Gravita India Limited — Important, 13-11-2024: General Updates

Gravita India Ltd's step-down subsidiary, Gravita Netherlands BV (GNBV), is set to acquire an additional 2,01,195 equity shares, amounting to a 30.15% stake in Navam Lanka Limited. This acquisition will elevate GNBV's ownership in Navam Lanka to 100%, transforming it into a wholly owned subsidiary. Navam Lanka is focused on recycling and processing ferrous and non-ferrous metal scraps, with a turnover of approximately ₹72.95 Cr. The total cash consideration for this acquisition is around ₹20.20 Cr, with the transaction anticipated to conclude in about 20 days. The move aligns with Gravita India's core business, providing potential growth avenues in the recycling sector.