Banyan To Invest Rs 200 Crore: Sridhar Babu

Banyan Nation, a pioneering startup in plastic waste recycling, was investing Rs 200 crore in Telangana for large-scale expansion, IT and Industries Minister Duddilla Sridhar Babu said today.

Speaking after a meeting with the company's representatives at the Secretariat, the minister said that the company, currently operating a recycling facility in the Pasamailaram industrial area of Patancheru mandal with an annual capacity of 15,000 tonnes aimed to triple its capacity to 45,000 tonnes.

This expansion would generate employment opportunities for an additional 500 people, he said.

The company, which specialised in recycling plastic waste, supplied its products to major corporations such as Hindustan Unilever and Tata Motors, and with an annual turnover of Rs 100 crore, was operating profitably, he said.

The company had requested additional land for setting up new facilities, and the Telangana State Industrial Infrastructure Corporation (TSIIC) would decide on the matter, the minister added.

The company's efforts aligned with the government's vision of promoting sustainability and fostering innovative enterprises that contributed to the State's economic and environmental goals, Babu claimed.

The meeting was attended by IT Advisor Sai Krishna, TGIIC CEO V Madhusudhan, and Banyan Nation CEO Mani Vajipey and COO Raj Kiran Madanagopal.