Mahindra, MSTC plan JV for first auto shredding plant in India

May 12, 2016 1:49 pm

   Mahindra Intertrade Ltd and MSTC Ltd, a PSU under the Ministry of Steel, signed a MoU for setting up a joint venture company for establishing first of its kind auto shredding plant in India.
Steel and Mines Minister Narendra Singh 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 utilisation 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 of MSTC Ltd Shailendra Krishna Tripathi 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. Steel Minister 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 and promote recycling, reduce pollution and make Indian roads safe for driving. Recycling will also make Indian steel more competitive vis-à-vis imported steels,” a Ministry statement said.