UNIVERSAL Robina Corp. (URC) on Tuesday said it had partnered with Greencycle Innovative Solutions Inc. for the creation of an integrated waste ecosystem integrating plastic waste reduction and conversion into recyclable products.

The joint venture was approved by URC's board on Monday and subject to approval by the Securities and Exchange Commission for incorporation.

"URC has agreed to enter into a joint venture with Greencycle for waste management which includes the collection, treatment, recovery, and processing of plastic waste," the company said in its filing.

The joint venture will have an initial paid-in capital of P27 million.

Both parties have agreed to a 75-25 ownership split with URC getting the bigger share.

"Such ownership ratio shall be maintained for all types of financial capital undertakings," it said in the filing.

Operations are scheduled to start in September 2024 after government approvals and the necessary licenses have been secured.

URC said the joint venture shall form part of the strategies by the issuer to comply with its obligations under Republic Act 11898, otherwise known as the Extended Producer Responsibility Act of 2022.