On the 13th day of March, 2025, The wholly-owned subsidiary of Rusal has signed an agreement with Pioneer Group and KCap Group (both independent third parties) to acquire Pioneer Aluminium Industries Limited shares in stages. The target company is registered in India and operates a metallurgical grade alumina refinery in Andhra Pradesh, India, with an annual capacity of 1.5 million tonnes. The Seller and the Buyer intend to supply bauxite to the Target Company and to obtain alumina.
Under the agreement, the Purchaser agrees to acquire up to 50% of the share capital of the Target Company in three phases. The first phase, acquiring a 26% stake at a total cost of $244 million, plus a contract adjustment of net working capital and debt, is subsequently paid pro rata. Pioneer The company group is composed of a number of legal entities that operate under joint contro. The KCap Corporation Group consists of two companies, also operating under joint control.
Upon completion of the acquisition, the target company operates as a joint venture and is not a subsidiary of Rusal. The parties will sign a shareholder agreement to clarify the rights and obligations of shareholders and handle corporate affairs.
Post time: Mar-17-2025