Tega Industries Signs Definitive Agreement for Molycop Acquisition
Filing Summary
Tega Industries Limited has executed a definitive agreement to acquire Molycop, a global supplier of grinding media for the mining industry, at an enterprise value of approximately USD 1.45 billion. The acquisition is in partnership with funds managed by affiliates of Apollo Global Management. Tega Industries has also completed a fundraise of approximately INR 1,713 crores through a preferential issue of equity shares. The transaction is subject to customary closing conditions, including regulatory approvals. Upon completion, Tega will operate 26 manufacturing facilities globally and expand its customer base.
Tega Industries Limited has announced the execution of a definitive agreement to acquire Molycop, a leading global supplier of grinding media for the mining industry. The acquisition is being conducted in partnership with funds managed by affiliates of Apollo Global Management. The enterprise value of the acquisition is approximately USD 1.45 billion. This agreement follows a term sheet signed on September 10, 2025, which initially valued the acquisition at approximately USD 1.48 billion.
The financial terms of the acquisition include an enterprise value of approximately USD 1.45 billion. Tega Industries has successfully completed a fundraise of approximately INR 1,713 crores through a preferential issue of equity shares. The issue price for the equity shares is INR 1,994 per share, which includes a premium of INR 1,984. The fundraise received a strong response from domestic institutional investors and high-net-worth individuals.
Upon completion of the acquisition, Tega Industries will operate an extensive manufacturing platform with 26 facilities worldwide. The acquisition will provide Tega with access to an expanded customer base and enable the company to offer a comprehensive range of solutions to its customers. Molycop’s products, which include grinding media and chemicals for semi-autogenous grinding mills and ball mills, are critical for mineral extraction and processing, particularly for copper and gold.
The completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. The acquisition is expected to enhance Tega’s position in the mining industry, allowing it to meet the growing demand for minerals. The transaction marks a significant milestone in Tega’s corporate journey, transitioning it into a significant global player in the industry.
Apollo Global Management is a global alternative asset manager known for providing innovative capital solutions across the risk-reward spectrum, from investment-grade credit to private equity. The firm manages approximately $908 billion in assets as of September 30, 2025, and focuses on delivering excess returns for its clients.
Tega Industries Limited specializes in designing and manufacturing consumables for the mining, mineral processing, and material handling industries. Established in 1976, Tega has a presence in over 92 countries and partners with leading mining and minerals companies to deliver tailored solutions that address complex challenges. The company is focused on expanding its international footprint and enhancing its product offerings to support long-term business growth.