Gravita to invest Rs 50 crore for expansion

JAIPUR: Jaipur based Rs 111 crore lead recycler Gravita India Limited is planning to invest Rs 50 crore for setting up new manufacturing facilities at Australia, Belarus, Chile and Mexico besides setting up new plant in Maharashtra. The company is also looking at expanding its product portfolio at its Jaipur plant.

The company already has subsidiaries in Ghana, Senegal, Sri Lanka, Mozambique, Zambia and Ethiopia. Gravita Group managing director Rajat Agrawal told ET that the company plans to double its annual secondary lead output through this expansion plan.

���We aim to ramp up our annual production from 7000 tonnes to 14000 tonnes by 2011. We would be raising capital for expansion through a public issue of 4 million equity shares of Rs 10 aggregating at a price to be decided through 100% book building process. The issue will constitute 28.53% of the post issue paid-up capital of the company,��� he said.

The company manufactures multiple products related to lead, which are mainly used in industries like battery, glass, ceramic, paint, electronics and radiation shielding equipments.

���We are also planning to expand our portfolio by manufacturing lead sheets, ead wires and other value added lead items,��� Mr. Agrawal said.