Gravita has commenced commercial production of pet recycling by setting up plant through its step down subsidiary Gravita Nicaragua SA in Nicaragua (a part of Central American Nation)
Naveen Sharma, CEO of the company says this plant is internally funded and around USD 1 million has been spent on the facility. The company has a two-stage model for PET recycling: Waste collection and flex formation, he says, adding, the company will continue to expand PET recycling facilities in South America. He expects revenue of Rs 12-15 crore in FY16 and Rs 100 crore in FY17 with 12-15 percent margin. The current annual production capacity of this plant is 3600 million tonne per annum. Gravita India manufactures lead metal, specific lead alloys, lead oxides, lead sheet and lead powder. Meanwhile, the company in December acquired 8.38 acres of industrial land in Andhra Pradesh for future expansion and manufacturing base in Southern India. Gravita and its subsidiaries have production capacity of 95,149 million tonne per annum.