Hindalco to buy copper rods maker Ryker Base from Polycab for Rs.323-Cr

Mumbai-based, publicly listed Hindalco Industries Ltd, via its wholly owned subsidiary Renuka Investments & Finance Ltd, is to acquire a 100% stake in New Delhi-based copper wire rods maker Ryker Base Pvt Ltd at an enterprise value of INR 323 crore in cash. Post debt and working capital adjustments, the purchase consideration is likely to be around INR 167 crore. Ryker is a wholly-owned subsidiary of publicly listed Polycab India Ltd. The deal is expected to strengthen Hindalco's copper rod manufacturing capacity by providing a time-to-market advantage. Ryker's turnover for FY21 was INR 535.1 crore.