CMR Green Technologies takes IPO step

Faridabad, India-based secondary aluminum producer CMR Green Technologies, formerly known as Century Metal Recycling, has filed paperwork with a regulatory agency to raise funds through an initial public offering (IPO).

Proceeds from the anticipated IPO would go toward “the payment of debt and general corporate purposes,” according to the company.

On its website, CMR Green Technologies describes itself as India’s largest producer of aluminum and zinc die-casting alloys with a combined annual capacity of more than 310,000 metric tons.

The company says it is “primarily focused on the recycling of aluminum, which involves the processing of aluminum-based metal scrap to manufacture aluminum alloys and supplying them in liquid form as well as solid ingots.”

At the 2020 Materials Recycling Association of India (MRAI) meeting near Delhi in February of that year, the company’s managing director, Mohan Agarwal, told delegates, “Scrap is the future and recycling.” He made that statement while acknowledging India’s government sometimes imposes lofty duties on imported aluminum scrap, potentially related to lobbying by the nation’s primary aluminum producers.

CMR Green Technologies currently operates 12 manufacturing plants, four of which involve joint ventures with Japanese companies Toyota Tsusho Corp. and Nikkei MC Aluminium.

ICICI Securities, Axis Capital and JM Financial, all based in Mumbai, are involved in the IPO preliminary filing.