Hindalco buys Polycab's subsidiary to boost copper rod production
Real Estate

Hindalco buys Polycab's subsidiary to boost copper rod production

Hindalco Industries Limited has procured a Polycab India Limited subsidiary as the Kumar Mangalam Birla-controlled firm plans to increase its copper rod production capacity, enabling it to provide to the surging demand from the electrical and electronics sectors.

The 100% takeover of Ryker Base Private will be via Hindalco’s wholly-owned subsidiary Renuka Investments & Finance Limited for an enterprise value of Rs 323 crore, as per an exchange filing.

The agreement is subject to customary adjustments for working capital and net debt as of the date of closing. Ryker has a 225,000-tonne plant for production cast, rolled copper wire rods situated at Gujarat.

According to the managing director at Hindalco Industries, Satish Pai, the agreement is a step forward towards Hindalco’s downstream plan. In a filing, he said that the firm has recently declared two projects — a greenfield aluminium extrusions facility in Silvassa and a flat-rolled products plant in Hirakud — intended at improving product mix towards more value-added products. The Ryker agreement will further enhance their portfolio of downstream products. Shares of Hindalco closed 2.32% higher on Wednesday as against a 0.33% drop in the Nifty 50.

Image Source

Hindalco Industries Limited has procured a Polycab India Limited subsidiary as the Kumar Mangalam Birla-controlled firm plans to increase its copper rod production capacity, enabling it to provide to the surging demand from the electrical and electronics sectors. The 100% takeover of Ryker Base Private will be via Hindalco’s wholly-owned subsidiary Renuka Investments & Finance Limited for an enterprise value of Rs 323 crore, as per an exchange filing. The agreement is subject to customary adjustments for working capital and net debt as of the date of closing. Ryker has a 225,000-tonne plant for production cast, rolled copper wire rods situated at Gujarat. According to the managing director at Hindalco Industries, Satish Pai, the agreement is a step forward towards Hindalco’s downstream plan. In a filing, he said that the firm has recently declared two projects — a greenfield aluminium extrusions facility in Silvassa and a flat-rolled products plant in Hirakud — intended at improving product mix towards more value-added products. The Ryker agreement will further enhance their portfolio of downstream products. Shares of Hindalco closed 2.32% higher on Wednesday as against a 0.33% drop in the Nifty 50. Image Source

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?