Gravita India Limited, a leading recycling company, having its manufacturing presence around the globe, has announced that Gravita Tanzania Limited, A step down subsidiary of the company situated in Tanzania, East Africa has started commercial production and recycling of waste rubber with an annual capacity of around 3,000 MTPA in Phase-1. Going forward the group has plans to increase the said capacity to 6,000 MTPA.
The Company has incurred capital expenditure of Rs 3.86 Cr for setting up of the facility in Phase-1 which has been funded through internal accruals.
This new recycling plant will help Gravita Tanzania Limited to reduce its cost of production coupled with reduction in carbon footprints as pyrolysis oil generated during the rubber recycling process will be used by the company for in-house consumption as an alternative source of energy for recycling of Battery and Aluminum scrap.
This diversification is in line with Gravita group's ESG vision and it will help in synergy in sourcing of scrap along with optimization of procurement. Going forward, Gravita has plans to establish similar rubber recycling facilities at its other manufacturing locations also.
Shares of Gravita India Limited was last trading in BSE at Rs. 541.05 as compared to the previous close of Rs. 556.20. The total number of shares traded during the day was 35920 in over 2211 trades.
The stock hit an intraday high of Rs. 563.05 and intraday low of 536.00. The net turnover during the day was Rs. 19661064.00.