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B2B circular economy company Recove Ventures Pvt Ltd has signed a Memorandum of Understanding (MoU) with the Department of Industries, Government of Maharashtra, to develop a large-scale plastic recycling and circular manufacturing ecosystem in the state. The agreement was signed at Mantralaya, Mumbai, between Dr. P. Anbalagan (IAS), Principal Secretary, Industries, Investment and Services, Government of Maharashtra, and Recove Ventures Co-Founders Kunal Kumar and Viral Chhajer.
Following the signing ceremony, the company representatives met Maharashtra Chief Minister Devendra Fadnavis, who highlighted the state’s commitment to promoting circular economy initiatives and appreciated Recove Ventures’ efforts in the sector.
Under the 10-year partnership framework, Recove Ventures plans to invest more than ₹500 crore in waste processing, recycling, material recovery, aggregation and other circular manufacturing activities across Maharashtra. In the first phase, the company aims to build processing capacity for 5,000 tonnes of plastic waste per month, with plans to scale it up to 1 lakh tonnes annually in the coming years.
The initiative comes at a time when India’s Extended Producer Responsibility (EPR) regulations are increasingly mandating the use of recycled plastic content in products. Brands are currently required to incorporate around 30 per cent recycled plastic, a figure expected to rise to nearly 60 per cent over the next few years.
The company’s first major project under the MoU will be an advanced HDPE and PP recycling facility at Additional Jalgaon MIDC in Maharashtra’s Jalgaon district. The project will involve an investment of over ₹35 crore and will have a processing capacity of 1,100 tonnes per month.
The facility will use advanced extrusion and granulation technologies along with deep-vacuum deodorisation systems to produce industrial-grade plastic granules for applications in packaging, automotive and consumer goods industries. The project is expected to become operational between October and December 2026 and is projected to generate 100 direct and over 1,500 indirect employment opportunities.
The Government of Maharashtra will support the project through assistance in land allotment in MIDC areas and future Circular Economy Parks, along with single-window clearances and incentives under the state’s industrial policies.
Dr. P. Anbalagan, Principal Secretary, Industries, Investment and Services, Government of Maharashtra, said the state is committed to building an industrial ecosystem that combines economic growth with sustainability.
Recove Ventures Co-Founder Viral Chhajer said the company is not just setting up a plant but building long-term infrastructure that can transform post-consumer plastic waste into industrial-grade raw materials.
Co-Founder Kunal Kumar stated that large-scale recycling requires an entire ecosystem involving supply chains, approvals, land and demand integration, and praised Maharashtra’s long-term policy approach.
Recove Ventures already operates facilities in Pune and Bengaluru. Its Pune pre-processing plant began test operations in April 2026, while its Bengaluru facility is currently processing more than 415 tonnes of plastic waste per month.
