Vedanta Aluminium (VAL) has acquired stake in L&T promoted Raykal Aluminium for Rs 200.70 crore.
VAL has acquired 24.5 per cent stake in Raykal Aluminium that holds certain bauxite mining licences in Orissa. In phases, VAL will fully acquire Raykal Aluminium for Rs 1,811 crore, although it is subject to certain milestones being achieved. In February 2012, the company had signed a tripartite agreement with L&T and Raykal Aluminium Company (Raykal). The acquisition will help VAL in securing bauxite for its alumina refinery in Orissa's Lanjigarh, as the two mines are estimated to hold about 250-280 million tonne of reserves.