Gravita enters into MoU to establish recycling plant in Oman

Gravita India said that its step down subsidiary, Gravita Netherlands BV (GNBV) has executed memorandum of understanding (MoU) to establish a recycling plant in Oman.

The company said that the Oman plant will be its first recycling facility in middle eastern market. GNBV will be holding 50% of equity with management control in the said project and remaining equity will be held by other partners based at Oman.

In Phase-1, battery recycling plant will be established with a capacity of 6,000 million tonnes per annum (MTPA). Total investment in this joint venture for Phase-1 will be approximately Rs 40 crore and GNBV will be investing around Rs 20 crore towards its share in fixed capital and working capital as its contribution.

 

The firm stated that it already have similar recycling facility in Togo, Senegal, Ghana, Mozambique, Tanzania, Sri Lanka and India. This is in alignment with the company's expansion plan of replicating the recycling business in different geographies, it added.

Gravita India is a leader in integrated operations of non-ferrous metals and plastics having recycling, manufacturing and turnkey business in Asia, Africa and South America.

The company's consolidated net profit rose 27.7% to Rs 50.20 crore in Q3 FY23 on 41.8% jump in net sales to Rs 789.28 crore in Q3 FY23 over Q3 FY22.

The scrip declined 2.12% to Rs 471.30 on the BSE.

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