Gravita India has terminated contract entered with Kyen Resources for supply of 18,000 MT of Pure Lead and Lead Bullion worth Rs 300 crore. The contact has been terminated due to some management and financial issues at the end of Kyen Resources, Singapore.
Till date the company has supplied approx 3,800 MT of material to Kyen Resources and company has planned to divert the remaining supply of 14,200 MT to some other customers and management of the company is of the view that termination of contract will not have any material impact on the financials of the company, as the company is already having an order book of approximately Rs 260 crore in hand for Lead, Aluminium and Plastic products.
Gravita India is a leading recycling company having its operations in Non-Ferrous Metals and Plastic Recycling.