Government grants Rs 1.15-Cr loan to support compostable plastics startup
Maharashtra-based TGP Bioplastics has bagged the loan to manufacture and commercialise compostable plastics.
Union Minister for Science and Technology, Dr Jitendra Singh, has announced a loan of Rs 1.15 crore for Maharashtra-based TGP Bioplastics to aid its effort to manufacture and commercialise compostable plastics. He has also announced an MoU with the company.
This is in line with the government's latest policy banning the manufacture, import, stocking, distribution, sale, and use of identified single-use plastic items, which have low utility and high littering potential.
At the moment, there are very few environment friendly and economically viable alternatives to single-use plastics. The few available options are more expensive than non-degradable plastics. Currently, the cheapest degradable polymer costs Rs 280 to Rs 300 per kilogram, while conventional plastic raw materials cost Rs 90 per kilogram.
TGP Bioplastics's compostable plastics could help accelerate the government's plan to eliminate single-use plastics. The startup has managed to bring down the cost of degradable plastic to Rs 180 per kilogram, while maintaining comparable strength. With the loan, the company is targetting a manufacturing capacity of 880 tonnes per year.
