from legacy deposit remediation. CSA ही या आणि प्रत्येक सहभागासाठी Carbotura ची एकमेव व्यावसायिक रचना आहे. Exogenesis™ Royalty बोनस Circular Royalty™ सोबत जोडलेला आहे, वारसा ठेव उपाययोजनेतून समांतर रॉयल्टी प्रवाह जोडतो.
+ Circular Royalty™
- Beneficiation Fee: $100/ton Year 1 (canonical floor, MR §4.1) + 2.5%/yr escalatorBeneficiation Fee: $१००/टन वर्ष १ (canonical floor) + २.५%/वर्ष escalator
- Circular Royalty™: 120% of current-year Beneficiation Fee · +1pp/yrCircular Royalty™: चालू-वर्ष Beneficiation Fee च्या १२०%
- Royalty commencement: 13 months after corresponding Beneficiation Fee payment (rolling monthly)Royalty प्रारंभ: संबंधित फीडस्टॉक वितरणानंतर १३ महिने
- 30-year CSA term · perpetual continuation language३०-वर्ष CSA · अनिश्चित सातत्य
- Parent Performance Guarantee · Zero state capexParent Performance Guarantee · शून्य राज्य भांडवल
- IFRS / Ind-AS accounting treatment
The Exogenesis™ protocol extracts, conditions, and routes accumulated legacy landfill material — ash deposits, legacy mixed material, biologically stabilised fines — into the Regenesis™ manufacturing workflow. Maharashtra's legacy landfill sites, identified during the Community Study phase, qualify as Exogenesis™ candidate sites. The Exogenesis™ Royalty of $25/ton (Maharashtra-specific rate) begins 13 months after corresponding Exogenesis™ extraction commences — expected 3–7 years post-COD per CSA §4-D.2.Exogenesis™ प्रोटोकॉल संचित वारसा लँडफिल साहित्य — राख ठेवी, वारसा मिश्र साहित्य, जैविकदृष्ट्या स्थिर बारीक कण — Regenesis™ उत्पादन कार्यप्रवाहात काढतो, तयार करतो आणि मार्गस्थ करतो. महाराष्ट्राच्या वारसा लँडफिल स्थळांना Exogenesis™ उमेदवार स्थळे म्हणून ओळखले जाते.
Exogenesis™ Royalty does not alter Circular Royalty™ commercial terms. Both streams run independently, both escalate independently — Circular Royalty™ at +1pp/yr, Exogenesis™ at 1%/yr from Year 2. Combined Year 2 rate: $145.25/ton, growing to $328.84/ton by Year 30.Exogenesis™ Royalty Circular Royalty™ व्यावसायिक अटी बदलत नाही. दोन्ही प्रवाह स्वतंत्रपणे चालतात आणि वाढतात.
Subject to Community Study site confirmation Community Study स्थळ पुष्टीकरणाच्या अधीनKey figures at a glance — all three capacity phases महत्त्वाचे आकडे — सर्व तीन क्षमता टप्पे
$145.25/ton combined Year 2४०० TPD · १,४६,००० t/yr
Circular Royalty™ $87.60M + Exo $18.43M२,००० TPD · ७,३०,००० t/yr
$2.39B Phase 2 · $956M Phase 1एकत्रित असूट · Phase 2: $2.39B · Phase 1: $956M
Carbotura SPV finances allसर्व टप्पे · BOO रचना
Combined Circular Royalty™ + Exogenesis™ Royalty — 400 to 2,000 TPD एकत्रित Circular Royalty™ + Exogenesis™ Royalty — ४०० ते २,००० TPD
Both royalty streams shown independently and combined per the Separate Transaction Principle. The Beneficiation Fee (Maharashtra's outflow) is a completely separate transaction, shown for reference — never netted against the royalty. दोन्ही रॉयल्टी प्रवाह Separate Transaction Principle नुसार स्वतंत्रपणे आणि एकत्रितपणे दाखवले. Beneficiation Fee (महाराष्ट्राचा outflow) पूर्णपणे स्वतंत्र व्यवहार आहे, संदर्भासाठी दाखवले — कधीही रॉयल्टीशी निव्वळ केले जात नाही.
| Capacity | t/yr | BF Paid · Yr 1 (ref) | Circular Royalty™ · Yr 2 | Exogenesis™ · Yr 2 | Combined · Yr 2 | Combined · Yr 30 | 30-Yr Royalty Total |
|---|---|---|---|---|---|---|---|
| 400 TPD · Phase 1 | 146,000 | $14.60M | $17.52M | $3.69M | $21.21M | $48.01M | $956.3M |
| 1,000 TPD · Phase 2 | 365,000 | $36.50M | $43.80M | $9.22M | $53.02M | $120.03M | $2,390.8M |
| 2,000 TPD · Phase 3 | 730,000 | $73.00M | $87.60M | $18.43M | $106.03M | $240.06M | $4,781.6M |
Royalty figures are amounts received. The royalty is paid 13 months in arrears, so the figure shown for a year is earned on the previous year’s delivered tonnage.रॉयल्टीचे आकडे प्राप्त रक्कमा आहेत. रॉयल्टी 13 महिन्यांच्या विलंबाने दिली जाते, त्यामुळे एखाद्या वर्षासाठी दर्शविलेली रक्कम मागील वर्षी वितरित टनेजवर मिळवली जाते.
Combined royalty rate Year 2: $145.25/ton. Combined royalty rate Year 30: $328.84/ton. Circular Royalty™ = 120%+1pp/yr × current-year Beneficiation Fee ($100/ton Year 1 canonical floor, +2.5%/yr); begins Year 2 (13-month lag from first delivery). Exogenesis™ = $25.00 × (1.01)^(N−1)/ton (Maharashtra-specific rate), assumed co-operational for all 30 years for this table (conservative — Exogenesis™ stream expected to commence 3–7 years post-COD). 30-year totals undiscounted USD, royalty income only — Beneficiation Fee reported separately.एकत्रित रॉयल्टी दर वर्ष २: $१४५.२५/टन. एकत्रित रॉयल्टी दर वर्ष ३०: $३२८.८४/टन. ३०-वर्षाचे एकूण असूट USD. ESTIMATED
Employment in Maharashtra महाराष्ट्रात रोजगार
Phase 1 · 400 TPDथेट FTE
Phase 1 · ४०० TPD
Phase 2 · 1,000 TPDथेट FTE
Phase 2 · १,००० TPD
Phase 3 · 2,000 TPDथेट FTE
Phase 3 · २,००० TPD
The Circular Supply Agreement (CSA) · Maharashtra CSA — Carbotura ची एकमेव व्यावसायिक रचना · महाराष्ट्र
| Featureवैशिष्ट्य | The CSA · Circular Royalty™CSA · Circular Royalty™ |
|---|---|
| Circular Royalty™Circular Royalty™ | ✓ 120%+ of current-year Beneficiation Fee · +1pp/yrचालू-वर्ष Beneficiation Fee च्या १२०%+ |
| Beneficiation Fee (TMC Fee)Beneficiation Fee (TMC Fee) | ✓ $100/ton Year 1 (canonical floor) · 2.5%/yr$१००/टन वर्ष १ (canonical floor) · २.५%/वर्ष |
| Exogenesis™ RoyaltyExogenesis™ Royalty | ✓ $25/ton stacks alongside the Circular Royalty™Circular Royalty™ सोबत जोडलेले |
| State Capital Commitmentराज्य भांडवल वचनबद्धता | ✓ ₹0 |
| CSA TermCSA मुदत | 30 years · perpetual continuation३०-वर्षे · अनिश्चित सातत्य |
| Parent Performance GuaranteeParent Performance Guarantee | ✓ Includedसमाविष्ट |
What Maharashtra does next — and what delay costs महाराष्ट्र पुढे काय करते — आणि विलंबाची किंमत काय आहे
LOI/MOU execution is the only required state action LOI/MOU अंमलबजावणी ही एकमेव आवश्यक राज्य कृती आहे
LOI/MOU signature initiates the Deployment Planning Period — Carbotura's pre-Financial Closing development phase covering site survey, permitting, Community Study completion, and Regulatory Predicate Transition (RPT). The state commits no capital at LOI/MOU stage; this is the instrument that locks Maharashtra's royalty economics and activates Carbotura's engineering clock. Every month of delay is a month of royalty income deferred and a month of SWM compliance cost that continues to compound. LOI/MOU स्वाक्षरी Deployment Planning Period सुरू करते — Carbotura चा Financial Closing पूर्व विकास टप्पा ज्यामध्ये स्थळ सर्वेक्षण, परवानगी, Community Study पूर्णता आणि वर्गीकरण अट पूर्वसंधी समाविष्ट आहे. LOI/MOU टप्प्यावर राज्य कोणतेही भांडवल वचनबद्ध करत नाही. विलंबाचा प्रत्येक महिना एक महिना रॉयल्टी उत्पन्न पुढे ढकलतो.