Metal recycling startup founded by sons of Vedanta’s Naveen Agarwal gears up to go public

Runaya, a metal recycling startup founded by the sons of Navin Agarwal, the executive vice-chairman of Vedanta, is ready with all the necessary paperwork for its initial public offering (IPO).

The company said that it was now waiting only for the approval of bankers, according to a report by news agency PTI.

Annanya Agarwal, one of the co-founders and CEO at Runaya, told the news agency in Jharsuguda, Odisha, that the company is ‘100% prepared’ to go public in terms of paperwork.

According to the report, Agarwal added that the focus was on building the company, and from an execution standpoint, they want to remain prepared. The company will go ahead when the bankers indicate the ‘right time’ to launch the IPO.

Runaya has already invested approximately ₹300 crore in its operations and intends to inject an additional ₹700 crore within the next 18-20 months to fuel its expansion. This ₹700 crore investment, according to Agarwal, will cover expansions in both the company’s aluminium dross and zinc segments.

The company was also exploring a project focused on using its green aluminium. The project is expected to have the lowest carbon footprint globally.

In December 2023, Naivedya Agarwal, co-founder, and CEO had said in an interview that Runaya was gearing up to venture into the mine tailings treatment domain. Tailings, or the remnants or residual material from the mining process, require proper management or disposal once the valuable mineral has been extracted from the ore. Agarwal revealed that Runaya had already ventured into the recovery of materials from zinc and initiated a facility dedicated to smelting zinc waste to reclaim minerals such as nickel, cadmium, cobalt and lithium.

Mumbai-based Runaya has a diversified business portfolio spanning two major segments. Under Green Aluminium Recovery, Runaya Refining’s metal recovery systems extract green aluminium from hazardous aluminium dross in an environmentally friendly manner.

In its Diversified Metal Recovery segment, Runaya addresses the environmental effects of zinc smelting wastes and mine tailings generated during ore metal extraction. The company’s goal is to recover chemicals and major and minor metals, helping to preserve the environment and make better use of available resources.

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