Gravita India announced that its step-down subsidiary in Tanzania, Gravita Tanzania has started commercial production and recycling of waste rubber with an annual capacity of around 3,000 MTPA in Phase-1. Going forward the group has plans to increase the said capacity to 6,000 MTPA.

The Company has incurred capital expenditure of Rs 3.86 crore for setting up of the facility in Phase-1 which has been funded through internal accruals.

This new recycling plant will help Gravita Tanzania to reduce its cost of production coupled with reduction in carbon footprints as pyrolysis oil generated during the rubber recycling process will be used by the company for in-house consumption as an alternative source of energy for recycling of Battery and Aluminum scrap.

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Gravita India announced that its subsidiary Gravita Netherlands BV has received a 34 million Euros ESG loan from European Developmental Financial Institutions Proparco and Oesterreichische Entwicklungsbank AG.

This facility will enable Gravita's offshore businesses to gain financial independence for their capital expenditure and working capital needs. The loan facility is guaranteed by Gravita India.

This ESG funding is a significant milestone for Gravita as it continues its journey towards becoming the most valuable company in the recycling industry globally.

Gravita is a prominent player in the recycling industry, with 11 advanced manufacturing facilities worldwide that are environmentally conscious. These facilities have a combined capacity of 2,51,419 MTPA. The company has a global presence in over 70 countries and has been in the recycling business for more than 30 years, with 5 distinct business verticals.

The company's consolidated net profit rose 54.35% to Rs 63.81 crore while net sales rose 12.39% to Rs 748.93 crore in Q4 March 2023 over Q4 March 2022.

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Gravita India announced that its step down subsidiary Gravita Netherlands BV has been provided 34 million Euros ESG loan from European Developmental Financial Institutions SOCIÉTÉ DE PROMOTION ET DE PARTICIPATION POUR LA COOPÉRATION ECONOMIQUE S.A. “Proparco” and Oesterreichische Entwicklungsbank AG “OeEB”.

The Facility has been granted after rigorous due diligence on various Environmental, Social and Governance aspects at Gravita's manufacturing subsidiaries which showcases the company's commitment to sustainability and circular economy. This facility enables Gravita's offshore businesses to gain financial independence for their capex and working capital needs . The facility is guaranteed by the parent Gravita India.

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Gravita India announced that the Board of Directors of the Company at its meeting held on 1 May 2023, inter alia, have recommended the final dividend of Rs 4.35 per equity Share (i.e. 217.5%) , subject to the approval of the shareholders.

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