Auto Shredding Plant to be set up in India; imports of scrap used by secondary steel units to come down

New Delhi, Apr 29 (KNN) The country would soon get its first Auto Shredding Plant which would not only support Clean India programme by waste utilization but would also bring down the imports of scrap used by the secondary steel industry.

A memorandum of understanding (MoU0 in this regard was signed between Mahindra Intertrade Ltd and MSTC Limited, a PSU under the Ministry of Steel, for setting up a Joint Venture Company for establishing first of its kind Auto Shredding Plant in India. 

Minister of Steel and Mines, Narendra Singh Tomar said that the Joint Venture will contribute to Make in India drive of the government. He appreciated the fact that the enterprise would support Clean India by waste utilization and also bring down imports of scrap resulting in foreign exchange savings.

Tomar remarked that the initiatives are need of the hour for a stronger and better India and would help the development of steel industry also, he added. 

Setting up of a Shredding Plant in India will reduce the dependency on import of Shredded Scrap which will help save precious foreign exchange as well as it will be helpful for the secondary steel sector.

Apart from this, the shredding of automobiles and other scrap will facilitate and promote recycling, reduce pollution and make Indian roads safe for driving. Recycling will also make Indian Steel more competitive vis-a-vis imported steels. (KNN Bureau)