Gravita India Limited, a leading global recycling company having its recycling presence around the globe, proudly informs that Gravita Tanzania Limited, a step down subsidiary of the company situated in Tanzania, Africa has started commercial production of Aluminum Cast Alloys from its new plant having an capacity of around 6000 MTPA.
The Group has made an investment of approx. Rs. 6 Crores for establishment of this New Recycling Plant having capacity of 6000 MTPA from internal accruals of the company.
Gravita Tanzania Limited is already having a Lead Recycling unit in Tanzania and this Aluminum recycling plant will diversify the product portfolio of the company which will result in better profitability and will cater the needs of Aluminum die casting industries located in Europe and Asian Continent.
The Company is expecting revenue of approx. Rs. 20 Crores along with Gross Margin of around 15% from this Aluminum Recycling Plant during F.Y. 2019-20.
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.57.1 as compared to the previous close of Rs. 56.45. The total number of shares traded during the day was 8749 in over 383 trades.
The stock hit an intraday high of Rs. 61.65 and intraday low of 55.3. The net turnover during the day was Rs. 511935.