Tega Industries, a leading supplier of essential consumables for mining, and Apollo Funds, have entered into an agreement to acquire Molycop, a major global provider of grinding media for the mining industry. The deal, valued at approximately $1.5 billion, will position Tega Industries as a top player in the mining and mineral processing sectors, offering a comprehensive range of critical consumables and services.
The acquisition will bring together two industry leaders, expanding their reach and capabilities. With combined revenues of $1.73 billion (₹15,207 crore) and EBITDA of $217 million (₹1,906 crore) (based on the latest financials), the move underscores Tega’s commitment to growth and innovation in the mining industry.
Mehul Mohanka, Managing Director and Group CEO of Tega Industries, expressed his enthusiasm about the acquisition “This acquisition marks a significant milestone for Tega, especially in our 50th anniversary year. Partnering with Apollo Funds, we aim to accelerate innovation, broaden our market presence, and create substantial value for our customers.”
Gaurav Pant, Partner at Apollo Funds, added “This transaction enhances Molycop and Tega’s capacity to invest in new technologies and capabilities. We’re excited to work alongside both companies’ management teams to accelerate growth and create value.”
Kim Marvin, General Partner at American Industrial Partners, which currently owns Molycop, also spoke on the deal “Molycop’s expertise in innovation will be well-supported by Tega’s leadership, and we believe the business is poised for continued success under their stewardship.” Jim Anderson, CEO of Molycop, highlighted the synergies between the two companies “Joining Tega and Apollo Funds opens a new chapter for Molycop. Together, we can accelerate our strategy, enhance innovation, and better serve customers worldwide.”
Once the transaction is complete, Tega Industries will become the majority shareholder of Molycop, while Apollo Funds will hold a significant minority stake. The integration of the two companies will focus on improving operations and aligning business strategies to offer enhanced solutions across the milling value chain.
Tega will now have access to Molycop’s extensive operations across the US, Canada, Latin America, and Australia, complementing its existing presence in regions such as Europe, the Middle East, CIS, and Africa. With 26 global manufacturing sites, the combined entity will be better positioned to serve a broader customer base and improve operational efficiency.
This acquisition reinforces Tega Industries’ strategy of long-term growth and its dedication to delivering high-quality, innovative products that meet the evolving needs of the mining sector. The transaction is subject to the finalization of agreements and regulatory approvals, with the deal expected to close by December 31, 2025.
Founded in 1976, Tega Industries is a global leader in designing and manufacturing critical consumables for the mining, mineral processing, and material handling industries. With operations in over 92 countries, Tega works closely with the world’s top mining companies, providing innovative solutions to complex industry challenges.
Apollo is a leading global alternative asset manager with approximately $840 billion in assets under management as of June 2025. The firm focuses on delivering exceptional returns across the risk-reward spectrum, from investment-grade credit to private equity, while providing capital solutions to support business growth.
Molycop has over a century of experience as a supplier of grinding media to the mining industry. Specializing in grinding media and chemicals used in semi-autogenous grinding (SAG) mills and ball mills, Molycop serves over 400 mines across 40 countries. The company is renowned for its innovation and scale in supporting the mineral processing industry, particularly in the extraction of copper and gold.
