Recycling major Gravita wins Rs 180 cr contract from Luminous

Industrial recycling major Gravita India has signed a pact with Gurugram-based Luminous Power Technologies for supplying 12,000 tonnes of refined lead and lead alloys at a cost of Rs 180 crore.

Apart from boosting sales and improving utilisations, the agreement will help Gravita India to strengthen its market presence in domestic markets as well, said Whole-time Director and CEO Yogesh Malhotra.

Gravita India is a market leader with integrated operations in non-ferrous metals and plastics recycling, manufacturing and turnkey businesses in eight countries of Asia, Africa and South America. The company sells its products in more than 59 countries.

Luminous Power Technologies is a part of Schneider Group with products in the power backup, home electrical and residential solar space that covers inverters batteries, solar solutions to home electrical offerings like fans, modular switches and LED lighting.

At 2:25 pm, Gravita's stock was trading 3.2 per cent higher at Rs 85.70 per unit.

( With inputs from ANI )