Gravita India shares climbed 3% in morning trade after the company announced that a step-down subsidiary of Gravita Netherlands BV signed a Memorandum of Understanding (MOU) to acquire a Waste Tyre Recycling plant in Romania from an existing entity with a capacity of approximately 17,000 MTPA. This will be Gravita’s first recycling facility in Europe.
This acquisition will be completed by forming a separate SPV in Romania, with GNBV having 80% of the equity and management control and the remaining equity held by other partners based in Romania.
To enhance growth, GNBV intends to expand its recycling operations across Europe. To do this, it will capitalize on new market possibilities and build strategic alliances.
As of 10:05 am, Gravita India shares were trading 2.74% higher at Rs 2,283.80 on the NSE.
