Gravita India begins new recycling vertical at Ghana, West Africa; Stock surges 1.5%

13 May 2022 , 10:10 AM

Gravita India Limited, a leading recycling company, having its manufacturing presence around the globe, has informed that Recyclers Ghana Limited, a step down subsidiary of the company situated in Ghana, West Africa has started commercial production and recycling of waste rubber with an annual capacity of around 6,000 MTPA.

As per the filing, the Company has incurred capital expenditure of Rs3.80 crore for setting up of the facility which has been funded through internal accruals.

This new recycling plant will help Recycler Ghana 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 Lead and Aluminum scrap.

This diversification is in line with Gravita group’s vision and it wil l also open new business opportunity for the group in the field of waste Rubber recycling. Going forward, Gravita has plans to establish similar rubber recycling facilities at its other manufacturing locations also.

At around 10:12 AM, Gravita India was trading at Rs274.35 apiece up by Rs4.1 or 1.52% from its previous closing of Rs270.25 apiece on the BSE.