New Delhi: State-owned MSTC Limited in a regulatory filing on Saturday that "the Board of Directors has approved proposal to participate in the right issue by way of equity share capital contribution of Rs 1.40 crores in its 50:50 Joint Venture Company M/S Mahindra MSTC Private Limited (MMRPL) for expansion of recycling and vehicle scrapping business."

"The equity shares of the Joint Venture Company would tentatively be subscribed within March 23, 2023," stated the filing.

"The percentage of shareholding/control in MMRPL after acquisition of such equity shares will remain same i.e., 50 percent since MMRPL is a 50:50 Joint Venture with Mahindra Inter Trade Limited," it added. The filing also stated that the JV partner will also contribute to the same amount of Capital in the JV Company.

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