On Friday, global recycling company Gravita India Ltd announced that it had signed an MoU to set up a Rs 40 crore battery recycling plant in Oman, which will be its first in the Middle East market.

The company’s downgraded subsidiary, Gravita Netherlands BV (GNBV), will hold a 50% stake in the recycling project and have management control. According to exchange filings, Oman’s other partners will hold the remaining stake.

The initial capacity of the battery recycling plant will be 6,000 MTPA in the first phase. GNBV will invest approximately Rs 20 crore in fixed and working capital as its contribution to the project. Meanwhile, the rest will be funded by joint venture partners.

Gravita has similar recycling facilities in Togo, Senegal, Ghana, Mozambique, Tanzania, Sri Lanka and India.

The document said the Oman project aligns with the company’s expansion plans to replicate recycling operations in different regions.

Gravita is a leading global recycling company with a capacity of 2,27,719 MTPA across 14 eco-conscious manufacturing plants in Asia, Africa and Central America. The Group operates in more than 70 countries around the world.

In December, the company announced the start of commercial production of cast aluminium alloys at a new recycling plant in Togo, West Africa. Gravita Togo SAU, a subsidiary of Gravita India Ltd, operates the plant.

The recycling company reported consolidated revenue of Rs 2,052 crore in the December quarter, up 32% from a year earlier. Shares of Gravita India closed 1.4% at Rs 475.