Other Private Equity/Strategic Investments
Russia’s Rusal to buy 26% in Pioneer Aluminium for $244-M; to buy 50% in stages
Hong Kong-listed Russian aluminium firm Rusal has agreed to buy, through a wholly-owned subsidiary, a 26% stake in Hyderabad-headquartered alumina refinery owner Pioneer Aluminium Industries for USD 243.75 million. It will acquire a 50% stake in stages.Pioneer, formerly known as ANRAK Aluminium Ltd, operates an alumina refinery, producing metallurgical grade and hydrate alumina for the aluminum smelting and chemical industries.Rusal, the world's largest aluminium producer outside China, has not been directly targeted by Western sanctions against Moscow over the conflict in Ukraine, but lost about 40% of its alumina supplies after Australia halted exports to Russia and Rusal shut down its alumina refinery in Ukraine.
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