Japanese firm looks to match electronics firms with recycling services in India.
The board of directors for Ecoreco, based in Mumbai, India, has announced that Nippon Magnetic Dressing Co. Ltd. (NMD), based in Japan, has taken an equity stake in Eco Recycling, also based in Mumbai. NMD, a metals pre-processor, has extended consent to invest in the equity capital of the company.
NMD says it has existing relationships with several producers of electronic and electrical equipment in Japan, which will help Ecoreco approach producers in India to provide them with recycling services.
Ecoreco says the investment will likely be the first and only strategic investment in any electronics recycling company in India.
“The strategic investment will not only set the strategic road map of e-waste management in India but will also link give material security to the country”, says Amit Jain, managing director, IRG Systems South Asia Pvt. Ltd., a company that provides technical assistance in environmental projects in Asia and Southeast Asia.
"We build partnership with Ecoreco and want the e-waste recycling business in India to be successful together by this strategic investment," says K. Baba, NMD general manager of treasury.