New Delhi, Sep 17 (PTI) MTC Group and Exigo Recycling Pvt Ltd (MERPL) is targeting to process over two lakh tonnes of e-waste annually and said it plans to invest USD 25 million (around Rs 183.7 crore) in a phased manner.

The company, which is a joint venture (JV) between metal scrap processor MTC Group and e-waste recycler Exigo Recycling, will be headquartered in Mumbai. Its plants will be operational in Bengaluru and Chennai by March next year, according to a statement.

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"MERPL targets to process over two 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," the statement said.

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, the statement said.

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"MTC Group and Exigo Recycling Pvt Ltd plans 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...in a cost-effective manner," it said.

MTC Group Director Sanjay Mehta said this joint venture is a step by the MTC Group towards ensuring resource security maximisation and environmental sustainability.

Exigo Recycling Managing Director Raman Sharma said, "I am positive that this JV will contribute to the vision of 'Atmanirbhar Bharat' by creating jobs, awareness and inclusive growth of the informal sector."

Sharma said the company intends to develop an ecosystem to offer opportunities to the budding entrepreneurs and start-ups through technology, finance and expertise in waste management. HRS hrs

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