Mahindra group on Monday said it has signed a memorandum of understanding (MoU) with the Maharashtra government for setting up multiple vehicle-scrapping units in the state.
Mahindra MSTC Recycling Pvt Ltd, which operates recycling facilities under the Cero brand, already has a recycling facility at Pune and is looking to set up four additional facilities in Mumbai, Nagpur, Aurangabad and Nashik.
The scrappage centres will be equipped with recycling end-of-life 2/3-wheelers, passenger and commercial vehicles in accordance with all legal and environmental norms, with a planned capacity of 40,000 vehicles annually, the group said in a statement.
A joint venture between Mahindra Accelo (a Mahindra group company) and MSTC (a government of India enterprise under Ministry of Steel) -- Mahindra MSTC Recycling Pvt Ltd currently has 11 recycling units in different parts of India. It plans to increase its presence in more than 25 locations.
"Cero aims to create a network of world-class facilities across Maharashtra and India. Our centres will provide a platform for customers to scrap their vehicles in an environment-friendly manner and avail the benefits on purchase of newer vehicles which will be linked to a certificate of deposit - to be provided by Cero," Mahindra Accelo Managing Director Sumit Issar said.
