A unit of United Company Rusal (HKG:0486) agreed to acquire up to 50% equity stake in Pioneer Aluminium Industries in stages, a March 14 filing with the Hong Kong bourse said.
In the first stage, the aluminum producer will buy 26% shares in the target for $243.8 million plus the amount of appropriate contractual adjustments for net working capital and debt as provided for in the agreement.
The target firm owns and operates a metallurgical grade alumina refinery in Andhra Pradesh, India, with an annual nameplate production capacity of 1.5 million tons.
The buyer and vendors intend to supply bauxite to and receive alumina from Pioneer Aluminium Industries with respect to their respective shareholdings.
Following completion, the target firm will operate as a joint venture.
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