Gravita India commissions battery recycling unit in Gujarat, to invest Rs. 62 crore
Recycling firm Gravita India has announced that it has commissioned its new battery recycling unit near Mundra Port in Gujarat and plans to invest a total of Rs 62 crore to boost its overall capacity to 48,000 MTPA.
In Phase-I, the plant has a capacity of 19,500 MTPA and the company has incurred a capital expenditure of Rs 32 crore on it, out of which Rs 26 crore has been funded through external borrowings and remaining by internal accruals, Gravita India stated.
"Going forward, the company has plans to incur additional capital expenditure of Rs 30 crore on this facility to increase the capacity of this plant from 19,500 MTPA to 48,000 MTPA," it added.
Gravita said it anticipates an increase in the share of higher-margin business from the key overseas market across lead, aluminium, and plastic recycling segments.
"Closer proximity to the port will increase the efficiency of operations as import of scrap and export of finished goods will be carried out using the same port. This will result in optimization of logistics cost coupled with the reduction in the working capital cycle of the company," it said.
Overall, the company said its plant is "well-positioned to provide to the growing demand from overseas markets and with higher operational efficiency it is expected to further enhance profitability".