Innovative Metals Recycler, Cosmos Green’s Plans 8 Large Warehouses across India
Gurugram, March 2019: Cosmos Green FZE, a UAE based metals recycler is opening 8 new warehouses in Mumbai, Gujarat, and Chennai at which it will process and recycle metals’ scrap. From its base in NCR Delhi, Cosmos Green is expanding across India. The innovative firm is already handling 20,000 tons of metal scrap every year and will now open warehouses in the mentioned cities as they provide easy access to ports, located near to metal manufacturers’ production plants and have ample space.
The vision behind the metal scrap warehouses stems from the realization that shortage of scrap in India leads to metal production from virgin material leading to pollution, higher energy consumption 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 and thus promote metal recycling. The metal scrap Cosmos Green will recycle will be bought primarily 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 approx 17,00,000 tons of metal scrap demanded each month by Indian metal manufacturers.
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 each and be equipped with mini furnaces, shredders, sensor based sorting machines with latest technology 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 metal manufacturers through our warehouses and in the process help preserve resources and better the environment.”