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Hindalco Industries, an Aditya Birla Group company, has acquired Ryker Base, a wholly-owned subsidiary of Polycab India for ₹323 crore.
The acquisition was executed through Hindalco’s wholly-owned subsidiary Renuka Investments and Finance.
Ryker has a cast and rolled copper wire rod manufacturing facility of 225,000 tonne at Waghodia in Gujarat. The company’s copper wire rod facility, which uses German technology, consumes less energy and is significantly lower on carbon emissions. The plant is well aligned with Hindalco’s ESG focus.
Hindalco operates one of the world’s largest single-location custom copper smelters at Dahej in Gujarat, with a copper rod capacity of 345,000 tonne.
The acquisition will further strengthen Hindalco’s copper rod manufacturing capacity by providing a time-to-market advantage, allowing the company to cater to the growing demand from electrical and electronics sectors.
Satish Pai, Managing Director, Hindalco Industries, said the copper produced by the company is a vital input for India’s accelerating journey on electrification, urbanisation, renewables and e-mobility.
The acquisition will also take forward Hindalco’s downstream strategy.
Hindalco is in the process of setting up a greenfield aluminium extrusions plant at Silvassa, and a flat-rolled products facility in Hirakud to enhance its product mix towards more value-added products. The Ryker deal will further enhance downstream portfolio.
Hindalco, the largest copper producer, with products that are customised for use in home electrification and core sectors such as power, construction, automobiles and Indian Railways.