Rusal had agreed to buy a 26% equity stake in Pioneer Aluminium Industries Limited and plans to acquire up to 50% stake in the subsequent stages.
Mar 14, 2025
Rusal, a Russian aluminium production company, had agreed to buy a 26% equity stake in an Indian alumina refinery, Pioneer Aluminium Industries Limited. The company plans to acquire up to 50% stake in the subsequent stages.
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The company has lost a proportion of its alumina imports from Australia and as a result has increased the raw material purchase from China, Kazakhstan and India.
Rusal agreed to acquire the Indian alumina refinery through a wholly-owned subsidiary, as per a report by Reuters. Initially, the Russian company would acquire 26% shares for USD 243.75 million from Pioneer plus the amount of appropriate contractual adjustments for net working capital and debt.
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Rusal, along with vendors, will supply bauxite to Pioneer group of companies and receive alumina from them in proportion to their shareholdings.
Pioneer Aluminium Industries Limited owns and operates a metallurgical grade alumina refinery in Andhra Pradesh with a production capacity of 1.5 million TPA.
