State owned MSTC Limited announced that its board of directors has approved proposal to participate in the right issue by way of equity share capital contribution of INR 1.40 crores in its 50:50 Joint Venture Company Mahindra MSTC Private Limited for expansion of recycling and vehicle scrapping business. MSTC said “The percentage of shareholding & control in Mahindra MSTC Private Limited after acquisition of such equity shares will remain 50% since Mahindra MSTC Private Limited is a 50:50 Joint Venture with Mahindra Inter Trade Limited. The equity shares of the Joint Venture Company would tentatively be subscribed within 23 March 2023.” With an aim to recycle end-of-life vehicles in an environment-friendly way, Mahindra Accelo and MSTC formed a joint venture Mahindra MSTC Recycling Pvt Ltd. It operates under brand name Cero, which stands for zero in Spanish, and is an allusion to zero carbon. Cero was set up with the objective of Zero tolerance towards pollution, unsafe and unethical practices and untreated discharge while recycling vehicles. It is India’s first Government authorized scrapper of motor vehicles, as licensed by the Transport Department, Government of National Capital Territory of Delhi. It has set up three world-class recycling facility in Greater Noida, Chennai and Pune. All the facilities are well equipped to handle two-wheelers, three-wheelers, four-wheelers as well as trucks and buses. Along with these centres, it has also established presence in major cities such as Bengaluru, Mumbai, Ahmedabad, Jaipur, Chandigarh, Hyderabad and Indore through our collection centres, taking the total presence to ten cities.