Gravita Group enhances recycling capacity at Ghana, West Africa

Gravita India Limited, a leading recycling company having its manufacturing presence worldwide, hereby informs that Recyclers Ghana Limited, a step down subsidiary of the company situated at Ghana, West Africa has enhanced the production capacity of its exiting Lead recycling plant from 12,000 MTPA to 16,200 MTPA.

The Group has made an investment of Rs. 10 Crores for the above expansion and till date approx. Rs. 31 Crores has been invested for establishment of this recycling plant having capacity of 16,200 MTPA which has been invested through internal accruals of the company.

Recyclers Ghana Limited has also started manufacturing of customized products wherein company enjoys the better margins. The group is expecting a revenue contribution of approx. Rs. 200 Crores along with Gross Margin of around 15% from thi s step down subsidiary in F.Y. 2021-22.

Further, due to increase in domestic procurement the company has accelerated the process of establishment of new unit at Mundra, Gujarat which expected to complete by August 2021. Establishment of Mundra plant will help the company in saving the inward and outward logistics cost as Mundra facility is much closer to the port which in turn will reduce the working capital requirement of the company. Furthermore, the above expansions will increase the share of business from overseas market which will result in higher margins.

Gravita Group is among top most recycling companies, across the globe and installation of this plant will help company to increase its footprints and to expand its horizons across the globe.

Shares of GRAVITA INDIA LTD. was last trading in BSE at Rs.139.25 as compared to the previous close of Rs. 125. The total number of shares traded during the day was 384439 in over 5737 trades.

The stock hit an intraday high of Rs. 142.6 and intraday low of 124.25. The net turnover during the day was Rs. 50469925.

Source : Equity Bulls

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