Gravita India commences plastic recycling vertical at Ghana, West Africa; Stock rises

21 Oct 2022 , 12:31 PM

Gravita India Limited, a leading “Recycling Company” having its manufacturing presence around the globe, has announced that its step down subsidiary situated in Ghana, West Africa has started commercial production of Recycled Polypropylene Granules from its new recycling plant having an annual capacity of around 1,200 MTPA in phase 1.

Further, company has plans to increase this capacity to 2,700 MTPA in next phase.

The company is already having similar plastic recycling facility in Senegal, Mozambique and India. Further, this is in line with the company’s vision of replicating the recycling business in different geographies.

The Group has made investment of approx. Rs. 1.90 Crores for procurement and commissioning of this new Recycling Plant which is invested from internal accruals of the company.

The Company will be procuring domestic plastic scrap for the purpose of production from this plant and it will cater to the needs of plastic manufacturing industries situated in North America, Europe & Asia. This plant will help company to change its sales mix by increasing the contribution from plastic business.

At around 12:32 PM, Gravita India was trading at Rs375.35 per share higher by 0.50% on the BSE.

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