Precision Wires India to Set Up Copper Waste & Scrap Recycling Facility

Precision Wires India Ltd., a Mumbai-based manufacturer of winding wires, will be investing about Rs. 188 crore to set up a Copper waste and scrap recycling facility in Gujarat’s Zaroli village. This investment amount does not include the sum that the company will spend for land acquisition.

In order to facilitate development of this new unit, Precision Wires India’s board has approved “…availing of secured term loan and other banking arrangements with banks”. However, details about the loan amount, or identity of these banks have not been disclosed by the company.

Precision Wires has already obtained requisite permissions from Gujarat Pollution Control Board and Gram Panchayat Zaroli for setting up and operating the aforementioned facility.

Considering the company’s financials, Precision Wires India reported a turnover of Rs. 3,301.69 crore for FY-24, which represents a 36.23% top-line growth YoY.