Active Stocks
Tue Apr 16 2024 11:44:37
  1. Tata Steel share price
  2. 161.35 0.28%
  1. Infosys share price
  2. 1,435.00 -2.27%
  1. NTPC share price
  2. 359.95 -0.39%
  1. HDFC Bank share price
  2. 1,500.15 0.35%
  1. ITC share price
  2. 425.95 0.01%
Business News/ Companies / News/  Runaya to expand its portfolio, eyes mine tailings treatment biz
BackBack

Runaya to expand its portfolio, eyes mine tailings treatment biz

Runaya has already ventured into recovery of materials from zinc and started a facility for smelting zinc waste to recover minerals like nickel, cadmium, cobalt, lithium, Naivedya Agarwal, co-founder and CEO, said in an interview.

Naivedya Agarwal, co-founder and CEO, Runaya.Premium
Naivedya Agarwal, co-founder and CEO, Runaya.

NEW DELHI : Manufacturing startup Runaya is planning to enter the mine tailings treatment space, as it seeks to expand its portfolio, Naivedya Agarwal, co-founder and CEO, said. Tailings are basically the leftovers or by-product of the mining process, which need to be managed or disposed after the valuable mineral is separated from the ore.

Runaya has already ventured into recovery of materials from zinc and started a facility for smelting zinc waste to recover minerals like nickel, cadmium, cobalt, lithium, Agarwal said in an interview. “Next, we will start targeting mine tailings. In the next year or so, we will start moving into treatment of mine tailings. It’s the residue that’s left behind after mining," he said. The Mumbai-based company currently deals in green aluminium recovery and diversified metal recovery under its sustainability operations.

He predicted that the tailings space would grow, aided by renewed focus of the government and private sector on mining, as Asia’s third-largest economy ramps up its physical infrastructure.

Mine tailings management is important, because tailings or the remnants may hinder production in mines and also hamper the environment, Ritabrata Ghosh, vice-president and sector head, corporate sector ratings, Icra, said. Also, as they cannot be disposed of, alternative ways to store or treat them need to be explored. Minova Runaya Pvt. Ltd (MRPL)’s revenue is expected to nearly quadruple to 1,000 crore in the next four years, Agarwal said. MRPL, a joint venture formed in 2020 between Runaya and Australian ground support services company Minova International, provides equipment and solutions for the mining and infrastructure sectors.

“This year we will hit a revenue of 250-260 crore. With our current capex plan, we should hit 600 crore in the next two years," he said.

Meanwhile, Runaya, which also manufactures fibre reinforced plastic and aramid reinforced plastic rods that are used in optical fibre cables and sold in important markets such as the United States, Europe, and South America, aims to export 90% of these products, from 60% currently, Agarwal said.

Runaya aims to source its entire power requirements from renewable sources over the next 18 months, from 80% currently, he said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 21 Dec 2023, 12:01 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App