Sunlite Recycling Industries Ltd IPO

About Sunlite Recycling Industries Ltd

Sunlite Recycling Industries Limited was originally formed as partnership firm under the Indian Partnership Act, 1932 (Partnership Act) in the name and style of M/s. Sunlite Industries, pursuant to a deed of partnership entered between Prahladrai Ramdayal Heda, Nitin Kumar Heda and Khushboo Manishkumar Heda executed on dated September 28, 2017 on the terms and conditions contained in the said partnership deed. Later on, M/s Sunlite Industries was thereafter converted from partnership firm to a private limited Company under part I Chapter XXI of Section 366 of the Companies Act, 2013 with the name and style of Sunlite Alucop Private Limited and received a certificate of incorporation dated August 04, 2022 issued by the Registrar of Companies, Central Registration Centre bearing Corporate Identification Number U27200GJ2022PTC134540. Further, pursuant to Special Resolution passed by the shareholders at the Extra Ordinary General Meeting held on January 12, 2024, the name of our Company was changed from Sunlite Alucop Private Limited to Sunlite Recycling Industries Private Limited and a fresh certificate of incorporation consequent upon change of name was issued by the Registrar of Companies, Ahmedabad vide letter dated January 18, 2024. Subsequently, the Company was converted into a Public Limited Company vide Special Resolution passed by the Shareholders at the Extra Ordinary General Meeting, held on February 10, 2024 and consequently the name of the Company was changed from Sunlite Recycling Industries Private Limited to Sunlite Recycling Industries Limited vide a fresh certificate of incorporation consequent upon conversion from private company to public company dated April 30, 2024 issued by the Registrar of Companies, Central Processing Centre. Our Company's Corporate Identity Number is U27200GJ2022PLC134540.

While global copper consumption growth would remain tepid at 2% in CY2023, ICRA projects domestic copper demand growth at a healthy ~11% in FY2024 and FY2025. Domestic refined copper demand growth is expected to remain healthy at 11% in FY 2024 and FY 2025 outpacing the rate of global growth in copper demand, given the Government of India's (GoI's) thrust on infrastructure development and a gradual transition to renewable energy. In the domestic market, around 40% of the copper is consumed by infrastructure and construction sector and 11-13% each in the automobile and consumer durable sectors. Significant emphasis by GoI towards affordable housing schemes, smart city projects, the Defence sector as well as the expected higher penetration of EVs and its associated infrastructure bode well for the domestic copper demand outlook.

Sunlite Recycling Industries Limited is engaged in the business of manufacturing of copper rods & wires, copper earthing wires, copper earthing strips, copper conductors, copper wire bars etc. through recycling of copper scrap, which has electrical and mechanical properties suitable for applications in power generation, transmission, distribution and electronic industries. Further, the company is also engaged in providing job work services for processing of various products of copper. The Company employs an internal quality control mechanism to ensure that its finished product conforms to the exact requirement of its customers.

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