Private Equity

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Japan’s Mitsui to acquire 20% stake in steel recycler MTC for $127-M

Nikkei  

Japanese conglomerate Mitsui will invest 20 Billion yen (around USD 127 million) for a 20% stake in Mumbai-headquartered recycling player MTC Group.MTC gathers and processes scrap metal, which is sold to steel manufacturers and auto parts processing companies as material for steel products to be used for automobiles. The firm’s annual sales are claimed to be about USD 1 Billion. Mitsui will leverage its sales network to gather scrap metal from automakers in Japan, the US and Europe for scaling up operations of MTC.