Gravita India Ltd. a leading "Recycling Company" having its manufacturing presence around the globe, is delighted to announce that Gravita Togo SAU a step down subsidiary of the company situated in Togo, West Africa has started commercial production of Aluminium CastAlloys from a new recycling plant having an annual capacity of around 4,000 MTPA in phase I. The Company is expecting an additional revenue of approx. Rs. 60 Crorcs per annum with a gross margins of approx 26% from the new capacity.
Further, the company has been sourcing scrap from Togo fr>r the last 3 years and has set a strong scrap collection network before establishing the plant.
The company is already having similar Aluminium recycling facility in Tanzania, Senegal, Mozambique and India. This is in alignment with the company's vision of replicating the recycling business in different geographies.
The Group has invested approx. Rs. l1.00 Crores for procuring and commissioning of the new recycling plant which is funded from internal accruals of the company.
The company will be procuring domestic Aluminium scrap for production from this plant and it will cater the needs of Aluminium die casting components manufacturing industries of Auto & FMCG sector located in China, Japan, Thailand, Korea and Vietnam. CJravita Group is among one of the most reputed recycling companies across the globe and this new recycling facility will help company in augmenting its Aluminium segment capacity in Africa.
Shares of Gravita India Limited was last trading in BSE at Rs. 379.05 as compared to the previous close of Rs. 353.05. The total number of shares traded during the day was 93448 in over 5265 trades.
The stock hit an intraday high of Rs. 382.60 and intraday low of 353.20. The net turnover during the day was Rs. 34452558.00.