Gurugram, March 14, 2019: Cosmos Green FZE, a UAE based metals recycler is opening 8 new warehouses in Mumbai, Gujarat, and Chennai at which it will store and recycle metals. From its base in NCR, Cosmos Green is expanding across India. The innovative firm is already recycling 10,000 tons of metal scrap every year and will open warehouses in the mentioned cities because they provide easy access to ports and have ample space.
The vision behind the metal scrap warehouses stems from the realization that metal manufacturers in India extract metal from iron ore leading to pollution and depletion of natural resources. By creating large metal scrap warehouses, Cosmos Green expects to preserve natural resources, conserve energy, and deliver high-quality metal to Indian manufacturers at low cost. The metal scarp Cosmos Green will recycle will be bought from the US and Europe. By 2024 Cosmos Green expects to recycle 1,80,000 tons of metal scrap each month; a significant proportion of the 5,00,000 tons of metal scrap demanded each month by Indian industry.
Funding of $3 million for the Indian arm of Cosmos Green was provided by the promoters and the company is in discussions with private equity firms to raise $120 million in 4 tranches. The planned warehouses will measure 50,000 square feet in area and be equipped with mini furnaces, shredders, and will have ample storage space. Investment in each warehouse will be 2 crores and the remaining capital will be used to purchase machinery and procure scrap.
Speaking about its expansion across India, Mr. Rajat Kapur, CEO & Founder said “We’re proud of what we’ve accomplished in India in such a short time span. By expanding and creating large warehouses in key parts of India we will be able to recycle metals imported from overseas efficiently and supply metal to manufacturers at a low cost. Our strength lies in our innovative model that’s a win-win for manufacturers, society, the environment, and Cosmos Green. Within a few short years, we expect to supply large quantities of metal to domestic manufacturers through our warehouses and in the process help preserve resources and better the environment.”
Corporate Comm India(CCI Newswire)
