The London-based EWSI said in a news release it signed an agreement with Aruls Environmental and Green Ozone Pvt. Ltd. (AEGOPL) for a joint venture to develop and expand reverse logistic operations in North America, India and Southeast Asia.
The agreement calls for an initial investment of $750,000 by AEGOPL and a subsequent $1.75 million infusion. The initial investment will provide working capital to develop e-waste projects in the New York area and later to expand significantly EWSI operations there.
The investment also will fund the acquisition of an existing public company, EWSI said, that will establish a functional presence for AEGOPL in the U.S. and to establish recycling operations in India and elsewhere. EWSI will have a minority stake in that company.
The agreement also calls for a $1.75 million investment to expand EWSI’s New York e-waste facility, including the acquisition of new capital equipment.
In addition, the firms will establish a regional and/or national e-waste recycling and environmental business in India.
EWSI expects the closing of the investment within 90 days.