Recycling participant Gravita India Ltd on Wednesday stated it has raised 34 million euros in loan facility from two European developmental monetary establishments. Shares of the corporate surged 10 % following the announcement.
The loan has been granted after rigorous due diligence on varied environmental, social, and governance features at Gravita’s manufacturing subsidiaries, the corporate stated in a press release.
“Step-down subsidiary Gravita Netherlands BV has been provided 34 million euros ESG loan from SOCIÉTÉ DE PROMOTION ET DE PARTICIPATION POUR LA COOPÉRATION ECONOMIQUE S.A.(Proparco) and Oesterreichische Entwicklungsbank AG (OeEB),” it stated.
This facility permits Gravita’s offshore companies to gain a monetary increase for its capex and dealing capital wants. The loan will probably be utilized to additional strengthen Gravita’s sustainability initiatives.
Jaipur-based Gravita is a number one recycling firm with 11 manufacturing amenities throughout the globe having a complete capability of 2.51 lakh MTPA.
ALSO READ |Â India’s coal manufacturing rises 15% to 893 million tonnes in 2022-23
ALSO READ |Â Possible El Nino affect: Centre asks states to make sure sufficient seeds for Kharif sowing
