Gravita starts Plastic Recycling Plant in Tanzania

Gravita India Limited ("Gravita" or "the Company") a leading "Recycling Company" having its manufacturing presence around the globe, has announced that its step down subsidiary situated in Tanzania, East Africa has started commercial production of Recycled Polypropylene Granules from its new plastic recycling plant having an annual capacity of around 1,800 MTPA.

The company is already having similar plastic recycling facility in Ghana, Senegal, Mozambique and India. Further, this is in line with the company's vision of replicating the recycling business in different geographies.

The Group has made investment of approx. Rs. 2.25 Crores for procurement and commissioning of the said Recycling Plant which is invested from internal accruals of the company.

The Company will be procuring domestic plastic scrap for the purpose of production from this plant and it will cater to the needs of plastic manufacturing industries situated in Europe & Asia. This plant will help company to change its sales mix by increasing the contribution from plastic business.

Gravita is a leading global recycling company with 12 state-of-the-art manufacturing facilities worldwide, collectively capable of processing 2,84,059 MTPA. With a presence in over 70 countries and a rich recycling heritage of 31+ years, the company operates across 5 business verticals.

Shares of Gravita India Limited was last trading in BSE at Rs. 1063.70 as compared to the previous close of Rs. 1080.15. The total number of shares traded during the day was 13865 in over 1208 trades.

The stock hit an intraday high of Rs. 1087.60 and intraday low of 1051.30. The net turnover during the day was Rs. 14737558.00.

Source : Equity Bulls

Keywords

GravitaIndia INE024L01027 PlasticRecyclingPlant Tanzania