Scrap consumption in India’s steel industry is increasing steadily, projected to rise to nearly 36 million tonnes in the coming years.
The move integrates recycling industry as a standalone sector in the Kingdom.
The investment comes at a time when India generates nearly 9.3m tonnes of plastic waste every year.
The report calls for more investment in better waste management and circular economy.
The new product is a natural colour polypropylene homopolymer designed for thin-walled injection moulding.
The company is mommitted to acieve a 40% recycling rate by 2030.
Lagos generates over 4.7 million tonnes annually.
The hub promotes a circular economy by diverting recyclable waste from landfills.
Closures are thought to account for up to 15% of a pack’s total weight.
The remaining 20 percent interest will continue to be held by existing Benepack shareholders.