Shakti Plastic Industries, one of India’s largest plastic scrap recyclers and waste collection companies, has signed a Memorandum of Understanding (MoU) to build India’s largest plastic recycling plant.
It is envisioned that this will be India’s largest recycling plant, with an output of 50k tons of recycled granules. LyondellBasell will be able to meet the growing market for recycled polymer materials in India through the joint venture, which will increase Circulon Recover’s volume.
“The project supports the initiative of the Indian government to implement PWM regulations, which will put India on the map in terms of Recycling Infrastructure developments. By providing direct employment in the sector, Shakti Plastic Industries helps brands meet compliance requirements and boost the value chain of the rag-pickers in the sector.”
“To ensure the safety of materials used in the new venture, Shakti Plastic Industries will deliver the best infrastructure by implementing blockchain, Web3, and NFT technologies to the waste collection process in India. As a leading company in innovative plastic production technology, LyondellBasell will leverage its expertise in product development and understanding of the Indian polymer market to take advantage of its leadership position in polymer production technology.”
“The purpose of the fully automated recycling unit is to decrease the amount of plastic waste produced in India. This is an important achievement for us, and we’re proud to be a pioneer in the recycling industry. As a result of this plant, we hope other companies will join us in reducing plastic waste in India.”
“The company will continue to explore opportunities for growth as it strives to become a valuable member of the circular economy. Through our partnership with LyondellBasell, we will be pioneering the recycling of the rigid plastic waste in India, supporting the government’s endeavor to reuse recycled plastic in packaging.”