HUL Invests in Lucro Plastecycle for Sustainable Plastics

New Delhi, Mar 20 (PTI) FMCG major Hindustan Unilever Ltd's board on Thursday said it has approved an undisclosed investment to acquire a 14.3 per cent stake in recycled flexible plastics firm Lucro Plastecycle, according to a regulatory filing.

Lucro Plastecycle Pvt Ltd (Lucro) is a well-integrated waste management, recycling and product manufacturing company, working to create a circular plastics economy for a better tomorrow, it noted.

"This investment is a significant step in building the capabilities in recycling and developing the circular economy model for plastic, which is in line with our firm belief that what is good for India is good for HUL," HUL CEO and MD Rohit Jawa said.

HUL further said that the investment aims to strengthen plastic circularity by increasing the availability of recycled content for flexibles, providing a roadmap for businesses to move towards sustainable plastic packaging and address the challenge of hard-to-recycle flexible plastic.

Lucro Managing Director Ujwal Desai said, "This investment by HUL paves the way for increasing our recycling capacity, driving large-scale commercial adoption of post-consumer resin and setting a new benchmark for sustainable plastics".