Recove Ventures Partners with Maharashtra to Enhance Plastic Recycling Infrastructure
Recove signs MoU with Maharashtra to develop recycling ecosystem
The Economic TimesImage: The Economic Times
Recove Ventures Private Limited has signed a Memorandum of Understanding with the Maharashtra government to develop a comprehensive recycling ecosystem over the next decade. The company plans to invest over ₹500 crore (approximately $60 million USD) to process plastic waste, creating thousands of jobs in the process.
- 01Recove Ventures will invest over ₹500 crore in Maharashtra for recycling initiatives.
- 02The first phase aims to process 5,000 tonnes of plastic waste monthly, scaling to 1,00,000 tonnes annually.
- 03An initial investment of more than ₹35 crore will establish a recycling facility in Jalgaon district.
- 04The project is expected to create 100 direct jobs and over 1,500 indirect jobs.
- 05The partnership emphasizes the importance of a coordinated approach to recycling and sustainability.
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Recove Ventures Private Limited, a company focused on India's plastic recycling industry, has signed a Memorandum of Understanding with the Maharashtra government to develop a recycling ecosystem over the next ten years. The agreement, signed in Mumbai, involves an investment of over ₹500 crore (approximately $60 million USD) to enhance waste processing, recycling, and circular manufacturing activities in the state. The first phase will establish a facility in Jalgaon district, with a capacity to process 5,000 tonnes of plastic waste monthly, aiming to scale up to 1,00,000 tonnes annually. The initial investment of more than ₹35 crore will create 100 direct and over 1,500 indirect jobs. Recove's co-founders emphasized the need for a robust infrastructure to integrate post-consumer plastic back into the economy, highlighting Maharashtra's supportive environment for such initiatives. The Principal Secretary of Industries in Maharashtra noted that this partnership will strengthen the state's circular economy infrastructure, promoting sustainability alongside economic growth.
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This initiative will significantly enhance Maharashtra's recycling capacity, creating thousands of jobs and promoting sustainable manufacturing practices.
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