Cosmos Green, a UAE-based cosmos recycler is planning to set up the world’s first metal scrap exchange by the end of 2019. The company will set up warehouses in port cities such as Mumbai, Chennai and Mudra (Gujarat) and three inland container depots in Delhi-NCR.
The company aims to meet the recycling demand of metal manufacturers domestically and overseas, and to tap into the USD 500 billion global metal recycling business which is growing at a rate of 4.5 percent a year.
For this purpose, it has lined up a total investment of USD 120 million (Rs 836 crore) in four phases of USD 30 million each over the next three years. The company will raise and invest about USD 30 million by the end of 2019 as part of its long-term plan to invest USD 120 million.
The physical warehouses in the port cities will facilitate the import of metal scrap and export of recycled metal. The company will be backed by blockchain technology and the entire supply chain will be 100 percent transparent.