India’s JSW Steel plans to set up scrap shredding facilities in India in a joint venture with New Zealand’s metal recycler National Steel Holdings Limited (NSHL).
JSW Steel Limited announced that it has entered into a joint venture agreement with New Zealand-based National Steel Holdings Limited (NSHL) to set up scrap shredding facilities in India.
In a regulatory filing, JSW Steel Limited said:
“JSW Steel Limited has entered into a joint venture agreement with National Steel Holdings Limited on August 18, 2022, for the purposes of establishing scrap shredding facilities in India using industry-leading machinery, technical know-how and relevant processes in a suitable manner.”
This is in furtherance of the company’s endeavour to reduce its carbon footprint by setting a target of achieving 42 per cent reduction in CO2 emissions intensity by FY 2030, from the base year of 2005, it added.
NSHL said:
“NSHL is engaged in the business of metal recycling, collection and processing based in Auckland, New Zealand and has the relevant expertise and technical know-how in relation to end-to-end metal processing and recycling.”
Both, JSW Steel and NSHL will hold 50 per cent stake each in the joint venture firm, and the board of directors will consist of four members.
