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Steel Minister Gives Green Signal to Joint Venture for First Auto-Shredding Plant in India for Recycling of Specialized Steels and Other Non-Ferrous Metals- (Press Information Bureau) (08 Aug 2016)

MANU/PIBU/0666/2016

Civil

For setting up a Joint Venture Company for the first Auto Shredding Plant in India, a Joint Venture agreement was signed between MSTC Limited and Mahindra INTERTRADE Ltd in presence of Minister of Steel Shri Chaudhary Birender Singh and the Secretary Steel, Government of India, Smt. Aruna Sharma. Speaking on the occasion Chaudhary Birender Singh said this is a unique initiative and will give boost to the "Make in India" programme by providing a source of specialized steel.

The shredding Plant will be first of its own kind in India and set up in association with Mahindra Inter Trade Limited in PPP mode. It will reduce the dependence on present annual import of shredded scrap of 5-6 million tone in our country and consequently reduce the foreign exchange out go. It will also help in domestic sourcing of raw material for secondary steel sector.

As the plant will use end of life vehicle (ELV) aged more than 10 years and white Goods, recycling of the same will also conserve the natural resources such as Iron Ore, Coal, Limestone, etc. which are used in making Steel. The plant will have the capacity of one lakh TPA. In addition, it will alleviate the adverse impact of pollution for a sustainable development.

Tags : JOINT APPROVAL   RECYCLING   SPECIALIZED STEELS  

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