Rain Calcining acquires US firm

With the completion of this acquisition, Rain Calcining has become the largest manufacturer of calcined petroleum coke in the world, the company informed the Bombay stock Exchange.

The combined companies would constitute the world's largest producer of CPC, with just over 2.4 million MT per annum of CPC production and annual sales of USD 550 million, it said. However, the cash purchase price is subject to certain adjustments, it added.

Earlier on June 3, the company had said its subsidiary Rain/CII Holdings had entered into a definitive securities purchase agreement on June 1, to acquire CII Carbon for a cash purchase price of dollar 595 million.

Rain Calcining also said its US subsidiary Rain Commodities has invested 92 million dollars 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 capture many synergies and growth opportunities from the overseas calcining company, it said. The acquisition financing was arranged by Citi and ICICI.