Mahindra & Mahindra today said one of its arms has formed a joint venture with state-owned MSTC for scrapping of old automobiles and other white goods.
Mahindra Intertrade Ltd (MIL), a wholly-owned subsidiary of Mahindra Vehicle Manufacturers Ltd, which in turn is a fully-owned arm of the company, formed the JV with MSTC Ltd, it said in a BSE filing.
The 50:50 JV named Mahindra MSTC Recycling Pvt Ltd, has a paid up capital of Rs 20 lakh and MIL has an initial subscription of Rs 10 lakh, it added.
The new firm will be into auto shredding, processing of end of life vehicles (ELVs), other white goods and products for production of iron and non-iron shredded scrap, it said.
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