Century Metal Recycling raised 25 Crore from IFCI

Haryana-based Century Metal Recycling, a company that sells recycled aluminum and zinc alloys to leading automotive parts manufacturers, has raised 25 crore from IFCI Venture Capital, a venture capital division of IFCI, with an undisclosed minority stake, reports VCCircle.

Founded by G.S. Agarwal along with his son Mohan Agarwal, in the year 1986, the company began as a small plant with 500 tons of annual capacity. Currently it is estimated to have increased to 90,000 tons of annual capacity. The fund will be utilized towards establishing more plants across India. Emerging India Value Advisors was the exclusive advisor to the sellers.

Mohan Lal Agarwal, Managing Director, Century Metal Recycling, said that there is an increasing trend towards use of recycled aluminum in its primary user industry, like the auto sector, due to its lightweight, high strength-to-weight ratio and environmental advantages. Yamaha, Honda, RICO and Mitsubishi are in their portfolio.