Gravita India enters into MOU to establish a Recycling plant in Oman
Shares of the company have gained more than 40 per cent in the last 6 months.
New Recycling Plant
On February 24, 2023, Gravita India Limited informed in the exchange filing that the company is delighted to announce that step down subsidiary of company Gravita Netherlands BV (herein after “GNBV”) has executed a Memorandum of Understanding (MOU) to establish a recycling plant in Oman. This will be Gravita’s first recycling facility in the middle eastern market.
GNBV will be holding 50% of the equity with management control in the said project and the remaining equity will be held by other partners based in Oman. In Phase-1, a Battery
recycling plant will be established with a capacity of 6,000 MTPA. Further, the total investment in this Joint Venture for Phase-1 will be approx. Rs 40 crore and GNBV will be investing approx. Rs 20 crore towards its share in Fixed capital and working capital.
About the company
Established in 1992, Gravita India Ltd is one of the largest lead producers in India. The company's business is organized across four specialized verticals: Lead Recycling (flagship), Aluminium recycling, Plastic recycling and Turnkey projects. The company also has expertise in the recycling of used batteries, cable scrap/other Lead scrap, Aluminium scrap, Plastic scrap, etc.
Share price movement of Gravita India Ltd
Today, the stock opened at Rs 487, with a high and low of Rs 488.95 and Rs 461.25. The stock closed trading at Rs 474.20, down by 1.52%.
In the last 6 months, the shares of the company have given 40% returns and on a YTD basis, the stock has given more than 4% returns.
The stock has a 52-week high of Rs 539.45 and a 52-week low of Rs 230.95. The company has a ROCE of 31.2% with a market capitalisation of Rs 3,277 crore.
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