Argus Partners is pleased to have advised Tega Industries (NSE: TEGA/ BSE: 543413) on the formation of its JV with Apollo Global Management, Inc. (Apollo). The Tega-Apollo JV was set up to acquire the Molycop Group from American Industrial Partners (AIP) at an enterprise value of ~USD 1.5 billion. Argus Partners also advised the Tega-Apollo JV in connection with their acquisition of the Molycop Group.

Molycop is the world's largest supplier of grinding media and one of the leading providers of mining consumables globally, with operations in over 40 countries. This strategic and complementary acquisition will establish Tega as one of the world’s leading designers and manufacturers of ‘critical-to-operate’ consumables for certain production stages in the mining, mineral processing and material handling industries, supported by an innovative and differentiated product portfolio.

Argus Partners also advised Tega on acquisition financing, which was a mix of a preferential issue of ~INR 1,713 crore and INR 1,500 crore debt financing from Standard Chartered Bank (Sole Mandated Lead Arranger, Underwriter and Bookrunner), Axis Bank Limited and Export-Import Bank of India.

The preferential issue involved complex listed-company fund-raising considerations, including pricing, approvals, disclosures, and timing, requiring careful alignment with Tega and the Tega-Apollo JV’s overall acquisition financing and closing mechanics. The debt financing was structured against the backdrop of RBI’s new acquisition finance framework, marking a significant development for Indian bank-led strategic M&A financing.

The acquisition required clearances from anti-trust authorities across multiple jurisdictions globally. Our anti-trust team advised on anti-trust filings and other anti-trust aspects of the transaction.

The deal team at Argus Partners comprised Krishnava Dutt (Managing Partner), Armaan Patkar, Jaidrath Zaveri (Partners), Anish Kapoor (Senior Associate), and Kanishk Gambhir, Vishakha Somani (Associates). The deal team was supported by Aayush Kumar (Partner) and Srishti Solanki (Associate) on certain aspects of the transaction.

Anti-trust advice on the transaction was provided by Adity Chaudhury (Partner), along with Anika Sharma, Anoushka Mani, Suvanwesh Das (Associates).

Advice to Tega on matters relating to debt financing was provided by Aastha, Aseem Dhawan (Partners), and Dharani Maddula, Khushi Doshi, and Mrunalini Vengurlekar (Associates).

Advice on employment and labour law aspects was provided by Arka Majumdar (Partner).