Tega Industries Ltd on Wednesday (September 10) announced that its board has approved a term sheet to acquire global mining consumables giant Molycop in partnership with Apollo Funds, in a deal valued at around $1.5 billion.
According to the company’s exchange filing, the acquisition will be executed through a special purpose vehicle (SPV) jointly formed by Tega and Apollo Funds, with the consortium purchasing 100% of AIP MC Holdings LLC and its subsidiaries, which operate under the Molycop brand.
The consideration for the proposed acquisition will be entirely in cash. The deal remains subject to regulatory approvals and customary closing conditions, with completion targeted by December 31, 2025.
Upon closure, Tega Industries will become the controlling shareholder of Molycop, while Apollo Funds will hold a significant minority equity stake.
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Mehul Mohanka, Managing Director and Group CEO of Tega Industries, said, “With this strategic acquisition, and in partnership with Apollo Funds, we will accelerate innovation, greatly expand market reach, and create significant value for our customers.”
Jim Anderson, CEO of Molycop, welcomed the development, stating, “Joining forces with Tega and Apollo Funds will open up an exciting new chapter for Molycop. The synergy is clear to see. Our shared values and complementing strengths will help us accelerate our strategy, innovate better, and serve customers across the globe more effectively.”
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Shares of Tega Industries ended lower at ₹2079.65, down ₹15.25 (-0.73%), on the BSE today, September 10.
(Edited by : Shoma Bhattacharjee)
First Published: Sept 10, 2025 6:47 PM IST