Mitsui : to Invest in India's Leading Metal Recycling Company

Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has decided to invest in MTC Business Private Ltd. ("MTC", Head Office: Mumbai, Chairman and Managing Director: Narendra Mehta), one of India's leading metal recycling companies. After the investment, MTC will become an equity method affiliate of Mitsui.

MTC has over 30 metal recycling locations across India and is involved in the collection, segregation, processing, transportation, and distribution of ferrous and non-ferrous scrap. As the leading company in the industry, one of the directors of MTC serves as the President of the Material Recycling Association of India.

In recent years, amid accelerating economic growth and population increase, infrastructure development, including highway and high-speed railway projects, is advancing in India and significant expansion is expected in its manufacturing industries, such as in automobile production. To meet the anticipated increase in demand for steel, India's steel making industry, which supports the growth of the Indian economy, plans to expand its production capacity. Demand for metal scrap is also forecast to increase over the medium to long term as a recycled raw material that contributes to the decarbonization of the steel industry. MTC is expanding its business by utilizing the collection network it has built up over many years of operation and the relationship of trust it has cultivated with its business partners. Further, MTC plans to make a full-scale entry into the recycling business for end-of-life vehicles, which is expected to see significant growth over time, and it is aiming to become an integrated recycling company capable of processing a wide range of waste materials, including used batteries.

Mitsui has been contributing to the development and stable supply of underground resources, through its engagement since the 1960s in the development of ferrous metals, such as iron ore and metallurgical coal, and also through its involvement in nonferrous metals development, such as copper, nickel, lithium, and aluminum. Aiming to realize a circular economy, Mitsui has also prioritized the urban-mining business represented by metal recycling. To that end, Mitsui has invested in Sims Limited, the world's leading recycling company, headquartered in Australia, and in MM Kenzai, headquartered in Minato-ku, Tokyo. With these solid foundations, Mitsui has actively expanded the metal recycling business around the world.

Furthermore, "Industrial Business Solutions" is one of the Key Strategic Initiatives set forth in Mitsui's Medium-term Management Plan 2026, and the company aims to provide society with industrial solutions through securing the stable supply of resources and materials essential for societal development.
Through this investment, Mitsui will contribute to the establishment of a recycled resources supply chain and to the realization of a decarbonized society in India, as the country continues to grow.

Company Profile

Official name	MTC Business Private Ltd.
Head Office location	Mumbai, Maharashtra, India
Established	1974
Representative	Narendra Mehta, Chairman and Managing Director
Number of employees	Over 2,000
Business activities	Metal recycling business, demolition projects, trading business of scrap, ferroalloys, base and minor metals, etc.
Website	https://www.mtcgroup.in/index.php

The signing ceremony