New Delhi, Jan 8 (PTI) Avro India plans to list its wholly-owned subsidiary Avro Recycling by FY28 and raise up to Rs 300 crore through a public issue to support the expansion of its recycling business,
a top company official said on Thursday.
Managing Director Sahil Aggarwal said the company is exploring a standalone listing of Avro Recycling, which is currently operating under the umbrella of Avro India, to mobilise funds for future growth.
"We would do a standalone listing of Avro Recycling Limited as it is under Avro India Limited right now, and that is how we will be able to raise a lot of funds," Aggarwal told PTI on the sidelines of a company event here.
He added that the company expects to raise about Rs 200–300 crore in a single tranche through the proposed listing, subject to market conditions.
The funds would be used to set up additional recycling plants across the country. At present, Avro Recycling undertakes captive production of recycled plastic pellets for Avro India, which is primarily engaged in the manufacturing of plastic furniture.
According to the company's website, Avro currently has the capacity to recycle 6,000 metric tonnes of plastic waste annually and manufacture up to 5 million pieces of furniture, reflecting its focus on scaling up sustainable solutions. PTI ABI UJN HVA
