mjunction’s e-platform for End-of-life Vehicle (ELV) dismantling units

In a significant step towards recycling of steel and sustainability, B2B e-commerce major mjunction has launched an innovative digital platform to help registered vehicle scrapping facilities (RVSFs) sell scrap generated from end-of-life-vehicles (ELVs) to processers and melters. 

mjunction, specialising in maximising sales realisation and reducing procurement costs through its innovative digital platforms,has e-auctioned ELV scrap for Empreo Premium in Bhubaneswar, a franchise of Tata Motors Ltd.

“Our platform will help licensed vehicle scrapping units ensure steady sale of scrap at the best prices in the most convenient manner,” Vinaya Varma, MD and CEO, mjunction services limited, said. 

“On the other hand, it will help steel melters in aggregation & consistent supply of steel scrap, fair pricing and financing,” he added.

The process includes marketing outreach through physical and digital modes to reach out to buyers across India, which ensured that buyers from New Delhi, Maharashtra, Chhattisgarh, Punjab, Karnataka, West Bengal, Odisha and Jharkhand participated in the e-auction.

The Indian government is committed to the circular economy and recycling of steel through increased usage of scrap. To take the mission forward, government had announced the vehicle scrappage policy to phase out end of life vehicles that have failed fitness and emission tests. The recent Union Budget has also mandated scrapping of old vehicles and ambulances of central and state governments as part of the policy initiative to generate recyclable steel for reuse.

The Indian steel industry is aiming to increase usage of scrap in steel making from the current level of 3-4% to around 15-20% to reduce emission of greenhouse gases. In this regard, digital platforms have a very important role to play in connecting the steel industry with the fragmented and unorganized scrap processors and help in transparent price discovery. Digital platforms will also build a reliable supply chain to ensure consistent and timely supply of good quality scrap to the steel industry.