UNIVERSAL Robina Corp. (URC) has partnered with Greencycle Innovative Solutions Inc. for a waste management project that includes the collection, treatment, recovery, and processing of plastic wastes.
URC said the initiative is in compliance with its obligations under the Extended Producer Responsibility Act (EPRA) of 2022 (RA11898).
“Through the joint venture, the parties aim to formulate an integrated operation or ecosystem that incorporates the reduction of plastic waste through collection, treatment and processing of waste materials and convert it into reusable or recyclable products,” URC said.
URC and Greencycle will put up a joint venture company for the project, capitalized at P27 million, of which the Gokongwei-controlled food group will own 75 percent.
“Such ownership ratio shall be maintained for all types of financial capital undertakings,” URC said.
The company said the establishment of the joint-venture company will be subject to securing requisite regulatory approvals and corporate approvals but is eyed to be operational by September this year.
