IPO: Attero Recycling plans public listing in 3 yrs, to double capacity by 2022
The company is planning to set up six new e-waste recycling plants by the end of this year and a total of 14 new plants by 2022 on a franchisee model.
E-waste recycling company Attero Recycling plans to get listed on stock exchanges in three years after doubling its electronic waste processing capacity by the end of the next year.
The company is planning to set up six new e-waste recycling plants by the end of this year and a total of 14 new plants by 2022 on a franchisee model, which will more than double its processing capacity to around 3 lakh tonnes.
WATCH | Click on Zee Business Live TV Streaming Below:
"The listing will typically be around the next three years when we will be looking at listing. The work would start on that process, probably a year or a year-and-a-half from today. The decision to list whether in India or the US will be taken at that point in time," Attero Recycling CEO and co-founder Nitin Gupta told PTI.
He said the company has also been able to extract metals from lithium-ion battery waste with 99 per cent efficiency and plans to become a supplier for battery metals in the next seven years.
Gupta claimed to be experiencing triple-digit growth in business on a year-on-year basis. This is on the back of compliance requirements in the sector mandating producers of electronic products in 30 categories, including mobile phones and laptops, to comply with e-waste rules and dispose of their product in a non-hazardous manner, he added.
"We are experiencing triple-digit growth year-on-year, and the company is profitable and cash flow-positive. Largely, this growth is driven by the fact that the government implemented extended producer responsibility (EPR) regulations.
"Today, 30 products are covered under the EPR regime. This number is expected to increase to 700 products. These targets are set to 2025," Gupta said.
He said that the company is planning to have around six franchisees in various states of the country, which will give it an additional capacity of 30,000 tonnes per year, on the top of its current capacity of 1,44,000 tonnes per year in the Roorkee facility.
"By the end of the next year, we are expecting that we will increase this number by an additional 1,56,000 tonnes per year by adding roughly around 14 franchisees and covering the entire India.
"We will essentially have a plant in every part of the country, every state of the country, and using a hub and spoke methodology," Gupta said.
He said precious metal refining is happening at its Roorkee plant.
The company is planning new plants in Telangana, Uttar Pradesh, Karnataka and Maharashtra, and in every state by the end of 2022.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Mutual Fund SIP: Invest Rs 1000 per month to grow your corpus to over Rs 3.5 core at retirement, know calculations
Top 7 Stocks to Track: This defence PSU multibagger can give 45% return; food delivery app stock likely to rise 19%
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
08:13 PM IST