India’s pioneering and only publicly traded company exclusively working in the e-waste recycling segment, Eco Recycling Limited, announced that Nippon Magnetic Dressing Co. Ltd, has extended consent to invest in the equity capital of the company.
Nippon Magnetic Dressing Co. Ltd (NMD) is Japan’s most prominent metal pre-processor. Its existing relationships with several producers of electronic and electrical equipment in Japan, will help Ecoreco approach these producers in India to provide them recycling services.
This is probably going to be the first and only strategic investment in any e-waste recycling company in India. The investment comes at a time when dumping e-waste has become illegal due to the immediate implementation of E-waste (Management & Handling) Rules, 2011 to regulate the e-waste industry.
Mr BK Soni, Chairman, Ecoreco Recycling Limited says, “This is the first strategic investment in any e-waste recycling facility in the Country (financial investments are already in place with another recycler). It signifies that the e-waste recycling market is now poised to take off in India.”
NMD’s request to invest in Ecoreco has been approved by the Board of Directors’ of Ecoreco and the allotment of 800,000 preferential shares at Rs. 40 per share will be submitted before the general body in the ensuing Annual General Meeting scheduled to be held on 30th August, 2012.
“We have built a partnership with Ecoreco and want the E-waste recycling business in India to be successful together by this strategic investment,” says Mr.K Baba, General Manager Treasury, Nippon Magnetic Dressing Co. Ltd.”
According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM), less than five per cent of India’s total electronic waste (e-waste) gets recycled due to absence of proper infrastructure, legislation and framework for disposing of electronic gadgets and products that have reached the dead-end. Hopefully this might change soon.
