Gravita India Limited announced on March 12, 2026, that it has entered into definitive agreements to acquire 41,08,639 equity shares, representing approximately 98.95% of the paid-up share capital, of Rashtriya Metal Industries Limited (RMIL). The total consideration for this strategic acquisition is set at INR 559.08 Crores, paid entirely in cash. This move is aimed at expanding Gravita’s presence and strengthening its capabilities within the copper and copper alloy manufacturing sector.
Strategic Acquisition of RMIL Finalized
Gravita India Limited has confirmed the finalization of agreements for the strategic acquisition of Rashtriya Metal Industries Limited (RMIL). This transaction involves acquiring 41,08,639 equity shares, which equates to approximately 98.95% of RMIL’s paid-up share capital. The definitive documents were executed on March 12, 2026.
Transaction Details and Consideration
The total cost associated with acquiring this controlling stake in RMIL amounts to INR 559.08 crores. The consideration for the acquisition will be settled entirely through a cash payment, disbursed via cheque or bank transfer. The deal is expected to be completed by March 31, 2026, or an alternative mutually agreed date.
Target Entity Profile (RMIL)
RMIL, originally incorporated on November 28, 1946 (CIN: U99999MH1946PLC005378), is primarily engaged in the manufacturing of copper and copper alloy products, including strips and coils, with significant exports to regions like the UAE, USA, and Saudi Arabia. Key financials for RMIL as of March 31, 2025, show a Net Worth of ₹300 Crores, Total Assets of ₹558 Crores, and a Turnover of ₹910 Crores for FY 2024-25. Turnover for the past three fiscal years has shown consistent growth: ₹598 Crores (FY 22-23) and ₹688 Crores (FY 23-24).
Deal Rationale and Compliance
Gravita states that the acquisition represents a key part of the Company’s strategic initiative to expand its presence and strengthen its capabilities in the relevant industry segment. Furthermore, the Company confirms that this transaction does not constitute a related party transaction, and no promoter or promoter group entities have any pre-existing interest in RMIL.
Source: BSE
