Gravita India Limited , a leading global recycling company, has signed definitive agreements to acquire a 98.95% stake in Rashtriya Metal Industries Limited for a total consideration of ₹559.08 crores. The transaction marks a significant strategic expansion for the Jaipur-based recycling leader into the copper and copper alloy manufacturing sector.

Transaction Structure

The acquisition encompasses multiple components, with Gravita India acquiring stakes from different shareholders including SPV Global Trading Limited, which is selling its 54.90% stake for ₹310.17 crores as part of the overall deal.

Target Company Profile

Rashtriya Metal Industries Limited stands as one of India's most reputed manufacturers of copper and copper alloy products, including strips and coils. The company has established a strong international presence with approximately 40% of its revenue derived from exports to key markets.

Strategic Rationale

The acquisition enables Gravita India to strategically expand its recycling portfolio beyond its existing businesses in lead, plastic, rubber, and aluminum recycling. RMIL's established presence in electrical and automotive applications provides Gravita access to high-entry-barrier segments that align with India's Make in India initiatives.

This move positions Gravita as an integrated recycling and value-added product manufacturer, enhancing its competitive positioning and margin profile through copper scrap recycling to copper alloys manufacturing.

Market Context

The acquisition comes amid growing global demand for copper, with world refined copper usage having more than tripled over the past 50 years. This growth is driven by expanding sectors including electrical and electronic products, building construction, industrial machinery and equipment, transportation equipment, and consumer products.

Regulatory Compliance

The transaction has been disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Global M&A advisory firm Singhvi Advisors acted as exclusive strategic and financial advisor, while Crawford Bayley & Co. Advocates & Solicitors provided legal advisory services to Gravita India.

SPV Global Trading Limited has announced its unaudited financial results for the third quarter ended 31st December 2025, presenting a contrasting picture between its standalone and consolidated performance. The company's Board of Directors approved these results at a meeting held on 10th February 2026.

Standalone Financial Performance

The company's standalone operations showed continued challenges during Q3FY26. Total income remained minimal at ₹1.05 lakhs, consisting entirely of other income, as revenue from operations was nil during the quarter.

Despite the loss, the company showed improvement compared to the previous quarter, with reduced losses and lower total expenses. The company maintained its paid-up equity capital at ₹196.00 lakhs throughout the reporting periods.

Consolidated Financial Performance

The consolidated results painted a significantly different picture, driven primarily by the performance of subsidiary Rashtriya Metal Industries Limited. The consolidated entity demonstrated robust operational performance across key metrics.

The consolidated net profit of ₹2,524.70 lakhs represented a substantial increase of 355.58% compared to Q3FY24, demonstrating the strong contribution from subsidiary operations.

Nine Months Performance Analysis

For the nine months ended 31st December 2025, the consolidated entity showed consistent growth momentum. Revenue from operations reached ₹75,531.08 lakhs compared to ₹69,942.84 lakhs in the corresponding period of the previous year. The consolidated net profit for nine months stood at ₹3,945.86 lakhs, significantly higher than ₹1,401.06 lakhs in the previous year.

Subsidiary Structure and Contribution

The consolidated results include Rashtriya Metal Industries Limited as a 54.90% subsidiary, along with two subsidiary LLPs - RMIL Real Estate LLP and RMIL Properties LLP. The subsidiary's financial information was reviewed by other auditors, with total income of ₹23,732.80 lakhs and net profit of ₹2,527.01 lakhs for the quarter.

Operational Highlights

The company's primary business remains trading activities, with no other reportable segments as defined by Indian Accounting Standard 108. The consolidated entity showed strong operational efficiency with improved profit margins and effective cost management across various expense categories including material costs, employee benefits, and finance costs.

The financial results were prepared in accordance with Indian Accounting Standards and were subject to limited review by statutory auditors SIGMAC & CO, Chartered Accountants.