Ashish Kacholia portolio stock Gravita India starts commercial production of rubber recycling at Tanzania plant
1 min read 25 May 2023, 02:10 PM ISTGravita India has informed stock exchanges that commercial production and recycling of waste rubber has started at its plant in Tanzania in East Africa.
PremiumGravita India has informed stock exchanges that commercial production and recycling of waste rubber has started at its plant in Tanzania in East Africa. The plant has an annual capacity of around 3,000 MTPA. Going forward, the company has plans to increase the said capacity to 6,000 MTPA.
Gravita India is a leading recycling company, having a manufacturing presence around the globe.
The Company has incurred capital expenditure of ₹3.86 crore for setting up of the facility in phase-1 which has been funded through internal accruals.
The 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.
The 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. The company has also plans to establish similar rubber recycling facilities at its other manufacturing locations.
Earlier this month, Gravita India raised 34 million euros loan facility from two European developmental financial institutions. The loan was granted after rigorous due diligence on various environmental, social and governance aspects at Gravita's manufacturing subsidiaries, the company said in a statement.
The facility will enable Gravita's offshore businesses to gain financial boost for its capex and working capital needs. The loan will be utilized to further strengthen Gravita's sustainability initiatives.
Jaipur-based Gravita is a leading recycling company with 11 manufacturing facilities across the globe.
As per the shareholding pattern of Gravita India for January to March quarter or Q4FY23, ace investor Ashish Kacholia held fully paid equity shares of 14,84,399 or 2.15% stake in the company.
