Plastic recycling start-up ‘Banyan Nation’ has been shortlisted for ‘The Circular Economy’ award, which will be presented at the World Economic Forum in Davos, later this month.
The company, the first Indian firm to be shortlisted, has developed a proprietary plastic cleaning technology that converts collected plastic waste into near virgin quality recycled granules. Leveraging data intelligence, the firm integrates thousands of last mile informal waste collectors and large bulk waste generators into its supply chain.
Banyan Nation’s work for Tata Motors in automotive bumper recycling and its partnership with French cosmetics giant L’Oreal in shampoo bottle recycling has put it on the global sustainability map, a release from the company said.
Co-founder and CEO Mani Vajipey said the company help brands sustainably ‘Make In India’ by replacing the use of virgin plastic with recycled plastic that is comparable in quality and performance. “The recognition at the World Economic Forum is a testament to the strength of innovations such as ours coming out of India. Within the next decade, almost all mainstream plastic products, including food grade packaging will contain recycled materials. We see Banyan at the forefront of this paradigm shift,” he said. The Circulars, an initiative of WEF, is the world’s premier circular economy award programme.
The award offers recognition to individuals and organisations globally that are making notable contributions to the circular economy, the release said.
