Gravita India, Jaipur-based aluminium recycler and alloy ingot producer, has reportedly announced the start of commercial aluminium production at a new recycling plant owned by its step down subsidiary situated in Senegal, West Africa.
The plant, with an annual capacity of around 4,000 MTPA, expects to generate additional revenue of nearly INR 60 crore per annum with a gross margin of 20 per cent.
Gravita India has invested nearly INR 30 crore from internal accruals to procure and commission a new recycling plant.
The plant will supply aluminium scrap domestically for the production of aluminium alloys ingot, which will cater to the needs of aluminium die casting components manufacturing industries of the Auto & FMCG sector located in China, Japan and Vietnam.
This plant will expand the recycling capacity of the Group and change the sales mix by increasing the contribution of aluminium business.
As per a report on Friday, October 7, Abu Dhabi Investment Authority bought a 0.8 per cent stake in Gravita India through a block deal. The sovereign wealth fund bought 556,493 shares at INR 332, a slight discount from the stock's closing price on Thursday.
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