 "Vehicle scrapping policy will lead to 20 dismantling units in India")
Mahindra group on Monday said it has signed of a memorandum of understanding (MoU) with the Maharashtra government for setting up multiple vehicle-scrapping units in the state.
Mahindra MSTC Recycling Pvt Ltd, which operates recycling facilities under the Cero brand, already has a recycling facility at Pune and is looking to set up four additional facilities in Mumbai, Nagpur, Aurangabad and Nashik.
The scrappage centres will be equipped with recycling end-of-life 2/3-wheelers, passenger and commercial vehicles in accordance with all legal and environmental norms, with a planned capacity of 40,000 vehicles annually, the group said in a statement.
A joint venture between Mahindra Accelo (a Mahindra group company) and MSTC (a government of India enterprise under Ministry of Steel) -- Mahindra MSTC Recycling Pvt Ltd currently has 11 recycling units in different parts of India. It plans to increase presence in more than 25 locations.
"Cero aims to create a network of world-class facilities across Maharashtra and India. Our centres will provide a platform for customers to scrap their vehicles in environment friendly manner and avail the benefits on purchase of newer vehicles which will be linked to certificate of deposit to be provided by Cero," Mahindra Accelo Managing Director Sumit Issar said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
