Pondy Oxides has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to set up recycling and manufacturing plants.

The company proposes to invest Rs 300-500 crore in the proposed projects over the next 5 years.

In a statement, the company said that it has entered into a MoU with Tamil Nadu Guidance, the nodal agency of Government of Tamil Nadu for Investment Promotion and facilitation, to establish state of the art recycling and manufacturing plants for non-Ferrous metals, lithium-Ion batteries, paper, plastics and rubber contributing to sustainability and circular economy to the state of Tamil Nadu.

The government of Tamil Nadu has agreed to provide facilitation and support to the company in the form of necessary infrastructural support and regulatory facilitation, subject to applicable laws including uninterrupted power supply and other infrastructure support on best -effort basis.