MSTC Signs Pact With Engineers India For Disposal Of Scrap, Obsolete Material
Workers sort scrap metal to be processed at a Sargam Metals Ltd. aluminum recycling facility in Chennai, Tamil Nadu, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

MSTC Signs Pact With Engineers India For Disposal Of Scrap, Obsolete Material

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State-owned MSTC Ltd. on Thursday said it has inked an agreement with Engineers India Ltd. for disposal of scrap material and machinery through its auction website.

"Engineers India Ltd. has appointed MSTC Ltd. as the selling agent as per the terms of selling agency agreement entered by both the parties on Jan. 15, 2020 for disposal of movable/immovable items and all surplus condemned /scrap/obsolete material and secondary arising (ferrous and non- ferrous) as well as equipment, plant, machineries, properties, precious metals, and miscellaneous articles, etc. through MSTC's auction website," the state-owned trading company said in a BSE filing.

The agreement will remain valid till either party terminates the agreement by giving advance notice of three months to the other party, the state-run unit said. MSTC Ltd is under the administrative control of the steel ministry. The Centre has a 64.75 percent stake in the company.

Also read: Supreme Court Directs State Owned MSTC To Auction Attached Properties Of Amrapali Group

It is engaged in providing e-commerce related services across diversified industry segment offering e-auction/e-sale, e-procurement services and development of customised software/solutions.

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