PNN
Jaipur (Rajasthan) [India], May 27: Gravita India Limited ("Gravita" or the "Company") a leading "Recycling Company" having its manufacturing presence around the globe, hereby informs that company has increased capacity of its existing recycling unit situated at Chittoor, Andhra Pradesh ("Facility"). The existing capacity of said unit for Battery recycling has been increased by 26,440 MTPA bringing the total capacity of Battery recycling of this unit to 64,640 MTPA.
With this expansion the total capacity of Gravita Group has reached to 2,78,059 MTPA which is in line with company's target to reach 4,25,000 MTPA by F.Y. 2026.
As an effect of Battery Waste Management Rules, 2022 which got notified in August 2022, there will be Extended Producer Responsibility "EPR" on the producer, manufacturer and importers of new batteries to provide their used batteries to recyclers for fulfilling their EPR targets and with this expansion company is poised to take the volumes available for recycling on account of EPR obligations and there will be a large shift from informal recycling sector to formal recycling sector.
In addition to above, this plant has capitalized the opportunity of domestic scrap available with the large telecom players, UPS OEM's, IT & ITES, Waste scrap from Automobile segment etc. in respective markets. The company has contracts to collect their PAN India scrap in cost effective manner and by catering the OEM customers in South India and exporting the finished goods using the nearest Chennai Port thus optimizing the overall logistic cost. This enhanced capacity will help the company to further strengthen its presence in South Indian market including South East Asian Market.
The investment in the said capacity expansion is approx. 21 Cr which has been funded through internal accruals of the company.
Gravita is a leading recycling company with 11 eco-conscious state-of-the-art manufacturing facilities across the globe. The Group has global footprint in 70+ countries having recycling DNA of 30+ years with 5 business verticals. The company is amongst the top 1,000 listed companies on NSE and BSE Ltd.
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