Gravita India Limited, a leading recycling company, having a global manufacturing presence, would like to proudly inform that Gravita Tanzania Limited, a step down subsidiary of the company situated in Tanzania, East Africa, has started commercial production of Lead from its new plant with an annual capacity of around 3000 MTPA. Gravita Tanzania Limited is first Export Oriented Recycling Plant in Tanzania.
The Group has made an investment of approx. INR 9.50 Crores for procuring and commissioning of this New Recycling Plant, which is invested from internal accruals of the company. Furthermore, the company plans to start recycling of Aluminum also from this plant in the future with a capacity of 6000 MTPA.
The production from the said plant will cater to the needs of diversified Lead dealers and industries globally and will also create an impactful presence of the company in the global lead market, as well as prove to be beneficial to local industries in Tanzania. The Company is expecting revenue of approx. INR 30.00 Crores coupled with gross margins of approx. 18% from this Lead Recycling Plant during F.Y. 2019-20.
Gravita Group is amongst the leading recycling companies across the globe and the commercialization of this plant will help the company to increase its global foot print and expand its horizon.
Shares of GRAVITA INDIA LTD. was last trading in BSE at Rs.90.85 as compared to the previous close of Rs. 87.55. The total number of shares traded during the day was 34824 in over 571 trades.
The stock hit an intraday high of Rs. 93.85 and intraday low of 84.7. The net turnover during the day was Rs. 3180652.