Japan's Mitsui has continued to expand its global metal recycling footprint by entering a partnership with Mumbai, India-based scrap metals trader and manufacturer MTC Group.
Mitsui did not disclose the financial details or size of the stake it bought in MTC.
MTC Group is one of India's largest metal recycling companies and has over 30 ferrous and non-ferrous scrap processing locations across the country. The company also has a metals manufacturing division with multiple facilities across that India which produce long products and structural steel, as well as aluminum ingots and copper tubes and billets.
Mitsui's investment in the company will help MTC continue to expand its business as it looks to utilize its scrap collection network and become an integrated recycling company capable of processing a wide range of waste materials, including obsolete batteries.
The company plans to make a full-scale entry into end-of-life vehicle recycling which is expected to see significant growth in India.
Mitsui noted that India's steel industry will likely have expanded production capacity as economic growth and population increase drive demand for steel via infrastructure development including highways and high-speed railway projects as well as automobile production.
Demand for scrap metal across the country is forecast to increase over the medium to long-term following these growth trends and the decarbonization of the steel industry.
Mitsui said it has prioritized the urban-mining business represented by metal recycling as it aims to further realize a circular economy and actively works to expand its metal recycling business around the world.
The company said it has also previously invested in other major recyclers including Australia-based Sims Metal and Japan-based MM Kenzai.
