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Gravita India on Friday said its step-down subsidiary in Ghana has started commercial production of recycled polypropylene granules from its new plant.

The Ghana recycling plant has an annual capacity of around 1,200 million tonnes per annum (MTPA) in phase 1. Gravita also has plans to increase this capacity to 2,700 MTPA in the next phase.

Gravita has similar plastic recycling facilities in Senegal, Mozambique, and India. The Senegal unit has an annual capacity of around 4,000 MTPA. This plant caters to the needs of the auto and FMCG companies in China, Japan, and Vietnam.

The group has made an investment of about Rs 1.90 crore for the procurement and commissioning of this new plant. The company will be procuring domestic plastic scrap for the purpose of production from this plant.

The needs of plastic manufacturing industries situated in North America, Europe, and Asia, will be taken care of from the Ghana unit, which will also help the company change its sales mix by increasing the contribution from the plastic business.

The stock was also in the news earlier this month after the Abu Dhabi Investment Authority acquired 5.6 lakh shares of the company at Rs 332 apiece.

Shares of Gravita India are trading 0.3 percent higher at Rs 374.8 after cooling off from the day's high. The stock is trading near its 52-week high of Rs 398.

(Edited by : Rukmani Krishna)