Plastic recycling and waste management firm Srichakra Polyplast on Tuesday said it has commissioned an upgraded food-grade plastic recycling facility and a new polyolefins recycling unit, near Hyderabad, with an investment of over $10 million.
While the upgraded facility is the first of its kind in the country to produce food-grade quality recycled polyethylene terephthalate (PET) pellets, the polyolefins recycling facility will produce deodorised bottle-to-bottle grade quality polyolefin pellets. The company said with the investment recycling capabilities had been strengthened, thus enabling supply of highest grade recycled plastic to customers in India as well as Europe and the U.S.
Founded in 2010, the company makes PET and olefin flakes and granules from plastic waste. It is a major supplier to the packaging industry. CEO and co-founder Ravindra Venkata said Srichakra is focused on using leading-edge technology to create reliable, high-quality materials that help brand owners reduce use of virgin plastic. On the back of technology sourced from Starlinger, a leading technology provider for high quality plastic recycling globally, the company said it is poised to become the largest solid state polymerised (SSP) PET processor in the country.
“The technology we have commissioned for operation today not only enables us to produce food-grade quality recycled plastic for customers, but also gives locally-sourced plastic a new life, preventing it from entering the environment,” he said.
Rob Kaplan, CEO and founder of Circulate Capital, which had invested in Srichakra in December, said the company’s enhanced capability and capacity allows it to capture an even greater economic value in plastic while advancing the circular economy and helping to solve the plastic waste issue.