Gravita India has announced that its subsidiary of company Gravita Netherlands BV (GNBV) has executed a Memorandum of Understanding to acquire a tyre recycling plant in Romania
The acquisition will be done by forming a separate SPV in Romania in which GNBV will hold 80 per cent of the equity with management control and remaining equity being held by other partners based in Romania.
The plant is said to operate at around 17,000 tons per annum.
The total investment in this transaction will be approx. Rs. 40 crore and GNBV will be investing approx. Rs. 32 crore towards its contribution subject to in depth Financial. Environmental and Legal Due Diligence.
GNBV has further expansion plans in Europe to develop new markets and drive growth.
Gravita already has similar rubber recycling facilities Senegal, Togo, Ghana and Tanzania
