Kolkata, June 1: Tega Industries Ltd has completed the acquisition of global mining consumables manufacturer Molycop, marking the closure of a transaction valued at about $1.5 billion and creating one of the world’s largest suppliers of critical consumables for the mining and mineral processing industry.
In a regulatory filing on Monday, the company said all conditions precedent, including regulatory and anti-trust approvals, have been fulfilled and the transaction was completed on June 1, 2026.
As part of the deal, Tega MC Investment Pte. Ltd., a wholly-owned subsidiary of Tega Industries, acquired around 84.2% stake in Tega MC JV Holdings Pte. Ltd. for an aggregate consideration of $394.3 million. Apollo Funds, through AP Jupiter Holdco (SG) Pte. Ltd., acquired the remaining 15.8% stake for about $74.1 million and additionally invested $270 million in redeemable preference shares of a subsidiary of the Singapore-based holding company.
Through its subsidiaries, the joint venture holding company has acquired the equity interests of the Molycop group, which operates 13 metal grinding media manufacturing facilities and maintains a presence in more than 40 countries, including the US, Canada, Mexico, Chile, Peru, Australia and Indonesia.
Founded in 1918, Molycop is a leading global supplier of grinding media used in semi-autogenous grinding (SAG) mills and ball mills, products that are critical to the extraction and processing of minerals such as copper and gold. The company also has three active joint ventures and another joint venture under development.
Tega said the acquisition would significantly strengthen its position in the global mining industry by expanding its portfolio beyond mill liners, transfer chutes, trommels, screen decks and conveyor accessories. The combined entity will be able to offer integrated solutions across crushing, grinding, concentration and extractive metallurgy, covering a large part of the mining value chain.
According to the company, the transaction was based on an enterprise valuation of approximately $1.5 billion. The purchase price payable at closing, after agreed adjustments, was determined at $393 million, of which $18 million has been placed in escrow. The sellers are also entitled to a contingent payment of up to $120 million over a period of up to 45 months, subject to the achievement of specified performance targets.
Tega said the acquisition would provide access to complementary products, enhanced research and development capabilities, and a globally integrated manufacturing and distribution network, strengthening customer relationships and expanding its footprint in the mining consumables market.