Jaipur based Gravita India Ltd has acquired Rashtriya Metals Industries Limited (RMIL) for Rs 565 crore and has now entered the into large-scale copper recycling segment.
Established in 1946, RMIL reported a turnover of Rs 910 crore in FY25 and operates a 31,200-tonnes-per-annum (TPA) copper facility. With this acquisition, Gravita’s total copper recycling capacity is set to rise from 334 kilotonnes per annum (ktpa) to 340 ktpa. Additionally, the company plans to commission another 45 ktpa capacity this quarter, expected to become fully operational by Q2 FY27. RMIL has export-oriented business model, with nearly 40% revenue from overseas markets, and this would provide Gravita India enhanced global reach.
Alongside expanding its metal portfolio, Gravita has ventured into the fast-growing electric vehicle (EV) ecosystem by launching a 6,000-TPA lithium-ion battery recycling plant in Mundra with an investment of Rs 14 crore. The company announced it a month ago.
The lithium-ion battery recycling project aligns with India’s rapidly expanding EV market, which had over 5.6 million EVs on the road by 2024. The domestic EV battery recycling market is projected to grow sharply by 2030, although the segment remains nascent, with formal recycling accounting for less than 5% of end-of-life batteries. Rising competition and untested profitability add uncertainty to this vertical.
Despite strong growth prospects and supportive policies such as the Battery Waste Management Rules and Extended Producer Responsibility norms, Gravita trades at a premium valuation compared to larger peers like Hindalco Industries and Vedanta Limited. Its elevated price-to-earnings multiple suggests that optimistic growth expectations are already factored in, leaving limited room for error amid commodity price volatility and sectoral risks.
Gravita India Limited claims to be a leading global recycling company with more than three decades of experience across five business verticals. The company operates 13 eco-conscious manufacturing facilities worldwide, with a combined processing capacity of 3,45,659 MTPA, and has a presence in over 70 countries.
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