Gravita India Ltd to Acquire Rashtriya Metal Industries Limited for INR 565 Crores

Gravita India Ltd has entered into a binding term sheet for the acquisition of up to 100% of the stake in Rashtriya Metal Industries Limited (RMIL) for a total consideration up to INR 565 crores. RMIL, established in 1946, is one of India’s oldest and most reputed manufacturers of copper & copper alloy products with exports to several countries. Post-acquisition, RMIL will become a subsidiary of Gravita India Ltd. The company also plans to enter the business of copper recycling.