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Russia's Rusal to buy 50% stake in Indian firm Pioneer Aluminium

VCCircle

VCCircle · 4m ago

Russia's Rusal to buy 50% stake in Indian firm Pioneer Aluminium

Russian aluminium producer Rusal plans to acquire up to a 50% stake in Indian firm Pioneer Aluminium, initially purchasing 26% for $243.75 million. This move aims to mitigate Rusal's reliance on third-party raw materials after losing significant alumina supply due to Australia's export halt and the Ukraine refinery shutdown. The acquisition aligns with efforts to compensate for reduced alumina volumes, alongside increased raw material purchases from other countries, including China and Kazakhstan.

Related News

To cut reliance on China, Russia turns to India for aluminium feedstock

Reuters · 1y ago

To cut reliance on China, Russia turns to India for aluminium feedstock

Russia has increased alumina imports from India to supply its Siberian aluminium plants. This diversification is aimed at reducing Russia's dependence on China and cutting costs after losing sources of alumina in Ukraine and Australia due to geopolitical tensions and bans on supplies. Russian aluminium producer Rusal, the world's largest outside China, has diversified its alumina sources to India and Kazakhstan. In 2022, Rusal's alumina costs increased by $1.1 billion to $1.8 billion, but the company expects a decrease in 2023 compared to 2022 due to the diversification efforts.

Fairfax acquires majority stake in India aluminium products maker

VCCircle

VCCircle · 11m ago

Fairfax acquires majority stake in India aluminium products maker

Fairfax India, owned by billionaire Prem Watsa, has acquired a majority stake in an Indian aluminium products manufacturer based in Hyderabad. This move follows Fairfax's exit from Paramount Health Services and its bid to take control of IDBI Bank. The investment firm has entered into an agreement to gain control of the aluminium products maker, expanding its portfolio in India.

Falling energy costs, rising demand augur well for aluminium companies

Money Control

Money Control · 1y ago

Falling energy costs, rising demand augur well for aluminium companies

Jefferies brokerage firm has maintained a buy rating on Hindalco stock with a revised target price of Rs 610 due to capex issues at its subsidiary Novelis. Hindalco shares closed flat on February 21 as investors awaited details of Novelis' plan for an IPO. While the IPO is seen as a positive development, analysts remain uncertain about the benefits for Hindalco shareholders. The aluminium industry is expected to see a recovery in demand driven by the global push towards renewable energy. However, the potential increase in supply may keep a lid on aluminium prices.

'Faster mining nods key to meet '30 aluminium goals'

Economic Times

Economic Times · 25d ago

'Faster mining nods key to meet '30 aluminium goals'

India's aluminium vision for 2030 demands faster mining approvals and local recycling. The plan targets 50 MTPA bauxite production by FY30 and 150 MTPA by FY47. Current bauxite production is stagnant, while aluminium demand and production grow. Industry leaders recommend accelerating mining operations in resource-rich states and expediting clearance processes. Enhanced exploration and consistent policies are essential to meet increasing domestic aluminium demand, which could double by 2030 and rise further by 2047.

Wipro inks $66 mn deal to acquire US insurtech firm Aggne

VCCircle

VCCircle · 1y ago

Wipro inks $66 mn deal to acquire US insurtech firm Aggne

Indian IT services major Wipro is set to acquire a majority stake in insurtech firm Aggne Global for $66m in an all-cash deal. Wipro will initially purchase a 60% stake in the Florida-based company and its India-based affiliate, with the option to buy the remaining stake in the future. Aggne, founded in 2019, provides IT, consulting, and managed services to the property and casualty insurance industry. The acquisition is expected to bolster Wipro's position in the insurance market and enhance its range of offerings.

Marquee PE firms join race to buy out ICICI Venture from bakery chain

VCCircle

VCCircle · 1y ago

Marquee PE firms join race to buy out ICICI Venture from bakery chain

Several major global private equity firms and strategic buyers are competing to buy out ICICI Venture's stake in a local bakery chain. ICICI Venture, an established Indian private equity firm, is involved in various sectors such as private equity and real estate. The details of the potential buyers and the bakery chain have not been disclosed.

Musk buys bankrupt parachute company for $2.2 million

Siasat

Siasat · 1y ago

Musk buys bankrupt parachute company for $2.2 million

Elon Musk's SpaceX has purchased parachute maker Pioneer Aerospace for $2.2 million, The Information reported. The company was reportedly acquired by SpaceX after the former's parent firm filed for bankruptcy in Florida. Pioneer, which makes parachutes to assist space vehicles in returning to the Earth, has been a supplier for NASA and SpaceX missions.

Advent-owned Suven Pharma to buy majority stake in NJ Bio for $64 mn

VCCircle

VCCircle · 8m ago

Advent-owned Suven Pharma to buy majority stake in NJ Bio for $64 mn

Indian contract development and manufacturing organization (CDMO) Suven Pharma, owned by private equity firm Advent International, is set to acquire a majority stake in US-based NJ Bio for $64.4 million. Suven Pharma will purchase a 56% stake in NJ Bio, a technology-driven CDMO specializing in complex drug modalities, at a pre-money valuation of $100 million. The deal will involve a combination of primary and secondary investments, with Suven paying $49.4 million to buy out existing minority shareholders and infusing $15 million in primary equity. The transaction is expected to close this month.

Fractal bets on agentic AI to drive revenue

Livemint

Livemint · 5m ago

Fractal bets on agentic AI to drive revenue

Fractal Analytics is pioneering agentic AI with two projects, Cogentiq and Project Pioneer, aimed at enhancing enterprise productivity and decision-making. Cogentiq, already generating revenue, contributes significantly to Fractal's income, while Project Pioneer will soon launch. Fractal reported a revenue increase in FY24 but experienced a net loss due to strategic stake changes. Recent funding valued Fractal at $2.4 billion, and it plans an IPO to further bolster its AI-driven growth strategy.

Ontario Teachers' fund weighs $100 million investment in ecommerce logistics startup Xpressbees

Economic Times

Economic Times · 2y ago

Ontario Teachers' fund weighs $100 million investment in ecommerce logistics startup Xpressbees

Ontario Teachers' Pension Plan, a Canadian fund, considers a potential $100 million investment in Indian e-commerce logistics startup Xpressbees. This investment would aid Xpressbees in expanding its operations and further developing its logistics and supply chain solutions. The potential funding highlights the growing interest of international investors in India's dynamic e-commerce and logistics sector. The Canadian pension investor may buy a stake in the firm at about a $1.4 billion valuation.

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