Russia's Rusal to buy 50% stake in Indian alumina refinery owner in stages
Russian aluminium giant Rusal on Friday said it had agreed to buy a 26% stake in an Indian alumina refinery owner for $243.75 million and to acquire up to 50% in stages, a move that should reduce its reliance on third-party raw materials. Rusal, the world's largest aluminium producer outside China, has not been directly targeted by Western sanctions against Moscow over the conflict in Ukraine, but lost about 40% of its alumina supplies after Australia halted exports to Russia and Rusal shut down its alumina refinery in Ukraine. To compensate for falling alumina volumes, Rusal increased its purchases of raw materials from China, India, Kazakhstan, and acquired a 30% stake in a Chinese producer in October 2023, reducing the deficit.