Hindalco Industries on Thursday said its arm Renuka Investments and Finance has completed the acquisition of 5.2 crore shares of Ryker Base for a consideration of Rs 167.54 crore.
The company had earlier said the acquisition will strengthen Hindalco's copper rod manufacturing capacity by providing a time-to-market advantage.
Hindalco Industries on Thursday said its arm Renuka Investments and Finance has completed the acquisition of 5.2 crore shares of Ryker Base for a consideration of Rs 167.54 crore.
However, this is subject to the adjustment of the final purchase price in accordance with the sale and purchase agreement (SPA), Hindalco Industries said in a filing to the BSE.
"Renuka Investments and Finance Ltd (a wholly-owned subsidiary of the company) has completed the acquisition of 5,20,20,000 equity shares of Rs 10 each of Ryker Base Pvt Ltd for a consideration of Rs 1,675.4 million (Rs 167.54 crore), subject to adjustment of the final purchase price in accordance with the SPA," it said.
Consequent to the said acquisition, Ryker Base Pvt Ltd has become a wholly-owned subsidiary of Renuka Investments and Finance Ltd, it added.
The company had earlier said 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 the electrical and electronics sectors.
Ryker's 2,25,000-tonne 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 3,45,000 tonnes.
"Hindalco's copper is a vital input into India's accelerating journey on electrification, urbanisation, renewables and e-mobility. Keeping the needs of the nation and industry in mind, the company has taken the step to expand its capacity," Satish Pai, managing director of Hindalco Industries, had said.
(With PTI Inputs)