Kolkata-based Tega Industries Ltd, in consortium with funds managed by affiliates of Apollo Global Management, has signed a term sheet to acquire Molycop from American Industrial Partners (AIP) at an enterprise value of about $1.5 billion.
 
The deal marks a milestone in BSE-listed Tega’s 50th anniversary year, and will establish the mining company as one of the world’s largest suppliers of “critical-to-operate” consumables used in mining, mineral processing, and material handling. Together, Tega and Molycop reported $1.73 billion (?15,207 crore) in revenue and ?217 million (?1,906 crore) in Ebitda in 2024-25 (FY25). Ebitda stands for earnings before interest, taxes, depreciation, and amortisation.

Mehul Mohanka, managing director (MD) and group chief executive officer (CEO) of Tega, called the acquisition “a momentous occasion” that would accelerate innovation and expand market reach. Apollo Partner Gaurav Pant said the partnership would allow investment in additional technology and capabilities while AIP’s Kim Marvin noted the business would be “in excellent hands” under Tega’s leadership.
 
Once completed, Tega will become the controlling shareholder, with Apollo Funds holding a significant minority equity interest. The consortium will prioritise integration in the first two years, and leverage complementary product portfolios to deliver comprehensive mill optimisation solutions.
 
The combined entity will operate 26 global manufacturing sites, including Molycop’s 13 facilities and three joint ventures. Tega’s strong presence in Europe, West Asia, Africa, and Latin America will be complemented by Molycop’s foothold in the US, Canada, and Australia.

The transaction is expected to close by December 31 this year, subject to regulatory approvals and customary conditions.
 
Issuing a statement, Tega said it has scheduled a board meeting on Saturday to evaluate proposals for raising funds through equity, debt, or other eligible securities via permissible routes such as private placement, preferential allotment, or qualified institutional placement (QIP).
 
Tega designs and manufactures “critical-to-operate” consumables for mining, mineral processing, and material handling industries with an innovative and differentiated product portfolio. Established in 1976 and headquartered in Kolkata, the company has presence in over 92 countries.
 
Molycop, on the other hand, is a supplier of grinding media to the mining industry, with a focus on the manufacture and sale of grinding media and chemicals for use in both semi-autogenous grinding (SAG) mills and ball mills. These products are critical to mineral extraction, and processing of multiple minerals like copper and gold. The 100-year-old company's client network covers 400+ mines in 40 countries.