Hyderabad, Mar 9 (PTI) Ramky Enviro Engineers Limited on Wednesday announced the company was rebranding itself as “Re Sustainability Limited” and it will be commissioning its first e-waste refining plant of the country here in the next two months, a senior executive of the firm said.
Goutham Reddy, CEO and Managing Director of Re Sustainability, also said the company’s first End of Life Vehicle (ELV) recycling facility to scrap automobiles will come up in the national capital New Delhi in the next six months.
Besides Delhi, he further said the company is planning to set up ELV recycling facilities in Mumbai, Bengaluru and Hyderabad with each one costing Rs 100 crore each.
“As of now, India is exporting e-waste to Europe to recycle. We are establishing an e-waste refining plant in Hyderabad. It will be commissioned in two months. In the refining process, we will be processing motherboards and taking out precious metals such as gold, platinum and palladium,” Reddy told reporters.
Replying to a query, he said the firm, which is backed by global investment firm KKR, will be investing Rs 5,000 crore towards capex in the next three years.
The investments will be mostly from internal accruals, he said adding as of now there are no plans to go for an Initial Public Offering (IPO).
Reddy said revenues for the current financial year are expected to be at Rs 3,000 crore with a profit after tax of Rs 550 crore.
Meanwhile, Ramky Enviro Engineers Limited also announced its new brand identity and will be henceforth known as “Re Sustainability Limited.” The new identity unites the company’s services behind its purpose to build a circular economy model — where the emphasis is on recycling everything — that will provide sustainable solutions for the people and planet. It reinforces its focus on building a sustainable future by providing state-of–the–art solutions in waste and resource management, Reddy said in a press conference.
The company manages approximately six to seven million tonnes per annum of municipal solid waste in 23 cities in India, the Middle East and Singapore. It also manages over one million tonnes per annum of industrial hazardous and other regulated wastes across 22 locations in India, the Middle East and USA. PTI GDK GDK HDA HDA
