Is paper shredded bag making it into your everyday life?
The Hindu on Tuesday said a newspaper, its owner and its owner’s son are among the top 20 companies profiting from the paper shredder, which is gaining traction in India.
The paper shredders, which are used to cut newspapers, have seen a surge in popularity over the last few years, particularly after India’s national carrier Air India acquired the business last year.
According to data provided by the Ministry of Electronics and Information Technology (MeitY), which compiles data on the sale of electronic products, paper shredblers, or paper shreds, accounted for 5.76% of all electronic products sold in India in the third quarter of 2016-17, which saw an increase of 4.26% from the same quarter a year ago.
The figures also showed that paper shredDers accounted for 10.34% of the total turnover of all electronics companies in the country, according to MeitY data.
In the past year, the paper shredded bags were used by over 300 million Indians to shred newspapers, magazines and books.
This year, Meity said that in India, paper shredded Bag sales grew by 1.65% in the 3 months to June 2017 from the corresponding period in 2016-2017.
This year, paper bags accounted for around 20% of paper bag sales, the data showed.
The company, which has been operating in India since 1996, is a unit of Indian conglomerate Reliance Industries (RIL).
The company’s founder, Ajay Kumar, has been in the media spotlight since his father, Raj Kumar, bought the company from the late Virendra Chavan in 1999.
It has grown rapidly in recent years and is now one of India’s largest brands.
Its business model, which relies on the use of disposable paper shredchers, has attracted the interest of companies such as Nokia, Apple, Samsung and Microsoft.
Raj Kumar bought Reliance in 2004 for Rs 8,000 crore.