Mumbai, Sept. 18 -- India's largest metal scrap processor MTC Group and e-waste recycler Exigo Recycling Private Limited have formed a joint venture company MTC-Exigo Recycling Pvt. Ltd (MERPL) to process e-wastes and ramp up recycling capacity.

The joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022.

The MERPL plan to invest nearly $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 different waste streams and maximizing resource recovery in a cost-effective manner.

MERPL targ...