Recove to invest over Rs 500 cr to build organised plastic recycling network in Maha

Mumbai, May 6 (PTI) Recove Ventures on Wednesday said it has signed a 10-year agreement with the Maharashtra government to develop a large-scale recycling and circular manufacturing ecosystem over the next decade.
    As part of the memorandum of understanding (MoU), Recove will invest Rs 500 crore across waste processing, recycling, material recovery, aggregation and allied circular manufacturing activities in Maharashtra.
    In its first phase, the company will build capacity to process 5,000 tonnes of plastic waste per month, scaling up to as much as 1,00,000 tonnes per annum over the course of the partnership as Recove expands into additional recyclable streams.
    "Maharashtra brings together exactly the conditions this industry needs to scale, including government support, industrial depth, policy clarity and serious market access.
    "We are not setting up a single plant. We are building the durable infrastructure that takes post-consumer plastic out of the dump yard and brings it back into the economy as industrial-grade raw material," Recove Ventures co-founder Viral Chhajer said in a statement.
    In the first phase, the company will set up an advanced HDPE and PP recycling facility at Additional Jalgaon MIDC, a priority D+ industrial zone.
    The project will involve an investment of over Rs 35 crore with an installed capacity of 1,100 tonnes per month. It is likely to be commissioned in October-December 2026.
    The project is expected to generate 100 direct and over 1,500 indirect jobs.

(This story has not been edited by THE WEEK and is auto-generated from PTI)