Joint Venture for first Auto Shredding Plant in India for Recycling of Specialised Steels and other non-ferrous metals conceptualized between MSTC and Mahindra
IndiaCSR News Network
NEW DELHI: A Memorandum of Understanding (MoU) was signed between Mahindra Intertrade Ltd and MSTC Limited, a PSU under the Ministry of Steel, for setting up a Joint Venture Company for establishing first of its kind Auto Shredding Plant in India in New Delhi on April 28, 2016.
The Minister of Steel and Mines, Narendra Singh Tomar chaired the programme in the presence of Secretary Steel, Smt. Aruna Sundararajan.
Tomar remarked that the Joint Venture will contribute to Make in India drive of the government. He appreciated the fact that the enterprise would support Clean India by waste utilization and also bring down imports of scrap resulting in foreign exchange savings. Such initiatives are need of the hour for a stronger and better India and would help the development of steel industry also, he added.
Member of Group Executive Board of Mahindra & Mahindra, Zhooben Bhiwandiwala, Managing Director of Mahindra Intertrade, Sumit Issar and Chairman and Managing Director MSTC Limited, Shailendra Krishna Tripathi and other dignitaries were present on the occasion.
A presentation on Auto Shredding Plant was made by MSTC, which highlighted the need and workability of such plants in Indian context. The Minister of Steel and Mines appreciated the scheme and desired that it should be made workable in the shortest possible time.
The setting up of a Shredding Plant in India will reduce the dependency on import of Shredded Scrap which will help save precious foreign exchange as well as it will be helpful for the secondary steel sector. Apart from this, the shredding of automobiles and other scrap will facilitate & promote recycling, reduce pollution and make Indian roads safe for driving. Recycling will also make Indian Steel more competitive vis-a-vis imported steels.
The Secretary Steel Aruna Sunderarajan, senior officials of Ministry of Steel and officials from MSTC and Mahindra Co. also attended the meeting.