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One of the largest plastic scrap recycler and waste collection companies, Shakti Plastic Industries, has signed a Memorandum of Understanding (MoU) to set up the largest plastic recycling plant in India.This project is conceived to become India's largest recycling plant, with expected output to be 50k tons of recycled granules. The joint venture will add volume to Lyondell Basell's Circulen Recover line of existing PE and PP materials, allowing the company to meet the growing demand for recycled polymer materials in India from converters and brand owners."Supporting the initiative taken by the Government of India on PWM rules, this project will bring India under the top countries concerning Recycling Infrastructure developments. Shakti Plastic Industries is helping brands to fulfill their compliances and boost the current value chain of Rag-pickers by providing direct employment in the sector.""To secure materials for use at the new venture, Shakti Plastic Industries will provide the best infrastructure facilities by enabling blockchain, Web3, and NFT technology to the waste collection process in India. With its extensive experience in product development and deep knowledge of the Indian polymer market, LyondellBasell will leverage its leadership position in innovative plastic production technology.""Our goal is to make a significant dent in the amount of plastic waste produced in India with this fully automated recycling unit. This is a major achievement for us, and we're proud to lead the way in India's plastic recycling. We hope this plant will inspire other companies to do their part in reducing plastic waste.""We will continue to seek opportunities for future growth as we strive to become a valuable player in the circular economy. By working with LyondellBasell, we will be pioneering in India in recycling rigid plastic waste, supporting the government's initiative to reuse recycled plastic in packaging."As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization and has recently announced further initiatives to expand its mechanical and advanced recycling footprints. In 2022, LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information, please visit www.lyondellbasell.comor follow @LyondellBasell on LinkedIn.Founded in 1969, The Shakti Plastic Industries is a Mumbai-based company that recycles all types of plastic waste and is one of India's leading recyclers of polymer waste. Under the guidance of our founder Vishwanath Podaar, The Shakti Plastic Industries has built on a legacy of over three generations. Shakti Plastics has been the leading industry expert for post-consumer and industrial waste management for the past Fifty years. The company is engaged in the collection & recycling of Flexible, MLP, Rigid, Mixed plastics and all other types of plastic. Company has a collection system spread by PAN India and Dubai, operates six recycling plants across India and one in Dubai.Shakti provides Extended Producers Responsibility (EPR) solutions to 450+ Major Brands across India ensuring best practices in collection, logistics and recycling with end-to-end transparency & traceability; Helping brands optimize their ESG Performance. The company's R&D and Innovation teams have developed several award-winning products out of plastic waste using up to 100 per cent recycled content. The company is technology-enabled, has its own digital space and has invested in a digital start-up working in end-to-end traceability, blockchain, web3, and NFTs-based solutions for plastic waste management. For more information, please visit or follow @theshaktiplasticindustries on LinkedIn.This story has been provided by PNN.will not be responsible in any way for the content in this article. (ANI/PNN)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :LyondellBasell and Shakti Plastic Industries sign Memorandum of Understanding (MoU) to set up the largest plastic recycling plant in India

One of the largest plastic scrap recycler and waste collection companies, Shakti Plastic Industries, has signed a Memorandum of Understanding (MoU) to set up the largest plastic recycling plant in India. ...