Splash, a prominent fashion retailer in India and Middle East, and a brand owned by the Landmark Group, has partnered with Natur-Tec, a business unit of Northern Technologies International Corporation ("NTIC") (Nasdaq: NTIC), to pioneer a new sustainable biopolymer-based packaging solution in India, South Asia and Middle East.
The brand's 80 million polybags a year have been replaced with "bioplastics" - a biobased and compostable plastic alternative to conventional plastics.
The biobased carbon is helping reduce 298 Tons of carbon dioxide emissions a year. At the end of useful life, these eco-friendly bags are safely and completely digested (biodegraded) by macro- and micro-organisms in natural composting and soil disposal.
This approach reduces the carbon footprint of the company's packaging and provides for an environmentally responsible end-of-life through composting. The company's new approach is in line with the Circular Economy model and eliminates leakage into the ocean environment and landfills.
Use of conventional plastics such as polyethylene and polypropylene are facing harsh societal and political criticism due to environmental and waste-disposal concerns. As widely reported in print, electronic, and social media, these non-degradable plastics find their way into the oceans and negatively affect marine eco system and habitats. As a result, demand for certified biodegradable and compostable packaging is expected to become the norm.
"This alliance promises to bring significant benefits to both parties," said Vineet Dalal, Vice President for NTIC. "Natur-Tec has internationally recognized expertise and patented technologies in the bioplastics space, while Landmark Group is a global leader in the Retail and Hospitality segments with a dominant position globally. The combination of these unique and complementary capabilities, has allowed us to develop an innovative biopolymer-based packaging solution."