Gravita starts Aluminium recycling plant in Mozambique

Gravita, a leading "Recycling Company" having its manufacturing presence around the globe, is glad to inform that a step down subsidiary of the company situated in Mozambique, East Africa has started commercial production of Aluminium from its new recycling plant having an annual capacity of around 4,000 MTPA in addition to its existing Lead recycling facility of 4,500 MTPA and is also in process of setting up of a new plastic recycling unit in Mozambique. The Company is expecting an additional revenue of approx. Rs. 50 Crores per annum coupled with gross margins of ~ 18% from this Aluminium Recycling Plant.

The Group has made investment of approx. 2 Crores for procuring and commissioning of this New Recycling Plant which is invested from internal accruals of the company. The said plant has been set up on a leased premises keeping in view of judicious use of capital & lean capex policy of Gravita.

The Company will be procuring domestic aluminium scrap for the purpose of production from this plant and it will cater the needs of Aluminium die casting components manufacturing industries of Auto & FMCG sector located in South and East Asian markets.

Gravita Group is among well-known recycling companies across the globe and capacity expansion of this plant will help company to change its sales mix by increasing the ratio of Aluminium business.

Shares of GRAVITA INDIA LIMITED was last trading in BSE at Rs. 204.95 as compared to the previous close of Rs. 200.15. The total number of shares traded during the day was 47422 in over 1293 trades.

The stock hit an intraday high of Rs. 204.95 and intraday low of 196.4. The net turnover during the day was Rs. 9534934.

Source : Equity Bulls

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