Mumbai: Calcined Petroleum Coke (CPC) maker Rain Calcining Ltd announced on 20 August that US-based CII Carbon LLC, which it had acquired in June, has become its wholly-owned subsidiary from 14 August.
The combined companies would constitute the world’s largest producer of CPC, used in producing aluminium and titanium dioxide, with an output of over 2.4 million tonnes a year and sales of $550 million, Rain Calcining said in a communique to BSE.
The acquisition would enable Rain Calcining to capture growth opportunities from the overseas firms, it added.
Rain Calcining through its subsidiary had entered into a definitive securities purchase agreement on 1 June to acquire CII Carbon for a cash purchase price of $595 million (Rs2,408 crore).
CII Carbon LLC is the world’s second largest producer of CPC with capacity of around 1.84 million tonnes per annum.
The US-based company has production facilities in Illinois, Louisiana, Mississippi and West Virginia. It operates two kilns in Visakhapatnam and is the largest CPC producer in Asia.
CII would eventually assume the supply and marketing responsibilities of the company. The main focus would be to reduce raw material and finished product distribution costs, while adding value through new co-generation projects.