LNJ GreenPET on Sunday stated it has actually tattooed a preliminary pact with Japan-based Sumitomo Corporation to develop a tactical partnership in the recycled polyethylene terephthalate (r-PET) sector in India.
The arrangement details a multi-pronged structure for cooperation, incorporating business advancement, basic material procurement, marketing, and possible financial investment chances for the business’s upcoming r-PET job in India, a business declaration stated.
According to the declaration, LNJ GreenPET, a part of the LNJ Bhilwara Group, revealed the finalizing of a memorandum of understanding (MoU) with Japan-based Sumitomo Corporation to develop a tactical cooperation in the quickly growing recycled polyethylene terephthalate (r-PET) sector in India.
As part of the collaboration, both business will collectively perform a thorough market research study on the r-PET landscape in India. It will likewise consist of market sizing, consumer division, technical evaluations, supply chain benchmarking, and regulative expediency.
These insights will function as the structure up until LNJ GreenPET starts business production in 2026.
To support the task throughout its pre-production stage, Sumitomo Corporation will help with interim sourcing of r-PET flakes from Southeast Asia and other worldwide areas.
Furthermore, the 2 business will work together on pre-marketing activities, consumer engagement, and the advancement of sales channels in both domestic and global markets.
Riju Jhunjhunwala, Chairman at LNJ Bhilwara Group, stated, “This MoU with Sumitomo Corporation is a significant step towards strengthening India’s circular economy ecosystem. By combining Sumitomo Corporation’s global expertise with our vision for sustainable plastic recycling, we aim to create a robust r-PET value chain that addresses both domestic and global demand for sustainable packaging solutions”
This collaboration highlights LNJ GreenPET’s dedication to pioneering massive recycling services in India.
It likewise supports nationwide sustainability objectives and adds to lowering plastic waste through innovative innovations and global partnerships.
Yutaka Takamura, General Manager of Green Chemical SBU, stated, “This collaboration allows us to combine our global experience with LNJ GreenPET’s local expertise to support the development of a strong circular economy. Together, we aim to create innovative, sustainable solutions that address both domestic needs and global demand”
Sumitomo Corporation is an integrated trading and organization investment firm with a strong international network consisting of 127 workplaces in 64 nations and areas. The Sumitomo Corporation Group includes roughly 500 business and 80,000 staff members on a combined basis.