Gravita India Limited has announced that its step-down subsidiary, Gravita Netherlands BV (GNBV), has signed a memorandum of understanding (MOU) to acquire a waste tire recycling plant in Romania. This will mark Gravita's first recycling facility in Europe, with a capacity of approximately 17,000 MTPA. The company already operates 12 state-of-the-art recycling facilities across Asia and Africa, with a total capacity of over 300,000 MTPA in various recycling sectors.

The acquisition will involve the creation of a special purpose vehicle (SPV) in Romania, where GNBV will hold 80% of the shares and management control, while local Romanian partners will own the remaining shares. GNBV is set to invest around INR 320 million, with the total investment expected to be around INR 400 million, pending comprehensive financial, environmental, and legal due diligence.

As part of its growth strategy, GNBV plans to expand its recycling operations across Europe by exploring new market opportunities and forging key partnerships. This acquisition is expected to increase the company's visibility, attract new clients, and strengthen its competitive position in the European market. Gravita already operates rubber recycling facilities in Ghana, Senegal, Togo, and Tanzania, aligning with its broader goal of expanding its recycling business across different regions.

To read more about the topic, visit the website of Gravita India.