Gravita India enters copper recycling biz, acquires Rashtriya Metal

Mumbai: Recycling company Gravita India Ltd has signed a binding term sheet to acquire up to 100% stake in Rashtriya Metal Industries Ltd (RMIL), manufacturers of copper and copper alloy products, for a consideration of up to ₹565 crore, marking its entry into the copper recycling and processing business, according to the company’s exchange filings.

The acquisition, subject to due diligence and customary approvals, values RMIL at an enterprise value of about ₹800 crore, two executives familiar with the matter said, requesting anonymity.

The acquisition of RMIL would enable Gravita to diversify into copper and copper alloy products, including recycling from copper scrap to copper alloys, alongside its existing lead, plastic, rubber and aluminium businesses, strengthening its position as an integrated recycling and value-added product manufacturer, strengthening competitive positioning and improving margin quality, the executives said.

Singhi Advisors acted as an exclusive strategic & financial advisor to Gravita and Ladderup Corporate Advisory Private Limited acted as an exclusive advisor to RMIL for the transaction.

Founded in 1946, Mumbai-based RMIL is a legacy player in the non-ferrous metals space, manufacturing copper and copper alloy products, including strips and coils, used across electrical, automotive, engineering, and lock manufacturing applications.

The company operates a manufacturing facility in Gujarat with an installed capacity of around 24,000 tonnes per annum and derives roughly 40% of its revenues from exports to markets, including the US, the UAE, Saudi Arabia and Egypt.

RMIL reported a turnover of ₹910 crore in FY25, up sharply from ₹688 crore in FY24. Its net worth stood at ₹300 crore as of 31 March 2025, while total assets were valued at ₹558 crore.

Gravita also enters a segment that is increasingly critical amid the global energy transition. Copper demand is being driven by electric vehicles, renewable energy, charging infrastructure and decarbonisation initiatives across major economies, making it a key input metal for the future.

According to an August 2025 report titled India Copper Report 2026 by the Centre for Social and Economic Progress, India’s copper demand is expected to rise sharply. By FY30, traditional sectors such as construction, industry, and electricity are projected to consume approximately 3.24 million tonnes of copper.

Gravita currently operates 13 manufacturing facilities worldwide and has a presence in over 70 countries, with trailing 12-month revenues exceeding ₹4,100 crore.