Gravita India Ltd Share Price – NSE  / BSE

Non Ferrous Metals, Small Cap

The Board of Gravita India at its meeting held on 04 October 2024 has approved the appointment of Sunil Kansal (DIN: 09208705), as Whole Time Director of the Company w.e.f. 04 October 2024.

The Board also approved change in designation of Rajat Agrawal (DIN: 00855284) from Managing Director to Chairman cum Managing Director w.e.f. 05 October 2024.

The Board has accepted the resignation of Dr. Mahavir Prasad Agarwal (DIN: 00188179), as Chairman and Whole Time Director of the Company w.e.f. 05 October 2024.

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The Board of Gravita India at its meeting held on 04 October 2024 has approved fund raising up to Rs 1,000 crore by issuance of securities.

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Gravita India will hold a meeting of the Board of Directors of the Company on 4 October 2024.

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Gravita India announced that step down subsidiary of company Gravita Netherlands BV (herein after GNBV) has executed a Memorandum of Understanding (MOU) to acquire a Waste Tyre Recycling plant in Romania from an existing entity based out in Romania having a capacity of approx. 17,000 MTPA . This will be Gravita's 1st recycling facility in Europe.

This acquisition will be done by forming a separate SPV in Romania in which GNBV will be holding 80% of equity with management control in the said SPV and remaining equity will be held by other partners based in Romania.

Further, total investment in this transaction will be approx. Rs. 40 crore and GNBV will be investing approx. Rs. 32 crore towards its contribution subject to in depth Financial. Environmental and Legal Due Diligence.

GNBV also aims to expand its recycling business operations across the European market, leveraging new market opportunities and establishing strategic partnerships to drive growth. This acquisition will enhance our presence, increase our customer base, and strengthen our competitive edge in the European market.

The company is already having similar rubber recycling facilities Senegal, Togo, Ghana and Tanzania. This is in alignment with the company's vision of Diversification and expansion plan of replicating our recycling business in different geographies.

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