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Public sector e-commerce service provider MSTC Ltd, which signed a joint venture agreement with Mahindra Group for setting up auto shredding plant, is looking for land in the national capital region for building a collection centre, a company official said on Thursday.
"We have already signed the JV agreement. We are scouting for six to seven acres of land for setting up a collection and dismantling centre. We want to set up in the national capital region because there is maximum number of passengers and commercial vehicles," said B. B. Singh, the company's Chairman and Managing Director.
He said the company has identified two to three places and is hopeful to finalise a place soon for setting up collection cum dismantling centre, which will feed the upcoming shredding plant.
"The total project cost is to the tune of Rs 120 crore. The project includes a shredding plant along with five to six collection centres. The shredding plant is proposed to be set up in Gujarat," he told reporters here.
The shredded scrap will be raw material for the secondary steel sector.
"This will go a long way in recycling end of life vehicles besides substituting imports for steel materials.
The country imports about six MT of shredded scrap every year. The project will reduce the imports," he said.
"We are waiting for the National Recycling Policy, which is expected very soon. Niti Aayog is working on it," he added.
Singh said the company has been aggressive for e-auction of forest produce.
"Forest produce should be sold through e-auction throughout the country. We have been doing e-auction of timber for Kerala. We have done e-auction of forest produce for Kerala, Andhra Pradesh and Gujarat. We are looking for e-auction of forest produce for northeast," he said.
The company's business volume grew to Rs 51,033 crore in 2016-17 from Rs 30,819 crore in the previous fiscal. Its profit before tax increased to Rs 93 crore during the last fiscal, as compared to Rs 91.34 crore in the previous year.
Union Steel Minister Chaudhary Birender Singh laid foundation stone of the company's corporate building at Rajarhat.
The new corporate building of the miniratna public sector undertaking with around 50,000 sq ft of built up space will be constructed by another central PSU NBCC (India) Ltd with a total investment of Rs 35 crore.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)