Hot Pursuit
Hindustan Unilever (HUL) announced that its board of directors has approved an investment to acquire a 14.3% stake in Lucro Plastecycle, a key player in recycled flexible plastics.
Lucro Plastecycle (Lucro) is a well-integrated waste management, recycling, and product manufacturing company, working to create a circular plastics economy for a better tomorrow, it added.
The company did not disclose the amount of the investment for acquiring the stake in Lucro Plastecycle.
HUL stated that the investment is a step forward toward 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 further stated that the investment aims to strengthen plastic circularity by increasing the availability of recycled content for flexible plastics, providing a roadmap for businesses to move toward sustainable plastic packaging, and addressing the challenge of hard-to-recycle flexible plastic.
Rohit Jawa, CEO and MD of HUL, said, 'This investment is a significant step in building the capabilities in recycling and developing the circular economy model for plastic, which aligns with our firm belief that what is good for India is good for HUL.'
Ujwal Desai, managing director (MD) of 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.
Hindustan Unilever is in the FMCG business, comprising primarily of home care, beauty & personal care, and foods & refreshment segments. The company has manufacturing facilities across the country and sells primarily in India.
The company's standalone net profit was at Rs 3,001 crore in Q3 FY25, compared with Rs 2,519 crore in the corresponding quarter last year. Revenue from operations rose 1.79% to Rs 15,195 crore in Q3 FY25 as compared with Rs 14,928 crore in Q3 FY24.
Shares of Hindustan Unilever (HUL) rose 0.40% to Rs 2,250.80 on the BSE.
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