Banyan Nation to boost Telangana’s circular economy: Minister Sridhar Babu
Hyderabad:Banyan Nation, a start-up in plastic waste recycling, is set to make a significant contribution to the state’s circular economy with a Rs 200-crore investment for large-scale expansion, IT minister Duddilla Sridhar Babu announced on Thursday.
Speaking after meeting Banyan Nation representatives, the minister said Banyan Nation was operating a recycling facility in Pashamylaram Industrial Area at Patancheru Mandal, with an annual capacity of 15,000 tonnes, Banyan Nation aims to triple its capacity to 45,000 tonnes.
This expansion will generate employment opportunities for an additional 500 people, said Sridhar Babu. The company, which specialises in recycling plastic waste, supplies its products to major corporations such as Unilever and Tata Motors. With an annual turnover of `s 100 crore, Banyan Nation has requested additional land for setting up new facilities, and the Telangana State Industrial Infrastructure Corporation (TSIIC) will decide on the matter, the minister added.
