Gravita India reveals plans to build battery recycling plant in Oman
Gravita India Limited, an Indian recycling company, said that Gravita Netherlands BV (GNBV), its step-down subsidiary, has executed a memorandum of understanding (MOU) for setting up a battery recycling plant in Oman.
The plant will be the first facility for Gravita India in the Middle Eastern market.
Gravita Netherlands BV will own 50% of the equity and management control of the recycling project in Oman. The rest of the equity will be owned by other partners in Oman.
In the initial phase, the battery recycling plant will be built with a capacity of 6,000MTPA.
Gravita India reveals plans to build battery recycling plant in Oman. Photo courtesy of Wilfried Pohnke from Pixabay.
The total investment for the recycling plant joint venture for phase 1 will be around INR 40 crores. Gravita Netherlands will invest about INR 20 crores for the same.
Gravita India has similar facilities for recycling located in Togo, Ghana, Senegal, Mozambique, Sri Lanka, Tanzania, and India. The recycling plant in Oman is in line with the company’s plans for expansion of replicating its recycling operations in various regions.
The Indian recycling company has 14 eco-friendly manufacturing facilities across Asia, Central America, and Africa with an overall capacity of 2,27,719MTPA.