MTC Group, Exigo Recycling Announce JV, To invest $25 million

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  • The joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022
  • The statement said that MERPL will make use of 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 and refining plants

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.

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

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), as per a statement. The MTC Group and Exigo Recycling plan to invest nearly $25 million in a phased manner in developing MERPL.

The statement said that MERPL will make use of 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 and refining plants, innovative and indigenous cutting-edge technologies in different waste streams and maximising resource recovery in a cost-effective manner.

Sanjay Mehta, Director, MTC Group said that 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.

Managing Director, Exigo Recycling, Raman Sharma, said that they intend to develop an ecosystem to offer opportunities to the budding entrepreneurs and startups through technology, finance and expertise in waste management.

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