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VAL Picks 24.5% stake in L&T’s Raykal Alumunium For Rs. 200 Crore

Vedanta Aluminum has acquired stakes in Larsen and Toubro-promoted Raykal Aluminum. The latter holds a certain bauxite mining licenses in Odisha. The stake acquired was about 24.5 per cent for Rs 200.70 crore. In time, VAL will surely acquire Raykal Aluminum for a total of Rs 1,811 crore.

Vedanta Aluminium Logo Vedanta Aluminium

This would be subject for some achievement of milestones. This deal was signed last February 23 this year and is part of the restructuring program initiated by its parent company. For the record, there are several bauxite mines located in Sijmali and Kurumali of Rayagad and Kalahandi districts of Odisha, all this mines will be available for use of Raykal and VAL in the right time.

This acquisition would surely be good news for VAL especially when it comes to securing a strong hold for its alumina refinery in Odisha’s Lanjigarh. This year will definitely be a good year for the company if it would be successful in maximizing their acquisition plans.

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