Advertisement
Private equity has played a significant role in shaping Indi...
In today’s real estate landscape, fitness is often treated...
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
Recove Ventures Pvt Ltd has signed a 10-year memorandum of understanding with the Maharashtra government to invest more than INR 500 crore in building a large-scale plastic recycling and circular manufacturing ecosystem across the state. The agreement, announced in Mumbai in the past week, covers investments in waste processing, recycling, material recovery, aggregation and related manufacturing activities. In the first phase, the company plans to establish capacity to process 5,000 tonnes of plastic waste per month, with a long-term target of scaling operations to 100,000 tonnes annually. The initial project under the partnership will be an advanced high-density polyethylene (HDPE) and polypropylene (PP) recycling facility at Additional Jalgaon MIDC, involving an investment of over INR 35 crore. The facility is expected to become operational by the end of 2026 and generate both direct and indirect employment in the region.
Recove Ventures Pvt Ltd has entered into a 10-year agreement with the Maharashtra government to develop a large-scale recycling and circular manufacturing ecosystem in the state, with planned investments exceeding INR 500 crore across waste processing and recycling infrastructure. The memorandum of understanding was signed in Mumbai earlier this month between the Department of Industries, Government of Maharashtra, and the company’s founders. Advertisement
Under the agreement, the company will invest in waste processing, recycling, material recovery, aggregation and allied circular manufacturing activities over the next decade. Recove said the initiative would focus on creating an organised recycling network for plastics, particularly high-density polyethylene and polypropylene materials that are widely used in packaging, automotive components and consumer products.
In the first phase of the programme, the company plans to create infrastructure capable of processing 5,000 tonnes of plastic waste per month. Over the course of the partnership, this capacity is expected to scale to as much as 100,000 tonnes annually as the company expands into additional recyclable material streams.
The first investment under the framework will be an advanced HDPE and PP recycling facility at Additional Jalgaon MIDC in Jalgaon district, which has been categorised as a priority D+ industrial zone. The project will involve an investment of more than INR 35 crore and will have an installed processing capacity of 1,100 tonnes per month. The company said the facility is expected to be commissioned between October and December 2026.
According to the company, the Jalgaon plant will use extrusion and granulation technologies along with deep-vacuum deodorisation systems to manufacture industrial-grade recycled plastic granules intended for packaging, automotive and consumer goods applications. The project is expected to generate around 100 direct jobs and more than 1,500 indirect employment opportunities.
The Maharashtra government stated that it would facilitate priority consideration for land allotment in MIDC areas and future circular economy parks for subsequent projects proposed under the agreement. The state will also extend support through single-window clearances and consideration of incentives available under existing industrial policies.
Recove co-founder Viral Chhajer said Maharashtra offered the industrial ecosystem, policy support and market access required for scaling recycling infrastructure. The company stated that the project aimed to create systems capable of converting post-consumer plastic waste into industrial-grade raw material for reuse in manufacturing supply chains.
The investment comes amid tighter Extended Producer Responsibility regulations requiring brands to increase the proportion of recycled plastic content used in products. Industry estimates cited by the company indicated that recycled plastic usage requirements could rise from around 30 per cent currently to nearly 60 per cent over the next few years.
Recove currently operates facilities in Pune and Bengaluru. The company said its Pune pre-processing unit commenced test operations in April 2026, while its Bengaluru facility is processing more than 415 tonnes of plastic waste each month.
Source: PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
