ROTTERDAM, Netherlands, Oct. 20, 2022 /PRNewswire/ — LyondellBasell and Shakti Plastic Industries, India’s largest plastic scrap recycler and waste assortment firm, have signed a Memorandum of Understanding (MoU) to kind a three way partnership to construct and function a fully-automated, mechanical recycling plant in India. The plant is meant to course of inflexible packaging post-consumer waste and produce 50.000 tonnes of recycled polyethylene (PE) and polypropylene (PP) per 12 months, equal to the single-use plastic waste produced by 12.5 million residents. It is envisaged that the brand new facility will turn into the biggest mechanical recycling plant in India and is estimated to begin on the finish of 2024. LyondellBasell will market the recycled merchandise produced by this three way partnership including quantity to its Circulen Recover vary of present PE and PP supplies to assist meet rising demand by converters and model house owners in India for recycled polymer supplies.
“The proposed joint venture will allow us to address the issue of plastic waste in the second most populated country in the world and expand our circular polymer product offering to India,” says Yvonne van der Laan, LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. “Combining our respective expertise with Shakti Plastic Industries will create an innovative system that can be scaled as the circular economy grows.”
Once established, the three way partnership will leverage every companion’s strengths. With the event of a recycling infrastructure in India, Shakti Plastic Industries will present construction and formality to the waste assortment course of to safe supplies to be used on the new enterprise. LyondellBasell will apply its long-standing management in modern plastic manufacturing expertise, huge expertise in product improvement and sturdy information of the polymer markets in India.
“The circular economy will increasingly develop into a critical part of the plastic value chain in India, requiring solutions across the value chain to develop a sustainable world of plastic recycling.” says Rahul V. Podaar, Managing Director of Shakti Plastic Industries. “As we move towards becoming a value player in the circular economy, we will continue to seek opportunities for future growth. Together with LyondellBasell, we will be on the forefront in India taking significant steps to recycle rigid plastic waste which supports the government initiative to reuse recycled plastic in packaging applications.”
About LyondellBasell
As a frontrunner in the worldwide chemical trade, LyondellBasell strives daily to be the most secure, greatest operated and most valued firm in our trade. The firm’s merchandise, supplies and applied sciences are advancing sustainable options for meals security, entry to clear water, healthcare and gas effectivity in greater than 100 worldwide markets. LyondellBasell locations excessive precedence on range, fairness and inclusion and is Advancing Good with an emphasis on our planet, the communities the place we function and our future workforce. The firm takes nice pleasure in its world-class expertise and buyer focus. LyondellBasell has stepped up its circularity and local weather ambitions and actions to tackle the worldwide challenges of plastic waste and decarbonization and has not too long ago introduced additional initiatives to develop its mechanical and superior recycling footprints. In 2022, LyondellBasell was named as one of FORTUNE Magazine’s “World’s Most Admired Companies” for the fifth consecutive 12 months. For extra info, please go to www.lyondellbasell.com or comply with @LyondellBasell on LinkedIn.
About Shakti Plastic Industries
Founded in 1969, The Shakti Plastic Industries is a Mumbai-based firm that recycles every kind of plastic waste and is one of India’s main recyclers of polymer waste. Under the steering of our founder Mr. Vishwanath Podaar, The Shakti Plastic Industries has constructed on a legacy of over three generations. Shakti Plastics has been the main trade skilled for post-consumer and industrial waste administration for the previous Fifty years. The firm is engaged in the gathering & recycling of Flexible, MLP, Rigid, Mixed plastics and all different varieties of plastic. Company has a group system unfold by PAN India and Dubai, operates six recycling crops throughout India and one in Dubai.
Shakti gives Extended Producers Responsibility (EPR) options to 450+ Major Brands throughout India guaranteeing greatest practices in assortment, logistics and recycling with end-to-end transparency & traceability; Helping manufacturers optimize their ESG Performance. The firm’s R&D and Innovation groups have developed a number of award-winning merchandise out of plastic waste utilizing up to 100% recycled content material. The firm is technology-enabled, has its personal digital area and has invested in a digital start-up working in end-to-end traceability, blockchain, web3, and NFTs-based options for plastic waste administration. For extra info, please go to www.shaktiplasticinds.com or comply with @theshaktiplasticindustries on LinkedIn.
Forward-Looking Statement for LyondellBasell
The statements in this launch relating to issues that aren’t historic information are forward-looking statements. These forward-looking statements are primarily based upon assumptions of administration that are believed to be cheap on the time made and are topic to vital dangers and uncertainties. Actual outcomes might differ materially from the projections, anticipated outcomes, or different expectations expressed in this launch, together with, however not restricted to, our skill to full the transaction described or the timing of such transaction; the profitable building and operation of the services described in this launch; our skill to receive all essential regulatory approvals; our skill to meet our sustainability objectives, together with the flexibility to enhance manufacturing of recycled and renewable-based polymers to meet our targets and forecasts; and basic financial situations in geographic areas or markets served by LyondellBasell and its associates, or the place operations of the corporate and its associates are positioned. While these statements and projections are made in good religion, LyondellBasell and its administration can’t assure that anticipated future outcomes can be achieved. Additional components that would trigger outcomes to differ materially from these described in the forward-looking statements will be discovered in the “Risk Factors” part of our Form 10-Ok for the 12 months ended December 31, 2021, which will be discovered at www.lyondellbasell.com on the Investor Relations web page. LyondellBasell assumes no obligation to publicly replace or revise any forward-looking statements made herein or some other forward-looking statements made, whether or not because of this of new info, future occasions, or in any other case.
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