RUSAL: It plans to acquire part of the equity interest in India's Pioneer Aluminium Industries in stages

Golden Ten Data on March 16, RUSAL announced on the evening of March 15 on the Hong Kong Stock Exchange that on March 13, 2025, the company’s wholly-owned subsidiary (the buyer) entered into an agreement with the Pioneer Group of Companies and the KCap Group of Companies (the seller) to acquire the shares of Pioneer Aluminium Industries Limited (the target company) in stages. The Target Company is a company incorporated in India that owns and operates a metallurgical-grade alumina refinery in Andhra Pradesh, India, with a rated capacity of 1.5 million tonnes per annum. Both the Vendor and the Purchaser intend to supply bauxite to the Target Company and obtain alumina from the Target Company in proportion to their respective shareholdings. Under the agreement, the buyer agreed to acquire up to 50% of the entire share capital of the target company in three stages. In the first stage, the Company acquired a 26% stake in the Target Company for a total consideration of US$243.75 million, plus appropriate contractual adjustments to the net working capital and debt as stipulated in the Agreement. All subsequent purchases of shares will be paid on a pro-rata basis. Upon completion of the acquisition, the Target Company will operate as a joint venture and will not become a subsidiary of the Company.