Gravita India's step down subsidiary in Jamaica, Gravita Jamaica, has started recycling and commercial production of PET Flakes (Polyethylene Terephthalate) by installing an ultra-modern ‘PET Hot Wash Line' with an annual capacity of 4,800 MTPA.

Gravita Group has made investments of Rs 650.00 lacs for procuring and commissioning of this new ultra-modern recycling plant which is funded from the internal accruals of the company. The plant is expected to generate revenue of approximately Rs 1,000.00 lacs coupled with a Gross Margin of 37% in its initial year.

Shares of the company gained Rs 2.25, or 2.7%, to trade at Rs 85.50. The total volume of shares traded was 7,427 at the BSE (9.40 a.m., Friday).