India’s largest metal scrap processors the MTC Group and leading E-waste recycler Exigo Recycling Private Limited have formed a joint venture company MTC-Exigo Recycling Pvt. Ltd (MERPL).
“MTC Group strongly believes in retaining maximum value of resources by ever-greening their use to the longest possible and recovering maximum value through the 6R concept of reusing, repairing, recovering, remanufacturing, regenerating, and recycling and minimizing wastage at end of each life cycle, which incidentally also happens to be the underlying principle of circular economy.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 andto reduce the effective carbon footprint.This Joint Venture is a small step by the MTC Group towards ensuring resource security maximization and environmental sustainability,” says Mr. Sanjay Mehta, Director, MTC Group.
“Exigo is a decade old key player in the Indian Ewaste Management & Recycling industry. With substantial investments in in-house R&D, we have developed cost effective recycling and refining processes for multiple WEEE and other product categories to extract Base/Critical/Precious and Rare earth metals. We have also established a transparent, auditable upstream & downstream ecosystem and follow high global standards and benchmarks in the recycling domain. I am positive that this JV will contribute to the vision of “Atmanirbhar Bharat” by creating jobs, awareness and inclusive growth of the informal sector which paves way for multiple stakeholders to unite towards implementation of the circularity principle. We intend developing an ecosystem to offer opportunities to the budding entrepreneurs & startups through technology, finance and expertise in waste management”-says Mr.Raman Sharma,Managing Director,Exigo Recycling.
The joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022.MERPL targets to process over 2 Lakh tons of E waste annually, ramping up the recycling capacity in a phased manneracross 10 cities in India, including NCR, Hyderabad, Ahmedabad, Kolkata, and Lucknow. In the coming days, 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).