Gravita India Limited on Monday said its board has approved the signing of a binding term sheet to acquire up to 100% stake in Rashtriya Metal Industries Limited (RMIL) for a total consideration of up to ₹565 crore, subject to completion of due diligence and other customary conditions.
The acquisition, once completed, will make RMIL a wholly-owned subsidiary of Gravita India and is part of the company’s broader strategy to expand its manufacturing footprint and strengthen its presence in the non-ferrous metals segment.
Established in 1946, RMIL is one of India’s oldest manufacturers of copper and copper alloy products, primarily strips and coils, and has a strong export presence across markets such as the UAE, the US, Thailand, Sri Lanka, Oman, Saudi Arabia, Kenya and Indonesia.
For the financial year ended March 31, 2025, RMIL reported a turnover of ₹910 crore, net worth of ₹300 crore, and total assets of ₹558 crore. The company has delivered consistent growth over the last three years, with revenues rising from ₹598 crore in FY23 to ₹688 crore in FY24 and ₹910 crore in FY25.
Gravita India said the transaction is not a related party deal and none of its promoters or group companies have any interest in RMIL. The acquisition will be funded entirely through cash consideration, via bank transfer or cheque.
The company expects to complete the transaction by March 31, 2026, or such other date as may be mutually agreed between the parties. No regulatory or governmental approvals are required for the deal.
According to Gravita, the investment is aligned with its strategic objective of expanding its product portfolio and strengthening its manufacturing and processing capabilities in high-growth metal segments, particularly copper and copper alloys.
Industry experts said the proposed acquisition could help Gravita diversify beyond its core recycling business and enhance its access to export markets, while also adding scale in value-added copper products used across power, automotive, electronics and infrastructure sectors.