Recove Ventures Private Limited, a B2B circular economy company focused on supply chain and infrastructure for India’s plastic recycling industry, has signed a Memorandum of Understanding with the Department of Industries, Government of Maharashtra to develop a 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, Government of Maharashtra, and Recove Ventures Co-Founders Kunal Kumar and Viral Chhajer. This was followed by a meeting with the Chief Minister of Maharashtra, Devendra Fadnavis, during which circular economy initiatives in the state and Recove’s plans for the sector were discussed.
Under the 10-year framework, Recove will invest more than Rs. 500 crore across waste processing, recycling, material recovery, aggregation and related circular manufacturing activities in Maharashtra. In the first phase, the company plans to build capacity to process 5,000 tonnes of plastic waste per month, with the potential to scale up to 1,00,000 tonnes annually over the course of the partnership as it expands into additional recyclable streams.
Viral Chhajer, Co-Founder, Recove Ventures said in a statement, "Maharashtra brings together exactly the conditions this industry needs to scale, including government support, industrial depth, policy clarity and serious market access. 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 first investment under the MoU is an HDPE and PP recycling facility at Additional Jalgaon MIDC in Jalgaon district, a D+ industrial zone. The project will involve an investment of more than Rs. 35 crore and an installed capacity of 1,100 tonnes per month. Commissioning is targeted between October and December 2026, and the project is expected to generate 100 direct and more than 1,500 indirect jobs.
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."
"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,” Kunal Kumar, Co-Founder, Recove Ventures added.
