Jharsuguda (Odisha), Apr 15 (PTI) Runaya, a metal recycling startup of two sons of Vedanta executive vice-chairman Navin Agarwal, said it is ready with all paper work and waiting for bankers’ go-ahead to launch its initial public offering.
“We are prepared from the paper work point of view. We are 100 per cent prepared,” Annanya Agarwal, one of the co-founders and CEO at Runaya, told PTI in an interaction here.
The company, however, is yet to have any timelines or dates as far as its initial public offering (IPO) plan is concerned.
“We are focussing on building our company….from the execution point of view we try to stay ready…we want to be ready and we want to build the best company… And when our bankers tell us it’s the right time (to go public) then we will go ahead,” Agarwal said.
Runaya has already invested around Rs 300 crore and plans to infuse an additional Rs 700 crore over the next 18-20 months for the expansion of its business.
“This (Rs 700 crore investment) will include expansions within our aluminium dross. It will include expansions in our zinc. So the zinc and dross will contribute around 30 per cent of that value,” he said.
“We are looking at a new project. So the green metal, what I mentioned to you, the green aluminium that we are recovering, the lowest carbon aluminium in the world. We are trying to find additional products that can be made from that aluminium,” he explained.
The company, he said, is hopeful to start its project to begin manufacturing green aluminium powder which finds its basic application in paint.
The Mumbai-based company currently deals in green aluminium recovery and diversified metal recovery under its sustainability operations.
Runaya is expecting its revenue to scale up to Rs 1,200 crore in the ongoing fiscal and Rs 2,000 crore in the next financial year. The company achieved a revenue of Rs 500 crore in FY24.
The company recycled 57,377 metric tonnes of waste in the last fiscal while producing 24,391 metric tonnes of green metal.
It hopes to continue the momentum in the ongoing financial year with a total waste recycling of 1,00,000 metric tonnes and 45,000 metric tonnes of green metal, and in FY26, with a recycling of 2,00,000 metric tonnes of waste and 90,000 metric tonnes of green metal.
Runaya aspires to process five million tonnes per annum of waste and recover 250 kilo tonne per annum of green metal. PTI SID HVA
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