Jaipur-based Gravita India Limited has signed a binding term sheet to acquire up to 100% of the equity share capital of Rashtriya Metal Industries Limited (RMIL) in a deal valued at up to ₹565 crore, the company said in a regulatory filing. The proposed acquisition is subject to completion of due diligence and other terms and conditions outlined in the agreement.

Founded in 1946, RMIL is one of India’s oldest manufacturers of copper and copper alloy products, including strips and coils. The company has an established export presence across multiple markets, including the UAE, USA, Thailand, Sri Lanka, Oman, Saudi Arabia, Kenya, and Indonesia. In the financial year ending March 31, 2025, its turnover stood at ₹910 crores.

Upon completion of the transaction, RMIL will become a subsidiary of Gravita India. The company said further updates on this business will be shared in due course.  

"This marks our official first step into the copper sector. By bringing this 70+ year-old industry pioneer into the Gravita Group, we are poised to merge decades of manufacturing heritage with our global recycling leadership. This strategic move represents a commitment to high-performance, value-added products that power the world," Gravita stated in its LinkedIn post.

Through this acquisition, the Jaipur-based company seeks to leverage 31,200 million tonnes per annum capacity facility of RMIL in Gujarat. The move came after a board meeting approved the development.

"Upon completion, this move will accelerate our journey toward a diversified, multi-metal future and reinforce our mission to build a sustainable global recycling footprint", adds Gravita.

In its investor presentation for Q3 2025-2026 (October-December 2025), Gravita has mentioned that it continues to scale capacities across its established segments— lead, aluminum, plastics, rubber and turnkey solutions—with the ambition of exceeding 7 LTPA by FY28. In parallel, the company is building presence in emerging recycling verticals such as lithium-ion batteries, paper and steel. Earlier this year, the company announced the launch of its state-of-the-art lithium-ion battery recycling plant in Mundra, Gujarat, with an annual capacity of 6,000 tonnes. The company has invested around Rs. 14 crores for the procurement and commissioning of the recycling plant.