Gravita India partially cancels Rs 300 cr order

India’s largest lead recycler Gravita India said it has been forced partially cancel a Rs 300 cr order received earlier this year due to counterparty problems.

The company said it supplied only 3,800 tons out of the contracted Rs 18,000 tons to buyer Kyen Resources Pte. Ltd. Singapore.

“The contract entered with them has been terminated due to some management and financial issues at the end of Kyen Resources,” it said.

Gravita said it will divert the remaining supply of 14,200 MT to other customers.

“The management of the company is of the view that termination of above contract will not have any material impact on the financials of the company as the company is already having an order book of approx Rs 260 crores in hand for lead, aluminium and plastic products,” it added.

The order was first reported in March this year.