Friday, 29 April 2016

Mahindra to Build India's First Automobile Shredding Plant

A unit of autos-to-technology group Mahindra intends to set up a network of automobile shredding plants, an executive told Reuters on Thursday after announcing plans to build India's first such facility with a state firm.

India is considering introducing a policy to scrap old vehicles, like the cash-for-clunkers programme the United States tried during the global economic recession to boost auto sales.

India also plans to enforce stricter vehicular emission rules, potentially opening up an opportunity for companies like Mahindra, India's top utility vehicle maker by sales with a market capitalisation of $17 billion, to recycle older cars and trucks.

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