Himachal Fibres to foray into manufacturing sustainable and innovative products from 100 per cent recycled waste plastic material

Commenting on the developments, Akhil Malhotra, Chairman of Himachal Fibres Limited said, “There is a growing demand for sustainable products in India and globally as they help lower carbon footprint, reduce plastic waste, decrease reliance on virgin materials, conserve valuable resources, and support a circular economy by recycling and reusing waste plastic materials. The foray into this new business and the planned acquisition will help the company in completely transforming itself and in creating long-term value for all stakeholders with opportunities for exponential business growth.”

“The consumption of PET bottles is growing. In India, the annual consumption is nearly 1.1 million tonnes. With Extended Producers’ Responsibility (EPR) regulations requiring a minimum of 30% usage from recycled PET from FY 25 onwards, the demand for rPET bottle chips is going to spurt substantially specially from brands like Coca-Cola, Pepsi, HUL, etc. Moreover, the overall production capacity for rPET bottle-to-bottle chips in India is much lower than the projected demand. These businesses of rPET bottle-to-bottle chips and acoustic panels will be a game-changer for the company,” said Mr. Malhotra, who has vast experience in the recycling of waste plastic packaging material, and was appointed Chairman of Himachal Fibres Limited recently.

The company also plans to bring other experts on board to further strengthen the management team and also decided to change its name to Rudra Ecovation Limited or any other similar name subject to availability, to achieve its business transformation goals.

Source: BSE India

https://www.bseindia.com/corporates/anndet_new.aspx?newsid=57ceaedc-b6b8-4ba2-bac7-9222236a151f

https://www.bseindia.com/corporates/anndet_new.aspx?newsid=dbec6f45-9663-4d08-9068-f18697bacfb6

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