MTC Exigo JV all set to disrupt the E-waste recycling industry
Published on : Friday 17-09-2021
MTC Exigo Recycling Pvt Ltd (MERPL) plans to invest nearly USD 25 million in a phased manner.
New Delhi, 16th September 2021: 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).
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 tonnes 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. 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).
The MTC Group and Exigo Recycling Private Limited plan to invest nearly USD 25 million in a phased manner in developing MERPL that 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, innovative and indigenous cutting-edge technologies in different waste streams and maximizing resource recovery in a cost-effective manner.
MERPL aims to augment the Government's efforts in promoting and boosting the circular economy in the country.
The worldwide e-waste generation in 2019 was 53.6 million metric tonnes. India is the third largest contributor at 3.2 million metric tonnes. The Extended Producer Responsibility (EPR) rules, introduced in 2016 and amendments in 2018, have included only 21 EEE products and many more will be added. The government has implemented a graded target collection plan for producers and the targets will increase in the years to come. The exponential increase in manufacturing, consumption and rapid obsolescence, demand for multiple product recycling capacities, environment friendly transparent processes, advanced technologies, ethical and sustainable partners are the opportunities MERPL will address pan India.
MERPL will create direct and indirect employment opportunities of over 1000 people per plant and intends to be a 360-degree player in Ewaste ecosystem right from skill development, awareness creation, encourage techno-preneurs, collaborate with young start-ups with tech incubation and be a trusted player in Government's efforts to boost circular economy.