MSTC signs pact with Engineers India for disposal of scrap, obsolete material

State-owned MSTC on Thursday said it has inked agreement with Engineers India Ltd for disposal of scrap material and machineries through its auction website.

"Engineers India Ltd has appointed MSTC Ltd as the selling agent as per the terms of selling agency agreement entered by both the parties on January 15, 2020 for disposal of movable/immovable items and all surplus condemned /scrap/obsolete material and secondary arising (ferrous and non- ferrous) as well as equipment, plant, machineries, properties, precious metals and misc articles etc through MSTC's auction website," the state-owned trading company said in a BSE filing.

The agreement will remain valid till either party terminates the agreement by giving advance notice of three months to the other party, the PSU said.

MSTC Ltd is under the administrative control of the steel ministry. The Centre has 64.75 per cent stake in the company.

It is engaged in providing e-commerce related services across diversified industry segment offering e-auction/e-sale, e-procurement services and development of customised software/solutions.