India’s largest private company by revenues, Reliance Industries (RIL) plans to support waste treatment and management start-ups – both domestic and global.
Vipul Shah, Chief Operating Officer – Petrochemicals, RIL, said that the company is looking to fund and is scouting around for all the technology available for waste segregation, recycling, and waste-to-energy. He adds “We are thinking about the bets we should be making in this regard.” For this, RIL had reviewed a few hundred applications from startups and was looking at a model that could be replicated.
The company is keen to give back to the environment as there is a lot of environmental damage, particularly to the oceans, caused by the sheer volume of plastic waste.
Considered one of the largest recyclers of PET (Post-consumer) waste in India, Reliance converted about two billion waste PET bottles into fabric in 2018. And now, it plans to double the current capacity of PET bottle recycling to five million bottles in the next few years. To create value from waste, Reliance has also used recycled plastic in road construction. In its annual report, RIL said the PET business has involved end consumers in its recycling initiative. It encourages end consumers to deposit empty PET bottles at reverse vending machines installed at Reliance SMART stores, railway stations, and various other locations.