NEW DELHI: Mahindra Intertrade today signed a joint venture agreement with MSTC to set up the country’s first auto shredding and vehicle recycling unit.
Gujarat and Maharastra have been shortlisted for setting up the facility, which will commence operations by early 2018.
B B Singh, chairman and managing director, MSTC said, “India does not have any modern auto shredding plant as of now….We are sure of setting up a world-class facility which will go a long way in recycling end of life vehicles and reduce dependence on mining iron ore and other resources.”
Apart from saving on forex as a result of import substitution of scrap, this JV would also contribute to India’s COP21 commitments.
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Source: Economic Times
