Gravita India Limited has announced the acquisition of a 98.95% stake in Rashtriya Metal Industries Limited for a total consideration of ₹559.08 crore. The acquisition involves 41,08,639 equity shares of RMIL.
The acquisition is a strategic move by Gravita India to expand its presence and strengthen its capabilities in the manufacturing sector. Rashtriya Metal Industries is engaged in the production of copper and copper alloy products, with a significant export market including countries such as the UAE, USA, Thailand, Sri Lanka, Oman, Saudi Arabia, Kenya, and Indonesia.
Rashtriya Metal Industries reported a net worth of ₹300 crore, a turnover of ₹910 crore, and total assets amounting to ₹558 crore as of March 31, 2025. The acquisition is not classified as a related party transaction, and none of Gravita India’s promoters or promoter group have any interest in RMIL.
The transaction is expected to be completed by March 31, 2026, or another mutually agreed date. The acquisition will be settled in cash, either through cheque or bank transfer.
Rashtriya Metal Industries, incorporated on November 28, 1946, has been manufacturing copper and copper alloy products. The company has shown consistent growth, with a turnover of ₹910 crore in FY 2024-25, up from ₹688 crore in FY 2023-24 and ₹598 crore in FY 2022-23.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).