MTC Group, Exigo Recycling form JV, to invest $25 mn; to process over two lakh tons of e-waste annually

PTIUpdated: Thursday, September 16, 2021, 02:55 PM IST
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MTC-Exigo Recycling joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022 | Photo credits: pexels.com

Metal scrap processors the MTC Group and E-waste recycler Exigo Recycling Private Limited have formed a joint venture company MTC-Exigo Recycling Pvt. Ltd (MERPL).

The joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022, a joint statement said on Thursday.

MERPL targets to process over two lakh tons of e-waste annually, ramping up the recycling capacity in a phased manner across ten cities in India, including NCR, Hyderabad, Ahmedabad, Kolkata, and Lucknow.

In the coming days, MERPL’s line of activity will also include pre-processing and recycling of Lithium-Ion Batteries and EV Batteries of different chemistries, Solar PV Module recycling, Plastic recycling, and Waste to Energy (W2E), the statement said.

The MTC Group and Exigo Recycling plan to invest nearly USD 25 million in a phased manner in developing MERPL.

MERPL will leverage MTC’s position as a global market leader in ferrous and non-ferrous scrap business and Exigo’s expertise in setting up low-cost modular recycling & refining plants, innovative and indigenous cutting-edge technologies in different waste streams and maximising resource recovery in a cost-effective manner, the statement said.

The worldwide e-waste generation in 2019 was 53.6 million metric tons. India is the third largest contributor at 3.2 million metric tons, according to the statement.

“The exponential increase in the manufacturing and obsolescence of electronic and electrical equipment which are laden with metals and rare earth elements has necessitated the adoption of a circular economy approach to save these valuable resources for future generations and to reduce the effective carbon footprint,” Director, MTC Group, Sanjay Mehta, said.

“We intend developing an ecosystem to offer opportunities to the budding entrepreneurs & startups through technology, finance and expertise in waste management”, Managing Director, Exigo Recycling, Raman Sharma, said.

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