BWI: Shareholders’ Approves Investment of NMD Japan in Eco Recycling Ltd

Press release from Business Wire India
Source: Eco Recycling Limited
Friday, August 31, 2012 04:43 PM IST (11:13 AM GMT)
Editors: General: Consumer interest, Environment; Business: Business services, Chemicals, Commodities & materials, Construction, Electronic appliances & components, Financial Analyst, Heavy industries, Information technology, Major diversified industrial groups, Retailers, Stock exchanges; Technology
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Shareholders' Approves Investment of NMD Japan in Eco Recycling Ltd


Mumbai, Maharashtra, India, Friday, August 31, 2012 -- (Business Wire India) -- Ecoreco today announced that the Shareholders in their Annual General Meeting on 30^th August, 2012 have approved allotment of 800,000 Equity Shares @ Rs. 40/- per share to Nippon Magnetic Dressing Co. Ltd (NMD) and authorised Board to complete the necessary formalities. This is the first strategic investment in any e-waste recycling company in India on immediate implementation of E-waste (Management & Handling) Rules, 2011.

Eco Recycling Limited (Ecoreco) (BSE: 530643), India's pioneering and the only company exclusively working in the e-waste recycling segment is publicly traded on the BSE. NMD, one of the most prominent metal processor in Japan and Ecoreco, the first company approved for e-waste recycling by the Central Pollution Control Board of India (CPCB), together will assist to the producers of electronic equipment to fulfil their obligation under Extended Producers' Responsibility (EPR) as laid down in the E-waste (Management & Handling) Rules, 2011 which has become effective since 1st May, 2012 in India.

Eco Recycling Ltd, a completely end to end solution provider in the e-waste recycling industry, is taking care of reverse logistic, warehousing, dismantling & recycling of electronic waste generated at the end of the producers & customers / end users for more than 7 years. Ecoreco is being credited for its several innovations and mile stones in the e-waste industry like Recycling on Wheels facilities for Data Destruction, Lamp Recycling etc. and above all for its prestigious innovation in the field of Precious Metal Recovery Technology from the complicated electronic waste. For the commercialisation of the above innovation, Ecoreco has been financially supported by the Department of Scientific & Industrial Research, under the Ministry of Science and Technology, Government of India. Now with this technology of Ecoreco, India is ready to undertake the responsibility of recovery of precious & rare earth metals in the country itself. Nippon Magnetic Dressing Co., Ltd. (NMD) was established in 1949 is credited for its innovation of the Magnetic Separator. They have built resource recycling system to recover precious metals and rare metals such as gold, silver and palladium, and return them to manufacturers.

The above investment is a third round of funding besides two rounds of funds from BCCL, a Times of India Group company.


CONTACT DETAILS
B K Soni, Eco Recycling Limited, +91 9867729662

KEYWORDS
CONSUMER, ENVIRONMENT, BUSINESS SERVICES, CHEMICALS, COMMODITIES, CONSTRUCTION, ELECTRONICS, Financial Analyst, HEAVY INDUSTRIES, GROUPS, RETAIL, STOCK EXCHANGES, TECHNOLOGY

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