Gravita India Starts Battery Recycling Unit In Gujarat; To Invest Rs 62 Cr

Recycling firm Gravita India on Monday said it has operationalised its new battery recycling unit near Mundra Port in Gujarat and plans to invest a total of Rs 62 crore to enhance its overall capacity to 48,000 MTPA.

In Phase-I, the plant has a capacity of 19,500 MTPA and the company has incurred a capital expenditure of Rs 32 crore on it, out of which Rs 26 crore has been funded through external borrowings and remaining by internal accruals, Gravita India said in a regulatory filing.

"Going forward, the company has plans to incur additional capital expenditure of Rs 30 crore on this facility so as to increase the capacity of this plant from 19,500 MTPA to 48,000 MTPA," it added.

Gravita said it expects an increase in share of higher-margin business from the key overseas market across lead, aluminium and plastic recycling segments.

"Closer proximity to the port will increase efficiency of operations as import of scrap and export of finished goods will be carried out using the same port. This will result in optimisation of logistics cost coupled with reduction in the working capital cycle of the company," it said.

Overall, the company said its plant is "well positioned to cater to the growing demand from overseas markets and with higher operational efficiency it is expected to further enhance profitability".

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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