Hindalco Industries announced the acquisition of 100% equity stake in Ryker Base (Ryker) - a wholly owned subsidiary of Polycab India. The acquisition will be through Hindalco's wholly owned subsidiary Renuka Investments & Finance. The purchase consideration for the equity stake is based on an enterprise value of Rs. 323 crores, subject to customary adjustments for working capital and net debt as on the date of closing.
Ryker's 225,000-ton plant for manufacturing cast and rolled copper wire rods is located at Waghodia (Gujarat). Hindalco operates one of the world's largest single-location custom Copper Smelters at Dahej in Gujarat, with a copper rod capacity of 345,000 tons. The acquisition will strengthen Hindalco's copper rod manufacturing capacity by providing a time-to-market advantage, allowing the Company to cater to the growing demand from electrical and electronics sectors.
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