Gravita India signs MoU to establish battery recycling plant in Oman

Gravita India announced that step down subsidiary of company Gravita Netherlands BV (GNBV) has executed a Memorandum of Understanding (MOU) to establish a recycling plant in Oman. This will be Gravita's 1st 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 MTPA.

Further, total investment in this Joint Venture for Phase-1 will be approx. Rs. 40 crore and GNBV will be investing approx. Rs.20 crore towards its share in Fixed capital and working capital as its contribution.

 

The company is already having 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.

Powered by Capital Market - Live News