A Memorandum of Understanding (MoU) was signed between Mahindra Intertrade Ltd and MSTC Ltd, a PSU under the Ministry of Steel, for setting up a joint venture company for establishing first of its kind auto shredding plant in New Delhi.

Narendra Singh Tomar, Minister of Steel and Mines, chaired the programme in the presence of Aruna Sundararajan Secretary Steel.  On the occasion, Tomar remarked that the joint venture will contribute to Make in India drive of the government. He appreciated the fact that the enterprise would support Clean India by waste utilisation and also bring down imports of scrap resulting in foreign exchange savings.

The setting up of a shredding plant in India will reduce the dependency on import of shredded scrap, which will help save foreign exchange as well as it will be helpful for the secondary steel sector. Apart from this, the shredding of automobiles and other scrap will facilitate & promote recycling, reduce pollution and make Indian roads safe for driving. Recycling will also make Indian steel more competitive vis-a-vis imported steels.

 END