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Vikas Lifecare Limited has entered into a Technology Transfer Agreement with the Advanced Systems Laboratory (ASL) of DRDO to produce biodegradable plastics. This agreement allows VLL to manufacture biodegradable granules for eco-friendly bags, addressing the rising demand for sustainable alternatives to conventional plastics. The technology, projected to create a significant impact in the Indian plastic packaging market—expected to grow to USD 25.35 billion by 2029—offers both economic advantages and reduced environmental cleanup costs.
Under the deal, VLL gains a non-exclusive license to produce and market these granules for ten years, supported by comprehensive technical assistance from DRDO. This collaboration is a strategic shift towards sustainability, complementing VLL's ongoing efforts in recycling plastic waste and fulfilling Extended Producer Responsibility mandates. The move positions Vikas Lifecare to tap into the growing market for biodegradable solutions while contributing to environmental sustainability, potentially enhancing shareholder value as demand for eco-friendly products increases.