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Business Economy


Yash Papers launches new range of biodegradable & eco-friendly tableware range, invests Rs 60 cr to set up India's largest compostable tableware plant

Mumbai, Sep 22 (UNI) In a bid to promote the use of eco-friendly products in the food industry, paper-manufacturing company Yash Papers has launched its new range of compostable, biodegradable and
eco-friendly tableware range, called 'Chuk', made from sugarcane waste, bagasse.
Based out of Faizabad in Uttar Pradesh, Yash Papers is India’s largest modern agro residue-based paper brands which manufactures kraft packaging material to chains like McDonalds, KFC and Pizza Hut. Yash Papers has invested Rs 60 crore in setting up its new biodegradable plant, which has a state-of-the-art facility that
includes a production innovation centre.
The plant currently has a production capacity of 10 lakh units per day and the company plans to double the capacity every year for the next 3 years.
The company closed the financial year ended 2016-17 in consolidated revenue of Rs 183 crore and has aimed to receive at least 50 per cent f their revenue from the new bio-degradable segment in the next three years.
India generates over 15,000 tonnes of plastic on a daily basis and the use of plastic in the packaging accounts for 35 per cent of plastic consumption.
In a bid to reduce the food industry’s dependency on plastic, Yash Papers has developed a modular cost-effective design priced between Rs 1 and Rs 7, which is actually cheaper than plastic.
The launch commenced with a panel discussion in the city on ‘Promoting sustainability in Food Industry' last evening, in which panelists comprising food influencers and TV show hosts Rocky Singh and Mayur Sharma, Anna Warrington, director, Forum for the Future; Kunal Suri, chief operating officer, foodpanda; Srishti Jain,
Feeding India and Riyaz Amlani, chief executive, Impresario discussed the relevance of eco-friendly food packaging for healthy eating and progressive steps taken by the Maharashtra government in banning plastics in the city.
Speaking at the launch of the eco-friendly range, Ved Krishna, head of Strategy at Yash Papers, said, "We end up consuming so many carcinogens without any awareness through the thermocol and plastic products we are served on and then these products are disposed damaging the ecology. It is time to embrace products that will
enable us to eat safe and benefit the planet when disposed.
"In order to bring in a better process in the growth of sustainable packaging solutions in India, the company last month also announced a strategic tie-up with food delivery platform, foodpanda. The initiative enables foodpanda’s partner base of 15000 plus restaurants to offer its customers food in environment-friendly
packaging," he added.
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Finance Secretary launches Baroda Startup Banking in 15 cities

26 Feb 2020 | 7:41 PM

New Delhi, Feb 26 (UNI) Baroda Startup Banking, a flagship initiative of Bank of Baroda, was inaugurated on Wednesday to make the bank a preferred banking partner for the startup community and establishing connect with at least 2000 start-ups over the next two years.

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GDP growth to stay flat at 4 5 pc in Quarter 3 of FY20: SBI economists

GDP growth to stay flat at 4 5 pc in Quarter 3 of FY20: SBI economists

26 Feb 2020 | 7:16 PM

New Delhi, Feb 26 (UNI) The GDP growth of India will stay flat at 4.5 per cent in the October-December 2019, economists at SBI said on Wednesday,
'Our composite leading indicator (index of 33 major leading indicators) suggests that GDP growth will remain flat at 4.5 per cent as in Q3 of FY20,' the Economic Research Department of State Bank of India said.

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Sitharaman stresses on use of local language in banking

26 Feb 2020 | 7:00 PM

New Delhi, Feb 26 (UNI) Finance Minister Nirmala Sitharaman on Wednesday appealed to the banks to reach out to the customers at the branch level and stated that every branch should have employees, who know the local language and all employees should know about the government schemes.

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India, US should tackle irritants for $500  bln trade

India, US should tackle irritants for $500 bln trade

26 Feb 2020 | 6:57 PM

New Delhi, Feb 26 (UNI) India and the US need to focus on tackling some of the irritants to unleash the full potential of their economic relationship and work out a trade deal that can open markets in both countries, says a report by the Confederation of Indian Industry in association with US India Business Council.

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Piramal Glass to invest Rs 300 cr for expansion of Jambusar plant in Gujarat

26 Feb 2020 | 6:49 PM

Bharuch, Feb 26 (UNI) Piramal Glass Ltd (PGL), a global specialist in design, production and decoration of niche glass packaging solutions for high-end cosmetics & perfumery, specialty food & beverage and pharmaceutical industries, on Wednesday announced an investment of Rs 300 crore, for the expansion of it's greenfield project in Jambusar at Bharuch district of Gujarat.

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