Gravita India Ltd, a leading global recycling company and one of the world’s largest players in lead recycling, has entered into a binding arrangement to acquire Rashtriya Metal Industries Limited (RMIL), India’s oldest and one of its most reputed manufacturers of copper and copper alloy products, for an enterprise value of around ₹800 crore, the company said on Monday.
Jaipur-based Gravita, which has a market capitalisation of about Rs 12000 crore, said the acquisition marks a strategic diversification into copper and copper alloy products, including recycling from copper scrap to finished alloys. The move is expected to strengthen Gravita’s position as an integrated recycling and value-added manufacturing platform, alongside its existing businesses in lead, aluminium, plastic and rubber.
Incorporated in 1946, RMIL is a legacy manufacturer of copper and copper alloy products such as brass strips, coils and cups, catering to electrical, automobile, lock and engineering applications. The company operates a manufacturing facility at Sarigam near Vapi in Gujarat, with an installed capacity of around 24,000 tonnes per annum.
“RMIL derives nearly 60% of its revenues from the domestic market, while exports account for the remaining 40%. Its key overseas markets include the UAE, the US, Egypt and Saudi Arabia. The company also supplies coin blanks to the Government of India,” it said in a statement.
Over the past five years, RMIL has nearly doubled its revenues, from about ₹500 crore in FY21 to an estimated ₹1,100 crore expected in FY26, supported by a strong order book. The acquisition is expected to provide Gravita access to high-entry-barrier, policy-backed segments such as electrical and automotive applications, which are aligned with the government’s Make in India initiative.
Gravita currently operates 13 state-of-the-art manufacturing facilities across the world, with a collective processing capacity of around 3,46,000 tonnes per annum. The company has a presence in more than 70 countries and operates across five business verticals. For the trailing twelve months ended December 2025, Gravita reported revenues exceeding ₹4,100 crore and EBITDA of over ₹400 crore.
The transaction comes at a time when global demand for copper is rising sharply, driven by growth in electric vehicles, charging infrastructure, renewable energy and decarbonisation initiatives, particularly in the US and Europe. World refined copper usage has more than tripled over the past 50 years, led by expanding demand from electrical and electronic products, automobiles, infrastructure and transportation equipment. Often described as a “green metal”, copper is increasingly seen as a critical input for the global transition towards net-zero emissions and has been termed by some as the “new oil”.
Global M&A advisory firm Singhi Advisors acted as the exclusive strategic and financial advisor to Gravita on the transaction, while Ladderup Corporate Advisory Private Limited served as the exclusive advisor to RMIL.
Gravita said the acquisition would enhance its competitive positioning, improve margin quality and create long-term value by combining recycling capabilities with downstream copper alloy manufacturing. The deal is subject to customary approvals and conditions.
