Industrial recycling giant Gravita India said on Tuesday that its resigning subsidiary had started commercial aluminum production from a new recycling plant in Mozambique.
The plant has an annual capacity of 4,000 million tonnes per year (MTPA) which will add to its existing lead recycling capacity of 4,500 MTPA.
The company expects additional revenue of Rs 50 crore per year coupled with gross margins of 18% from the aluminum recycling plant. It is also setting up a new plastic recycling unit in Mozambique.
The group invested two crore rupees for the purchase and commissioning of the new recycling plant with capital from internal provisions.
Gravita will purchase domestic aluminum scrap for the plant’s production and serve the needs of the automotive and FMCG aluminum die-casting component manufacturing industries in South and East Asian markets. .
Gravita India is a leader with integrated operations in non-ferrous metal and plastics recycling, manufacturing and turnkey businesses in eight countries in Asia, Africa and South America. The company sells its products in more than 59 countries. (ANI)