Shakti Plastics and Lyondell Basell sign MoU

Representational image by Nareeta Martin on Unsplash

Plastic scrap recycler and waste collection company The Shakti Plastic Industries and LyondellBasell have signed a Memorandum of Understanding (MoU) to form a joint venture to build and operate a fully-automated, mechanical recycling plant in India. 

The plant is intended to process rigid packaging post-consumer waste and produce 50,000 tonnes of recycled polyethylene (PE) and polypropylene (PP) per year, equivalent to the single-use plastic waste created by 12.5 million citizens.

It is envisaged that the new facility will become the largest mechanical recycling plant in India and is estimated to start at the end of 2024.  LyondellBasell will market the recycled products produced by this joint venture adding volume to its Circulen Recover range of existing PE and PP materials to help meet the increasing demand by converters and brand owners in India for recycled polymer materials. LyondellBasell (NYSE: LYB) is a plastics, chemicals, and refining company based in Houston, Texas, US.

Disclaimer: This article is taken from a press release issued by LyondellBasell.

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