EWSI forms joint venture to expand US operations

E-Waste Systems Inc. (EWSI), an electronics recycling firm headquartered in London, has formed a joint venture with the Indian company Aruls Environmental and Green Ozone Pvt. Ltd. (AEGOPL)  to expand EWSI's reverse logistics operations in North America and Asia.

The agreement calls for an initial investment of $750,000 by AEGOPL and a subsequent $1.75 million investment. The initial investment will provide working capital to develop electronic scrap projects in the New York area and later to expand significantly EWSI operations there, EWSI says. 

The company adds that the investment also will fund the acquisition of an existing public company, which will establish a functional presence for AEGOPL in the United States and to advance government support to open recycling and environmental operations in India and other areas of the world. EWSI will have a minority stake in that company.

The agreement also calls for a $1.75 million investment to expand EWSI’s New York electronic scrap recycling facility, including the acquisition of capital equipment.

In addition, the firms will establish a regional and/or national e-waste recycling and environmental business in India.

EWSI says it expects the investment to close within 90 days.