Tega Industries Limited has successfully completed the acquisition of Molycop, a global leader in grinding media for the mining industry, in consortium with Apollo Funds. The transaction was valued at approximately USD 1.5 billion. This strategic move marks a significant milestone for Tega, especially during its 50th anniversary year, positioning the combined entity as a dominant player in the critical consumables sector for mining and mineral processing industries worldwide.
Tega Industries Secures Molycop Acquisition
Kolkata / New York, June 1, 2026 – Tega Industries Limited (NSE: TEGA/ BSE: 543413), in collaboration with funds managed by Apollo (NYSE: APO), has announced the successful completion of its acquisition of Molycop. Molycop, a prominent global supplier of grinding media for the mining industry, was acquired from an affiliate of American Industrial Partners (AIP) for an enterprise value of approximately USD 1.5 billion.
Strategic Milestone and Combined Strengths
This acquisition is a landmark event, occurring during Tega’s 50th anniversary year. The combined business is set to become one of the world’s leading manufacturers of ‘critical-to-operate’ consumables for the mining, minerals processing, and material handling sectors. The synergy is expected to enhance product portfolios and drive innovation. Mr. Mehul Mohanka, Managing Director and Group CEO of Tega Industries, highlighted that Molycop’s scale, technological capabilities, and customer relationships align perfectly with Tega’s vision for growth and innovation.
Synergy with Apollo Funds
Gaurav Pant, Partner at Apollo, commented on the investment, stating that Tega and Molycop together form a scaled, global platform focused on critical mining consumables and services. He emphasized Apollo’s role in providing tailored solutions for transformational change and expressed enthusiasm for partnering with the management teams to build on this foundation.
Impact on Market Presence and Operations
The integration of Molycop is expected to significantly expand Tega’s global footprint. Molycop’s existing presence in the US, Canada, Latin America, and Australia will complement Tega’s strong presence in Europe, the Middle East, Commonwealth of Independent States, Latin America, and Africa. This consolidation will result in a combined entity with a presence in 26 global manufacturing sites. The immediate focus for Tega, over the next 8 quarters, will be on operational and business integration, aiming to offer a comprehensive mill optimisation solution and serve a larger share of customer needs across the milling value chain.
Advisory Teams
The transaction involved significant advisory support. Argus Partners and Latham & Watkins LLP served as legal counsel for Tega Industries and the Apollo Funds, with J.P. Morgan and PwC providing advisory services. Ropes & Gray LLP and Baker Botts LLP acted as legal and regulatory counsel, respectively, for Molycop and AIP. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC provided financial advisory services to Molycop and AIP.
About the Companies
Tega Industries Limited is a Kolkata-headquartered company established in 1976, specializing in ‘critical-to-operate’ consumables for the mining and mineral processing industries. It has a presence in over 92 countries.
Apollo is a global alternative asset manager with approximately USD 1.03 trillion of assets under management as of March 31, 2026.
Molycop is a long-standing supplier of grinding media and chemicals for the mining industry, with a client network spanning over 400 mines in 40 countries. It has a history of over 100 years.
Source: BSE
