Gravita India Limited announced on February 9, 2026, that its Board has approved a binding term sheet to acquire up to 100% of Rashtriya Metal Industries Limited (RMIL). The total consideration for the acquisition is set at a maximum of INR 565 crores. RMIL, established in 1946, is a major manufacturer of copper and copper alloy products. This strategic move aims to significantly expand Gravita’s presence in the copper recycling and manufacturing ecosystem, with completion targeted by March 31, 2026.
Strategic Acquisition Approved by Board
Gravita India Limited announced the approval of a binding term sheet following its Board meeting held today, February 9, 2026. The primary agenda item approved was the acquisition of up to 100% of the equity share capital of Rashtriya Metal Industries Limited (RMIL). The proposed total consideration for this acquisition is capped at a maximum of INR 565 crores, subject to the successful completion of due diligence and other standard conditions.
About the Target Entity: RMIL
RMIL is described as one of India’s oldest and most reputed manufacturers, specializing in copper & copper alloy products, including strips and coils, with established export markets spanning the UAE, USA, Thailand, Oman, and several other nations. The acquisition is deemed a strategic initiative for Gravita to significantly expand its presence and strengthen its capabilities, specifically in the business of copper recycling.
Financial Snapshot of RMIL (as of March 31, 2025)
The annexure provided key financial figures for RMIL:
- Net worth: ₹300 Crores
- Turnover: ₹910 Crores
- Total Assets: ₹558 Crores
The turnover history for the last three fiscal years shows consistent growth:
- FY 24-25: ₹910 Crores
- FY 23-24: ₹688 Crores
- FY 22-23: ₹598 Crores
Transaction Details
The transaction is confirmed not to be a related party transaction, and no promoter group entities have any interest in RMIL. The nature of the consideration will be Cash, settled via cheque or bank transfer. The indicative time period for the completion of the acquisition is set for March 31, 2026, or another mutually agreed date. Upon acquisition, RMIL will transition into a subsidiary of Gravita India Limited.
The Board meeting commenced at 02:30 P.M. and concluded at 05:30 P.M.
Source: BSE
