Gravita India Limited has signed an annual agreement with Luminous Power Technologies Private Limited (Gurugram) for supplying 12,000 MT of refined lead and lead alloys, to be executed in 2021, which at current lead prices, would be an approximate contract value of Rs 180 crore.
This agreement will help the company to strengthen its market presence in domestic markets as well. Gravita India is a leading global non-ferrous secondary metal and one of India’s largest secondary lead metal producing companies, which enjoys the patronage of its products in more than 59 countries.
Luminous Power Technologies is a part of Schneider Group and was established in 1988. It provides a wide range of innovative products in the power backup, home electrical and residential solar space that covers, inverter batteries, solar solutions to home electrical offerings such as fans, modular switches and LED lighting, having its wide presence in India as well as round the globe.
Lead is one of the most recycled resources. Over 65 per cent of lead used in the production of new lead products is sourced from recycled lead. In FY20, Gravita established a new lead recycling facility in Accra (Ghana) and was also engaged in capacity expansion at this plant to 12,000 MTPA. It also established Tanzania’s first export-oriented recycling plant in Dar es Salaam (Tanzania), a major city and commercial port, with a capacity of 3,000 MTPA for lead and 6,000 MTPA for aluminium, which has enhanced its footprint in Africa.
On Tuesday, the stock of Gravita India was trading higher by 6.6 per cent at Rs 88.50 from its previous close of Rs 83.05.