News Update
MTC, EXIGO joint venture to process over 2 lakh tonnes of e-waste annually
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ByStartupStory | September 18, 2021
MTC Group, the metal scrap processors, and Exigo Recycling Private Limited, an E-waste recycler have formed a joint venture company MTC-Exigo Recycling Pvt. Ltd (MERPL) aims to process over 2 Lakh tons of E-waste annually, ramping up the recycling capacity in a phased manner across 10 cities in India, including NCR, Hyderabad, Ahmedabad, Kolkata, and Lucknow. The joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022.
The company’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).
“MTC Group and Exigo Recycling Pvt Ltd plan to invest nearly USD 25 million in a phased manner in developing MERPL. This 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 and refining plants in a cost-effective manner,” the companies said in a joint statement.
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.
“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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