Balrampur Chini Mills to Launch ₹2,000 Crore Bioplastic Plant by 2026

4 Oct 2024 , 04:07 PM

Balrampur Chini Mills will commission its ₹2,000 Crore bioplastic plant by 2026. The plant is expected to generate around ₹1,700-1,800 Crore in revenue annually. The project aims to shift more than 50% of the company’s product mix to green products by FY27-28.

This bioplastic venture will establish Balrampur Chini Mills as a key player in the global bioplastics market, driven by the rising demand for eco-friendly solutions.

The company’s initiative aligns with the growing need for alternatives to single-use plastics in India, which imports over four million tonnes of plastic annually.

India’s government has taken steps to ban 19 single-use plastic items, fueling the demand for biodegradable substitutes. The plant will have an initial capacity of 75,000 tonnes, with potential for future expansion. Balrampur Chini Mills sees strong growth opportunities, leveraging India’s vast biomass resources for bioplastic production.

Globally, bioplastics make up only 1% of the plastic market, but there is potential for significant growth as industries and governments work towards reducing carbon emissions. Even a modest increase in bio-plastic usage to 5% of the global plastic market would mark a significant shift toward sustainability.