Hindustan Unilever board okays acquiring 14.3% stake in Lucro Plastecycle

The board of directors of Hindustan Unilever (HUL), at its meeting on Thursday, approved the investment for acquiring a 14.3 per cent stake in Lucro Plastecycle (Lucro), a leading player in recycled flexible plastics, for an undisclosed amount, according to a press release.

 

Lucro is a waste management, recycling, and product manufacturing company working to create a circular plastics economy.

 

“HUL’s investment is a step forward towards its sustainability goals to scale up the use of recycled flexible content in packaging, in line with the government’s vision of a zero-plastic-waste future,” HUL said in its release.

 

The investment aims to strengthen plastic circularity by increasing the availability of recycled content for flexibles, providing a roadmap for businesses to move towards sustainable plastic packaging, and addressing the challenge of hard-to-recycle flexible plastic.

 

Rohit Jawa, HUL chief executive officer and managing director, said, “This investment is a significant step in building capabilities in recycling and developing the circular economy model for plastic, which is in line with our firm belief that what is good for India is good for HUL.”

 

Ujwal Desai, managing director at Lucro, said, "At Lucro, we turn the challenge of recycling post-consumer flexible plastics into an opportunity to create high-quality recycled plastics while driving the circular economy. This investment by HUL paves the way for increasing our recycling capacity, driving large-scale commercial adoption of post-consumer resin, and setting a new benchmark for sustainable plastics."