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Tega Industries Limited — M&A Activity 2026
Jun 1, 2026
59066_rns_2026-06-01_c6601f35-f044-4816-93e8-bda78b1752af.pdf
M&A Activity
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tega
PARTNERSHIPS IN PRACTICE
June 01, 2026
BSE Limited
Corporate Relationship Department
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai – 400 001
BSE Scrip Code: 543413
National Stock Exchange of India Limited.
The Listing Department
Exchange Plaza, Plot No. C/1, G Block,
Bandra – Kurla Complex, Bandra (East)
Mumbai – 400 051
NSE Symbol: TEGA
Sub: Update - Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")
Dear Sir/ Madam
This is in furtherance of our disclosures dated September 10, 2025, September 13, 2025, November 29, 2025, January 24, 2026, February 12, 2026, February 13, 2026, and April 18, 2026 ("Disclosures").
As set out in the Disclosures, (a) Tega Industries Limited ("Company") and the 'Apollo Funds' (as defined in the Disclosures) had entered into certain 'Acquisition Documents' and 'Transaction Documents', including the 'Equity Purchase Agreement' and the 'SSA' (each as defined and disclosed in the Disclosures), in connection with the acquisition of the equity interests of the Molycop group (i.e. direct and indirect subsidiaries of AIP MC Holdings LLC and their respective investments, including joint ventures, each of which is listed in Annexure B hereto (collectively, "Molycop" and each a "Molycop Company") by the Consortium formed by Tega and Apollo Funds (details of which are set out in the Disclosures) (such transactions, the "Acquisition") and (b) it was intimated that the closing of the transactions contemplated therein will be subject to customary conditions precedent, including regulatory and anti-trust approvals.
The Company wishes to inform you that the closing of the Acquisition and the relevant transactions contemplated under the Acquisition Documents and Transaction Documents in relation to the Acquisition (the "Transaction"), upon satisfaction of the applicable conditions precedent, including regulatory and anti-trust approvals, has been completed today i.e. June 01, 2026.
Accordingly, (a) Tega MC Investment Pte. Ltd. ("Tega HoldCo") (a wholly owned subsidiary of the Company) has acquired ~84.2% of the ordinary shares in Tega MC JV Holdings Pte. Ltd. ("SG Company") for an aggregate consideration of USD 394,295,423 and AP Jupiter Holdco (SG) Pte. Ltd. ("Apollo HoldCo") has acquired ~15.8% of the ordinary shares of the SG Company for an aggregate consideration of USD 74,107,477, (b) Apollo HoldCo has completed its investment in redeemable preference shares of Tega MC SG Investments I Pte. Ltd (a wholly owned subsidiary of SG Company) for an aggregate consideration of USD 270,000,000, and (c) the SG Company has (through its wholly owned subsidiaries), acquired the equity interests of the Molycop Companies.
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
ISO 9001
ISO 14001
ISO 50001
ISO 20001
ISO 20002
ISO 40001
OHSAS 18001
ISO 20002
OHSAS 19001
OHSAS 19002
OHSAS 19003
OHSAS 19004
OHSAS 19005
OHSAS 19006
OHSAS 19007
OHSAS 19008
OHSAS 19009
OHSAS 19010
OHSAS 19011
OHSAS 19012
OHSAS 19013
OHSAS 19014
OHSAS 19015
OHSAS 19016
OHSAS 19017
OHSAS 19018
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tega
PARTNERSHIPS IN PRACTICE
For the sake of completeness and clarity of stakeholders, further details pertaining to the Acquisition and Transaction completed today, supplementing the disclosures made previously, is enclosed herewith as Annexure A.
This disclosure will also be hosted on the Company's website viz. www.tegaindustries.com.
Kindly take the same on record.
Thanking You,
Yours faithfully,
For Tega Industries Limited
Manjuree
Rai
Digitally signed by
Manjuree Rai
Date: 2026.06.01
22:50:46 +05'30'
Manjuree Rai
Company Secretary & Compliance Officer
Membership No. A12858
Enclosed: As stated above
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
ISO 9001 QUALITY MANAGEMENT
ISO 14001 QUALITY MANAGEMENT
ISO 5001 QUALITY MANAGEMENT
ISO 9001
ISO 12010
OHSAS 18001
ISO 20001
OHSAS 20001
ISO 45001
OHSAS 45001
OHSAS 50001
OHSAS 50001
OHSAS 50001
As ISO 9001 : 2015 Company
CN: L2010001076PLC03002
tega
PARTNERSHIPS IN PRACTICE
Annexure A
Relevant details pertaining to the Transaction:
| SI. No. | Particulars Details | Details |
|---|---|---|
| 1. | Name of the target entity, details in brief such as size, turnover etc. | Pursuant to the Equity Purchase Agreement, Tega MC JV Holdings Pte. Ltd., i.e. the SG Company, has directly, and indirectly through its wholly owned subsidiaries, acquired the Molycop Companies and closing of the Transaction has been completed. |
In furtherance of the previous Disclosures, to facilitate the Acquisition, the Company (a) incorporated a wholly owned subsidiary each, in India and Singapore, named “Tega Solutions Limited” (“India WoS”), and “Tega MC Investment Pte. Ltd.” (“Tega SG HoldCo”) respectively.
The Company has directly, and indirectly through the India WOS, made investments in Tega SG HoldCo, through a combination of equity shares/ordinary shares and optionally convertible redeemable preference shares, to enable Tega SG HoldCo to complete its obligations in respect of closing under the SSA (as defined in the Disclosures).
In furtherance of the SSA, (a) Tega HoldCo and Apollo HoldCo completed its investment in the SG Company by subscription to ordinary shares, and (b) Apollo HoldCo completed its investment into Tega MC SG Investments I Pte. Ltd by subscription to redeemable preference shares, as mentioned above. Consequently, the Company, through its wholly owned subsidiaries, owns ~84.2% of the SG Company and Apollo HoldCo holds ~15.8% of the SG Company.
Pursuant to the completion under the Equity Purchase Agreements, the SG Company, has directly, and indirectly through its wholly owned subsidiaries, acquired the equity interests of the Molycop Companies.
Molycop group is a leading global supplier of grinding media to the mining industry, with a focus on the manufacture and sale of grinding media for use in both semi autogenous grinding (SAG) mills and ball mills. These products are critical to mineral extraction/ |
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
SGS
SGS
SGS
SGS
An ISO 9001 : 2015 Company
CN: L20150001076PLC030032
tega
PARTNERSHIPS IN PRACTICE
| | | processing of multiple minerals, but most specifically Copper and Gold.
Molycop group is a leading company with an impressive multi-decade track record in the grinding media space. It has established and built upon its industry leading business, a premium brand (i.e., high net promoter score and brand recognition), long-standing and robust relationships with leading miners, and the most comprehensive offering of products/services among peers. These advantages, a global supply network, and local presence that can land premium grinding media at competitive cost anywhere in the world make Molycop Group well positioned to attract more customers.
Molycop group has a global manufacturing and sales network with 13 grinding ball manufacturing facilities, 3 active joint ventures, and 1 potential joint venture currently in progress. These facilities are strategically located close to customers' operations and have a local presence in over 40 countries, including key territories such as USA, Canada, Mexico, Chile, Peru, Australia, and Indonesia.
Turnover details have been shared along with details mentioned in point no 10. |
| --- | --- | --- |
| 2. | Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length” | The Acquisition is not a related party transaction. |
| 3. | Industry to which the entity being acquired belongs | Grinding media for mining industry and related products. |
| 4. | Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity); | Following the Acquisition and incorporation of Molycop’s complementary products into Company’s portfolio, the Company believes that it shall be amongst the world’s leading designers and manufacturers of ‘critical-to-operate’ consumables for certain production steps in the mining, mineral processing and material handling industries with an |
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
SGS
AS-ISG
ISO 9001
2015 Company
CN: L2015RRB1976PLC03002
tega
PARTNERSHIPS IN PRACTICE
| | | innovative and differentiated product portfolio.
The Company will be able to offer a complete basket of products and solutions to the mining industry in the areas of crushing, grinding, concentrating and refining, trying to cover the entire value chain in the areas of primary beneficiation, concentration and extractive metallurgy.
In addition to complementary ‘critical-to-operate’ consumables being provided by the Company, such as Grinding Mill Liners, Transfer Chutes, Trommels, Screen Decks, Conveyor Accessories and offering a comprehensive range of solutions including processing equipment to the mining industry, the acquisition will give Company access to a variety of complementary patented products through collaborations and partnerships as well as enhanced in-house R&D capabilities.
The Company will have an integrated supply chain with a backward integrated manufacturing base in major markets and deep distribution capabilities across the globe to address the needs of mining companies.
The complementary combination of grinding media and mill liners will strengthen the Company and Molycop’s collective relationship with their customers. |
| --- | --- | --- |
| 5. | Brief details of any governmental or regulatory approvals required for the acquisition | The completion of the Acquisition was subject to customary conditions precedent, including regulatory and anti-trust approvals, which have been completed. |
| 6. | Indicative time period for completion of the acquisition | The Acquisition and the Transaction has been completed as of the date of this disclosure, i.e., June 1, 2026. |
| 7. | Consideration – whether cash consideration or share swap or any other form and details of the same | The Acquisition has been undertaken based on an enterprise valuation of approximately USD 1.5 billion as determined on the basis of a “locked box” approach, based on the audited balance sheet of Molycop as of June 30, 2025. Pursuant to the Equity Purchase Agreement, the purchase price payable at closing (post adjustments agreed under the Equity Purchase Agreement), was determined as USD 393 million. Out of the abovementioned purchase price of USD 393 |
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
SGS
AS-ISG
ISO 9001
SGS
ISO 14001
SGS
AS-ISG
An ISO 9001 : 2015 Company
CN : L20150001076PLC030032
tega
PARTNERSHIPS IN PRACTICE
| | | million, an amount of USD 18 million has been placed in escrow, which will be governed by and released as per the terms of the Equity Purchase Agreement including in connection with adjustment on account of any leakage that is identified post-closing.
As previously disclosed, the Sellers (as defined in the previous Disclosures) are also entitled to a contingent payment of up to USD 120 million as per the terms of the Equity Purchase Agreement, which may be payable within a maximum of 45 months of the consummation of the Acquisition, if Molycop achieves certain conditions relating to the achievement of specified performance metrics. Internal accruals of Molycop may be utilized for such payment. |
| --- | --- | --- |
| 8. | Cost of acquisition and/or the price at which the shares are acquired | Please refer to the details mentioned in the disclosure in serial number 7 above. |
| 9. | Percentage of shareholding / control acquired and / or number of shares acquired | Please refer to the details mentioned in the disclosure in serial number 1 above and Annexure B below. |
| 10. | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief) | Molycop was incorporated in 1918. A brief background about Molycop including in terms of products/line of business, and its global presence is mentioned in disclosure in serial number 1 above.
Please refer to the Disclosure dated November 29, 2025, for further details with respect to the turnover of Molycop. |
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
SGS
ISO 9001
SGS
ISO 5001
SGS
AS-150 9001 - 2015 Company
CN: L20190001976PLC03002
tega
PARTNERSHIPS IN PRACTICE
Annexure B*
| S.No. | List of Molycop Companies | Shareholding |
|---|---|---|
| 1. | Grinding Media Inc. | 100% |
| 2. | Molycop Ltd. | 100% |
| 3. | Moly-Cop Global Holdings Inc. | 100% |
| 4. | Moly-Cop Lux Holdings S.A.R.L. | 100% |
| 5. | Grinding Media Pty Ltd | 100% |
| 6. | Molycop JV Holdings LLC | 100% |
| 7. | Molycop Technologies LLC | 100% |
| 8. | Moly-Cop Group (US Holdings) Inc | 100% |
| 9. | Moly-Cop USA LLC | 100% |
| 10. | 1100739 B.C. Ltd | 100% |
| 11. | Molycop Panama Inc. | 100% |
| 12. | Moly-Cop US Investments | 100% |
| 13. | Moly-Cop Canada | 100% |
| 14. | Moly-Cop UK Holdings Ltd | 100% |
| 15. | Moly-Cop Group S.A.R.L. | 100% |
| 16. | Molycop India Pvt. Ltd | 100% |
| 17. | Moly-Cop Group Corporation Ltd | 100% |
| 18. | PT Molycop Trading Indonesia | 100% |
| 19. | Molycop Singapore Trading Pte. Ltd | 100% |
| 20. | Moly-Cop Trading Ltd | 100% |
| 21. | Commonwealth Steel Company Pty Ltd | 100% |
| 22. | Donhad Pty Ltd | 100% |
| 23. | PT Commonwealth Steel Trading | 100% with the beneficial ownership of all the shares |
| 24. | PT Commonwealth Steel Indonesia | 100% |
| 25. | Molycop Technologies Pty Ltd | 100% |
| 26. | Inversiones Moly-Cop S.A. | 100% |
| 27. | Moly-Cop Chile S.A. | 100% |
| 28. | Moly-Cop Finance UK Ltd | 100% |
| 29. | Moly-Cop Peru S.A.C. | 100% |
| 30. | Moly-Cop Adesur S.A. | 94.07% |
| 31. | Moly-Cop Spain Holdings SLU | 100% |
| 32. | Santa Ana de Bolueta Grinding Media SAU | 100% |
| 33. | Forjas del Guadalquivir SLU | 100% |
| 34. | Moly-Cop Mexico Holdings S.A. de C.V. | 100% |
| 35. | Moly-Cop Mexico S.A. de C.V. | 100% |
| 36. | Molycop Technologies Inc. (formerly Process IQ Inc.) | 100% |
| 37. | Vinton Ball LLC | 51% |
| 38. | Molycop ACI Africa S.A.S. | 50% |
| 39. | Orway IQ Pty Ltd | 50% |
| 40. | Molycop GCC LLC | 51% |
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
ISO 9001
ISO 14001 OHSAS 18001
ISO 22001
ISO 45001
OHSAS 18002
OHSAS 18003
OHSAS 18004
OHSAS 18005
OHSAS 18006
OHSAS 18007
OHSAS 18008
Ao ISO 9001 : 2015 Company
CN: L201500001076PLC030032
tega
PARTNERSHIPS IN PRACTICE
| 41. | Moly-Cop Recycling Inc. | 100% |
|---|---|---|
| 42. | Moly-Cop Technologies America LLC | 100% |
| 43. | Moly-Cop Mineral Processing LLC | 100% |
-
Note 1: The following entities as mentioned in our Disclosure dated November 29, 2025, have not been incorporated in the table above as such entities have been dissolved/ deregistered by the Seller (as defined in the previous Disclosures) prior to the consummation of the Acquisition:
-
Pro IQ Pty Ltd.
- Process IQ Brisbane Pty Ltd.
- GST Philippines Inc.
-
Moly-Cop UK Investments Ltd.
-
Note 2: The SG Company has incorporated the following 100% direct and indirect wholly owned subsidiaries for the purpose of acquiring the Molycop Companies:
-
Tega MC SG Holdings Pte. Ltd.
- Tega MC SG Investments I Pte. Ltd.
- Tega MC SG Investments II Pte. Ltd.
- Tega MC SG Investments III Pte. Ltd.
- Tega MC Global Holdings Pte. Ltd.
- Tega MC Spain Investments I, S.L.U.
- Tega MC Australia Holdings Pty Ltd
- Tega MC Spain Latam Investments II, S.L.U.
- Tega MC US Inc.
- Tega MC Canada Holdco Corp.
Tega Industries Limited
Registered Office: Godrej Waterside, Tower-II, Office No 807, 8th Floor, Block DP-5, Salt Lake Sector V, Bidhannagar, Kolkata, West Bengal 700 091
Tel: +91 33 4093 9000 | Fax: +91 33 4093 9075 | www.tegaindustries.com
SGS
ISO 9001
SGS
ISO 5001
SGS
As ISO 9001 : 2015 Company
CN : L20150601076PLC030032