The Indian recycling industry is set to become bigger than the Indian mining industry by 2050, presenting a host of opportunities to the company, Tata Steel Limited’s managing director and CEO T V Narendran said in a statement on Thursday, June 26.
“Going ahead, managing by-products, adding value from waste and recycling will become bigger and bigger and even Tata Steel is going into recycling because we believe that by 2050 the recycling industry will become bigger than the mining industry,” he said.
He said that Tata Steel Industrial By-products Management Division (IBMD) currently has a turnover of around $1.16 billion. He added the recycling sector presents opportunities in the form of designing steel for recycling and making good steel out of recycled materials.
“Similarly, there are a lot of opportunities in what we call ‘urban mining' - because India does not have many critical minerals, but it will consume a lot of electronics - how can we take the critical minerals out of the electronics? - so these are big and emerging industries,” Narendran said.