Gravita India Sets Up New EV Battery Recycling Unit In Gujarat

- Advertisement -

The recycling firm also plans to invest a total of Rs 62 crore to enhance its overall capacity to 48,000 MTPA

Gravita India has operationalised its new battery recycling unit near Mundra Port in Gujarat, the company informed.

The recycling firm also plans to invest a total of Rs 62 crore to enhance its overall capacity to 48,000 MTPA. In Phase-I, the plant has a capacity of 19,500 MTPA and the company has incurred a capital expenditure of Rs 32 crore on it, out of which Rs 26 crore has been funded through external borrowings and remaining by internal accruals.

- Advertisement -

“Going forward, the company has plans to incur additional capital expenditure of Rs 30 crore on this facility so as to increase the capacity of this plant from 19,500 MTPA to 48,000 MTPA,” Gravita India said in a regulatory filing.

Bullish on the growing electric mobility ecosystem of the country coupled with the government’s support to the sector through schemes and incentives, India’s largest battery recycling company announced that it is venturing into the electric vehicle battery recycling business in July this year.

Gravita said it expects an increase in share of higher-margin business from the key overseas market across lead, aluminium and plastic recycling segments.

“Closer proximity to the port will increase efficiency of operations as import of scrap and export of finished goods will be carried out using the same port. This will result in optimisation of logistics cost coupled with reduction in the working capital cycle of the company,” it said.

Overall, the company said its plant is “well positioned to cater to the growing demand from overseas markets and with higher operational efficiency it is expected to further enhance profitability”.

With the growth of electric vehicles forecasted to be imminent, the company expects the demand for recycling lithium batteries to become viable in six to seven years, by when it will be ready for the market.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Kirloskar Introduces Advanced IoT-Based KirloSmart

0
Kirloskar Brothers Ltd (KBL) recently launched an advanced and upgraded version of its IoT-based pump monitoring system, KirloSmart. It is already a first-of-its-kind IoT-based...

Exclusive

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Kirloskar Introduces Advanced IoT-Based KirloSmart

0
Kirloskar Brothers Ltd (KBL) recently launched an advanced and upgraded version of its IoT-based pump monitoring system, KirloSmart. It is already a first-of-its-kind IoT-based...

Important Sectors

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

India Semiconductor Mission: India Needs To Do Enough To Sit On The World Table

0
The government’s strong foot forward with regards to the semiconductor space was a much-needed move and, although late, it is expected to herald the...

Kirloskar Introduces Advanced IoT-Based KirloSmart

0
Kirloskar Brothers Ltd (KBL) recently launched an advanced and upgraded version of its IoT-based pump monitoring system, KirloSmart. It is already a first-of-its-kind IoT-based...

Syrma SGS Gets Rs 252 Crores Before IPO

0
With its Initial Public Offering (IPO) opening today, the Electronic manufacturing services (EMS) firm Syrma SGS Technology has already raised Rs 252 crore from...

Manufacturing

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Syrma SGS Gets Rs 252 Crores Before IPO

0
With its Initial Public Offering (IPO) opening today, the Electronic manufacturing services (EMS) firm Syrma SGS Technology has already raised Rs 252 crore from...

Slow Progress On Solar Parks Irks Ministry

0
Inefficient solar park projects are set to face strict scrutiny from the Ministry of New and Renewable Energy (MNRE). According to two anonymous sources...
Drone

Army Looking For Indigenous Combat Drones

0
In view of the Make in India policy of the Indian government, the Indian Army has launched a programme called ‘Him Drone-a-thon’. Drone Federation...

New Policy Push For Floating Solar Projects

0
A new policy for Solar energy is underway, which would incentivise investment in floating solar power generation. Though the technology needed is expensive, it...