Hindalco acquires Ryker for Rs323 crore

New Delhi, November 3

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Hindalco Industries on Wednesday announced the acquisition of 100% equity stake in Ryker Base Pvt Ltd for an enterprise value of Rs 323 crore. Ryker is a subsidiary of Polycab India Ltd.

The acquisition will be done through Hindalco’s wholly-owned subsidiary Renuka Investments & Finance Ltd.

The buyout will 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.

The purchase consideration for the equity stake is based on an enterprise value of Rs 323 crore, subject to customary adjustments for working capital and net debt as on the date of closing, it added. — PTI