West Africa: European DFIs back recycling company
Proparco and Austria’s development finance institution OeEB have announced a collaboration to provide Gravita Netherlands B.V. (GNBV), the international branch of Gravita India Limited (GIL), with a senior debt funding of €34 million. The financing aims to bolster GIL’s standing as a central figure in the global industrial recycling sector, particularly within the field of lead recycling. The funding from Proparco and OeEB will support Gravita’s development of new recycling facilities in Ghana and Senegal.
Although efforts to build recycling facilities have been prioritised by international institutions like the United Nations Environment Programme (UNEP), African countries remain under-resourced, especially in the recycling of lead-acid batteries from used vehicles.
Gravita, founded by the Agrawal family in 1992, has established itself as a leading recycler of lead-acid batteries in India and abroad. The fast-growing company operates a network of twelve production sites across India and internationally, with a presence in Africa and Asia.
Mumbai-based boutique advisory firm, Azalea Capital Partners LLP, exclusively advised, structured, and arranged the funding facility.