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Signs 10-year MoU with Government of Maharashtra; first project, a 1,100 TPM advanced recycling facility, to come up at Jalgaon MIDC, with commissioning by December 2026
Recove Ventures Private Limited, a B2B circular economy company building supply chain and infrastructure for India's plastic recycling industry, signed a Memorandum of Understanding with the Department of Industries, Government of Maharashtra to develop a large-scale recycling and circular manufacturing ecosystem in the state over the next decade. The MoU was signed at Mantralaya, Mumbai, between Dr. P. Anbalagan (IAS), Principal Secretary, Industries, Investment and Services, GoM, and Co-Founders of Recove Ventures, Kunal Kumar and Viral Chhajer. This was followed by a meeting with the Hon'ble Chief Minister of Maharashtra, Shri Devendra Fadnavis, where he emphasised Maharashtra's strong push on circular economy initiatives and appreciated Recove's commitment to the sector and the State.
Under the 10-year framework, Recove will invest in excess of Rs. 500 crore across waste processing, recycling, material recovery, aggregation and allied circular manufacturing activities in Maharashtra. In its first phase, the company will build capacity to process 5,000 tonnes of plastic waste per month, scaling up to as much as 1,00,000 tonnes per annum over the course of the partnership as Recove expands into additional recyclable streams.
The development comes at a critical inflection point for India's recycling sector. Extended Producer Responsibility (EPR) mandates require brands to incorporate approximately 30% recycled plastic content today, rising to approximately 60% over the next two to three years. While PET is already well-organised at approximately 95% recovery, HDPE and PP, the polymers behind most packaging, automotive parts and consumer goods, remain under-recycled at less than 30%, held back by the absence of an organised, traceable, quality-assured pre-processing layer. India is projected to lose recyclables worth USD 36 billion between 2025 and 2030 if this gap is not closed.
"Maharashtra brings together exactly the conditions this industry needs to scale, including government support, industrial depth, policy clarity and serious market access," said Viral Chhajer, Co-Founder, Recove Ventures. "We are not setting up a single plant. We are building the durable infrastructure that takes post-consumer plastic out of the dump yard and brings it back into the economy as industrial-grade raw material."
The Anchor Project: A 1,100 TPM HDPE/PP Facility at Jalgaon
The first investment under the MoU is an advanced HDPE and PP recycling facility at Additional Jalgaon MIDC, in District Jalgaon, a priority D+ industrial zone. The project will involve an investment of over Rs. 35 crore and an installed capacity of 1,100 tonnes per month. The facility will deploy advanced extrusion and granulation technology with deep-vacuum deodorisation, producing industrial-grade granules engineered to substitute virgin plastic in packaging, automotive and consumer goods applications. Commissioning is targeted between October and December 2026, and the project is expected to generate 100 direct and over 1,500 indirect jobs.
To accelerate the rollout, the Government of Maharashtra will facilitate priority consideration for land allotment in MIDC areas and any future Circular Economy Parks for Recove's subsequent projects, single-window support for statutory clearances and expeditious consideration of applicable incentives under prevailing state industrial policies.
Dr. P. Anbalagan, Principal Secretary, Industries, Investment and Services, Government of Maharashtra, said, "Maharashtra is committed to building a future-ready industrial ecosystem that integrates sustainability with economic growth. Partnerships like this strengthen the state's circular economy infrastructure while creating jobs and enabling responsible manufacturing. We welcome Recove Ventures' investment and see strong potential for scaling their initiatives across the state."
Kunal Kumar, Co-Founder, Recove Ventures, said, "Recycling at scale is not a single-plant problem. It is an ecosystem problem. It requires coordination, land, approvals, supply chains, skilled labour and demand-side compliance, all moving in step. Having spent years running large public programs, including India's Smart Cities Mission, I can say with conviction that Maharashtra's willingness to anchor this through a 10-year framework, rather than a project-by-project conversation, is exactly the policy posture that allows companies like ours to commit serious capital with confidence. We intend to match that intent on delivery."
Building on Existing Operations
Jalgaon is Recove’s first anchor under this MoU, but not its first asset in Maharashtra. The company’s pre-processing facility at Pune commenced test operations in April 2026 and is currently being scaled. Combined with its flagship Bangalore facility, operational since late 2025 and currently processing >415 tonnes of plastic waste per month, Recove has scaled monthly revenue 12x over the last six months, serving >30 recyclers, at a ~90% repeat order rate.
Recove is led by a founding team that combines startup operating experience with public-sector execution credentials. Co-Founder Viral Chhajer is a serial entrepreneur who has co-founded co-living platform StayAbode (acquired by Nestaway/Housr) and blue-collar workforce platform Smartstaff. He was previously a founding team member at Runnr (acquired by Zomato) and began his career at Goldman Sachs. Co-Founder Kunal Kumar is an ex IAS officer of the 1999 batch who served as Joint Secretary and Mission Director of India’s Smart Cities Mission (2018–2024) and as Municipal Commissioner of Pune, Kolhapur and Nagpur. They are joined by key founding members Aayush Killa, an IIM alumnus with prior stints at McKinsey, NEOM (Saudi Arabia) and Ola; and Sharan Subaiah, founder of MiGLU and Green Earth Industries. Recove is backed by Momentum Capital and Ganesh Natarajan, alongside a marquee group of super angels including Chaitanya Kejriwal and Ashish Goel."
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
