Rain Calcining completes $595 million acquisition of CII Carbon of US
20 Jul 2007
Mumbai: Rain Calcining Ltd has completed its $595 million acquisition of CII Carbon, LLC (CII). The all-cash acquisition was made by Rain/CII Holdings, Inc., a subsidiary of the company, on July 19, 2007, the company said in a filing with the Bombay Stock Exchange (BSE).
With this acquisition, Rain Calcining has become the largest manufacturer of calcined petroleum coke in the world, the statement said.
The combined entity would constitute the world''s largest producer of calcinated petroleum coke, with production of just over 2.4 million tonnes per annum and annual sales of $550 million, it said.
The acquisition price is subject to certain adjustments, the company said in the regulatory filing.
Rain Calcining also said its US subsidiary Rain Commodities has invested $92 million in convertible redeemable and non-voting preferred stock in Rain/CII Holdings in connection with the financing of the acquisition.
The acquisition would enable Rain Calcining to leverage synergies and growth opportunities from the overseas calcining company, it said.
Citigroup
and ICICI Bank jointly arranged funds for the acquisition.
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