Rain Calcining, a subsidiary of Hyderabad-based calcined petroleum coke and power producer Rain Calcining, has completed its acquisition of CII Carbon (CII) for a cash purchase price of approximately $595 million on July 19, 2007. The cash purchase price is subject to certain adjustment.Further, the company has informed that Rain Commodities (USA) Inc, a subsidiary of the company, has invested $92 million in convertible redeemable non-voting preferred stock in Rain Calcining in connection with the financing of the acquisition.In a release issued to the Bombay Stock Exchange (BSE) today, the company said with the acquisition of CII it has become the largest manufacturer of calcined petroleum coke in the world.
