Gravita India said on 9 February that it had signed a binding term sheet to acquire up to 100% of Rashtriya Metal Industries, a Gujarat-based maker of copper and copper-alloy products, for about ₹565 crore.
Why Gravita India Ltd is buying Rashtriya Metal Industries Ltd
Gravita said the deal would take the group into copper as a new vertical, raise the share of its non-lead business and open backward-integration opportunities, with procurement, logistics and sales synergies with its existing plants. It linked the acquisition to its Vision 2028 targets.
Deal terms and financing
The term sheet covered up to 100% of RMIL's equity through a share purchase agreement with existing shareholders, subject to due diligence and definitive documentation. Gravita signed the definitive agreement on 12 March for 98.95% of the shares at ₹559.08 crore in cash.
Regulatory approvals and timing
Gravita had targeted completion by 31 March 2026. RMIL became a subsidiary in March after the share purchase agreement was executed, and the company's fourth-quarter results in May reported a 99.44% stake, according to Bar & Bench and Univest coverage of the filings.
Market context
RMIL exports about 40% of its output to markets including the UAE, the US, Thailand, Sri Lanka, Kenya, Indonesia, Oman and Saudi Arabia. Its plant sits on 58,287 square metres of land in Sarigam.
