Rain Commodities Ltd a Hyderabad based cement producer today said it has acquired 100 per cent equity stake in US-based Rain Commodities Inc (RCUSA).
Pursuant to the acquisition, RCUSA has now become a wholly owned subsidiary of the company, it informed the Bombay Stock Exchange. Earlier, RCUSA had acquired 20.22 per cent stake in GLC Carbon USA Inc from American Industrial Partners Capital Fund II, for an aggregate price of 23.2 million Canadian dollars in cash. Through the acqusition of RCUSA, Rain Commodities now beneficially owns 20.22 per cent stake in GLC, which is in turn the world’s largest producer of CPC. Rain Commodities is also one of the original investors in Rain Calcining, a company engaged in the business of Calcined Petroleum Coke (CPC).