LT Foods joins hands with Humankind Group; stock rises over 2 per cent
A 70-year-old global consumer food company, LT Foods Ltd is joining hands with Humankind Group (HKG), USA to explore an opportunity to develop commercial-scale biomass plants, which would recycle rice paddy straw into green energy and bio-fertiliser in India.
Air pollution in India is among the highest in the world and poses a serious threat to one’s health. The traditional burning of rice straw is a huge contributor to air pollution. The rice straw waste itself is valuable because it can be recycled into green energy and bio-fertiliser.
The Biomass India partnership is a new initiative, which is facilitating the development of programmes to eliminate the practice of burning agriculture and contributes to the creation of a waste-to-value ecosystem for sustainable products that impact across a wide range of environmental, social, health & economic outcome.
The technology used was tested earlier in the year 2018. HKG is the co-founder of Biomass India. After demonstrating success of the first two plants, HKG is planning to help scale up the number of plants to 130 facilities in India in the next ten years.
At 1.04 pm on Wednesday, the stock price of LT Foods was trading 2.41 per cent higher at Rs 74.50.
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