LNJ GreenPET, Japan-based Sumitomo Corp sign pact to create robust r-PET value chain

New Delhi, Sep 7 (PTI) LNJ GreenPET on Sunday said it has inked an initial pact with Japan-based Sumitomo Corporation to establish a strategic collaboration in the recycled polyethylene terephthalate (r-PET) sector in India.  The agreement outlines a multi-pronged framework for cooperation, encompassing commercial development, raw material procurement, marketing, and potential investment opportunities for the company's upcoming r-PET project in India, a company statement said.  According to the statement, LNJ GreenPET, a part of the LNJ Bhilwara Group, announced the signing of a memorandum of understanding (MoU) with Japan-based Sumitomo Corporation to establish a strategic collaboration in the rapidly growing recycled polyethylene terephthalate (r-PET) sector in India.

As part of the partnership, both companies will jointly conduct a comprehensive market study on the r-PET landscape in India. It will also include market sizing, customer segmentation, technical assessments, supply chain benchmarking, and regulatory feasibility.  These insights will serve as the foundation until LNJ GreenPET begins commercial production in 2026.

To support the project during its pre-production phase, Sumitomo Corporation will facilitate interim sourcing of r-PET flakes from Southeast Asia and other global regions.  Additionally, the two companies will collaborate on pre-marketing activities, customer engagement, and the development of sales channels in both domestic and international markets.

Riju Jhunjhunwala, Chairman at LNJ Bhilwara Group, said, "This MoU with Sumitomo Corporation is a significant step towards strengthening India’s circular economy ecosystem. By combining Sumitomo Corporation’s global expertise with our vision for sustainable plastic recycling, we aim to create a robust r-PET value chain that addresses both domestic and global demand for sustainable packaging solutions".

This partnership underlines LNJ GreenPET’s commitment to pioneering large-scale recycling solutions in India.

It also supports national sustainability goals and contributes to reducing plastic waste through advanced technologies and international collaborations.  Yutaka Takamura, General Manager of Green Chemical SBU, said, "This collaboration allows us to combine our global experience with LNJ GreenPET’s local expertise to support the development of a strong circular economy. Together, we aim to create innovative, sustainable solutions that address both domestic needs and global demand".

Sumitomo Corporation is an integrated trading and business investment company with a strong global network comprising 127 offices in 64 countries and regions. The Sumitomo Corporation Group consists of approximately 500 companies and 80,000 employees on a consolidated basis. PTI KKS BAL BAL