Government approves Rs 1.15-Cr loan to support compostable plastics startup
- ByStartupStory | August 18, 2022
Dr. Jitendra Singh, Union Minister for Science and Technology, has announced a Rs 1.15 crore loan for Maharashtra-based TGP Bioplastics to support its efforts to manufacture as well as commercialize compostable plastics. He has also signed an agreement with the company.
This is consistent with the government’s most recent policy, which prohibits the manufacture, import, stock management, distribution, sale, and use of specific single-use plastic items with low utility & high littering potential.
There are currently few environmentally friendly but also economically viable alternatives to single-use plastics. The few options available are more expensive than non-biodegradable plastics. The cheapest degradable polymer currently costs Rs 280 to Rs 300 per kilogram, whereas conventional plastic raw materials charge Rs 90 per kilogram.
TGP Bioplastics’ compostable plastics could help the government’s strategy to eliminate single-use plastics move forward. The startup has reduced the cost of biodegradable plastic to Rs 180 per kilogram while maintaining comparable strength. The loan will allow the company to increase its manufacturing capacity to 880 tonnes per year.
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