Gravita India Ltd, a Mumbai-listed recycling major, has signed a binding agreement to acquire Rashtriya Metal Industries Ltd (RMIL) for an enterprise value of about Rs 800 crore (about $88 million).
Founded in 1946 and based in Mumbai, RMIL is one of India’s oldest makers of copper and copper‑alloy products such as strips, coils and cups, and caters to electrical, automotive and engineering sectors.
It operates a 24,000 MTPA (metric tonnes per annum) facility in Sarigam, Gujarat, and derives roughly 60% of its revenue from India and 40% from exports to markets including the UAE, US, Egypt and Saudi Arabia, per the company statement.
The company also supplies coin blanks to the Indian government. RMIL has nearly doubled revenue over five years, from Rs 500 crore in FY21 to an expected Rs 1,100 crore in FY26, supported by a healthy order book.
Singhi Advisors advised Gravita, while Ladderup Corporate Advisory acted for RMIL.
Jaipur‑based Gravita operates 13 plants globally with a total capacity of 3,46,000 MTPA, and has a presence across 70+ countries and five business verticals. The company reported a revenue of over Rs 4,100 crore and EBITDA above Rs 400 crore in December 2025 on a trailing twelve month (TTM) basis.
The acquisition gives Gravita a strategic entry into copper and copper‑alloy manufacturing, complementing its existing lead, aluminium, plastic and rubber recycling businesses. It is expected to enhance its margin quality and to provide access to high‑entry‑barrier segments, per the statement.
Marico, Skinetiq
Marico Ltd has signed definitive agreements to acquire a 75% stake in Vietnam-based beauty and personal care company Skinetiq Joint Stock Company through its wholly owned subsidiary, Marico South-East Asia Corporation (MSEA).
The deal pegs Skinetiq’s equity valuation at about Rs 350 crore (around $39 million), the FMCG major said.
Founded in 2020 by Bui Ngoc Anh and Hannah Nguyen, Skinetiq operates a digital-first portfolio anchored by Candid, a science-led skincare brand positioned in the mid-premium segment. The company also holds the exclusive distribution rights for global luxury clinical skincare brand Murad in Vietnam.
Skinetiq has scaled up from Rs 45 crore revenue in CY23 to Rs 152 crore in CY25 with mid‑20s EBITDA margins.
Candid’s product suite spans retinol formulations, B5 Cica barrier creams, hydration masks, exfoliants and peptide-based eye care.
MSEA will have the option to purchase the remaining 25% stake after FY28, subject to milestone achievements and other terms in the definitive agreements.
Marico said the acquisition aligns with its strategy to build a premium beauty and personal care portfolio in Vietnam, one of its fastest-growing international markets. It will also strengthen its play in the country’s expanding direct‑to‑consumer beauty segment and unlock operational synergies across the Southeast Asia region.
