Mahindra Intertrade Ltd has signed a Memorandum of Understanding (MoU) with MSTC Ltd (a Government of India enterprise formerly known as Metal Scrap Trading Corporation Ltd). The MoU will see the companies undertake a joint initiative to set up India’s first auto shredding facility. The MoU was signed under the aegis of the Minister of Steel and Mines, Narendra Singh Tomarji. The Secretary Steel (Government of India), Aruna Sundarajan graced the occasion while senior management from the Mahindra Group – Zhooben Bhiwandiwala, Managing Partner, Mahindra Partners, Sumit Issar, Managing Director, Mahindra Intertrade Ltd and Shailendra Krishna Tripathi, Chairman & Managing Director, MSTC Ltd were also present.
Given the new stricter norms related to road worthiness of automobiles, a huge number of vehicles are expected to come under the end-of-life category in India. This initiative will not only revolutionise the way automotive scrap is generated and procured in India, but will also help reduce dependence on imports, providing steel mills with a one-stop solution for all their metal scrap related needs.
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