HUL Acquires Stake In Plastic Recycler Lucro As New Packaging Rules Loom

Hindustan Unilever Ltds. Board of Directors on Thursday approved an investment to acquire a 14.3% stake in Lucro Plastecycle Private Ltd., a player in recycled flexible plastics. Lucro specialises in waste management, recycling, and product manufacturing, working towards a circular plastic economy.

This comes as the environment ministry's April 1 mandate on recycled plastic use nears, posing a dual challenge for the FMCG industry— meeting the norms or safeguarding sales if compliance falls short.

HUL in its exchange filing said the investment aligned with its sustainability goals and supports India’s vision of a zero-plastic waste future. The company aims to increase the use of recycled flexible plastics in packaging and strengthen plastic circularity. The company, however, did not disclose the deal value.

“This investment is a significant step in building recycling capabilities and a circular economy for plastic, which aligns with our belief that what is good for India is good for HUL,” said Rohit Jawa, CEO and Managing Director of HUL.

Lucro’s Managing Director Ujwal Desai added, “HUL’s investment will help us scale our recycling capacity, drive the commercial adoption of post-consumer resin, and set new benchmarks for sustainable plastics.”

HUL has also made full acquisitions in the beauty and edible oils sectors since the beginning of 2025.

In January, it announced the acquisition of Uprising Science Private Ltd., the parent company of beauty brand Minimalist, for which the company received clearance from Competition Commission of India on Tuesday.

HUL will acquire a 90.5% stake through a secondary buyout and primary infusion. The remaining 9.5% will be acquired from the founders within two years. The Rs 2,955 crore transaction is expected to close by August.

In the edible oils segment, HUL approved the acquisition of the palm undertaking of Vishwatej Oil Industries Pvt. Ltd. in Telangana’s Kamareddy district as part of its palm localisation strategy in January.