Today, industry is under intense pressure to stay competitive in market segment with limited resources. To withstand such challenges manufacturing organizations need to be collaborative. This collaboration not only benefits many aspects in their daily businesses but contributes other aspects like waste management. In this research, especial focus is given on managing industrial wastes through recycling and reuse between partner organizations as resources within a business network. This concept turns out mutual benefits between partners and managing Eco-friendly business environment based on substituting a new resource by an undervalued resource such as waste. This paper also presents a modelling approach for industrial wastes management within business network, which intends to support the identification of wastes substitution opportunities.