Indian plastics recycler Banyan Nation picked up a top award Jan. 22 at the Circulars, a program recognizing new technology in managing resources at the World Economic Forum in Davos, Switzerland.
Hyderabad-based Banyan, which is trying to build a socially responsible plastics recycling company, has both developed technology to better recycle plastics in India, and worked on apps and other technology to better integrate India's largely informal network of on the ground recycling workers.
The company won first place in the Dell Circular Economy People's Choice Award, beating out five other finalists, including Los Angeles-based Bureo, which turns abandoned plastic fishing nets into new products.
An announcement from the event said Banyan has processed more than 7 million pounds of plastics and worked with 2,000 workers in India's waste sector. It's India's first winner at the awards.
Banyan is trying to develop a business model to create high-value recycled plastics from India's waste stream.
The small startup shared with stage with some big names. Winners in the six other categories included Philips, Ikea and ABN Amro Bank NV, along with smaller companies like AMP Robotics, which has developed robots to better sort materials at recycling facilities.
"Across the globe we continue to face the need to create growth, jobs and a thriving global economy within the boundaries of sustainable development," said Peter Lacy, senior managing director of Accenture Strategy, which organizes the awards with WEF and the Forum of Young Global Leaders.