Ajay Padmanabhan

Tega Industries Ltd., in partnership with Apollo Global Management, Inc. Management Singapore, has signed a term sheet to acquire 100% of Molycop - a global leader in grinding media. Deal Snapshot • Enterprise Value: $1,480 mn (₹13,002 crs) • Deferred Contingent Payment: ~$120 mn (₹1,054 crs) • Funding: Mix of equity (QIP / preferential allotment including promoters) + debt • Valuation: 8.6x FY25 EBITDA – at a sharp discount to Tega’s own multiples Strategic Rationale • Complementary Portfolios – broader product reach • Global Leadership – cementing position in mining consumables • Cross-Selling Upside – leveraging customer networks • Secular Tailwinds – declining ore grades → higher ore throughput → rising demand for grinding media Scale Impact This acquisition is transformational: • Revenue: ~8x increase in topline • EBITDA: ~4.5x expansion What could worry markets? • Tega is taking on a very large acquisition relative to its size • However, Molycop’s existing debt remains non-recourse to Tega The Bigger Message Beyond markets, this deal showcases the bold vision of Indian entrepreneurs. Mr. Mehul Mohanka and his team are once again demonstrating the appetite to take calculated risks and acquire a company far bigger than their own size. In just 5 years, Tega has grown revenues at a 19% CAGR with healthy ~20% margins. Now, with this juggernaut acquisition, the company is positioning for exponential growth. By FY30, Tega’s EBITDA could be double its FY25 revenue base of ₹1,639 cr. Execution will be closely tracked by the market but today, we celebrate the ambition. Wishing Mehul Mohanka and the entire Tega Industries team all the very best as they take on this exciting challenge!

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Hinduja Group Hinduja Group Limited is gearing up to make a strong push in the e-mobility space, targeting both domestic and export markets. In an exclusive interaction, Amit Saharia , Group President – Strategy, shares insights with me on the conglomerate’s vision for the next phase of sustainable mobility. https://lnkd.in/dKv87mxW #hinduja #ashokleyland #switchmobility #domestic #export #india #electricvehicles #emobility #ASEAN #dubai #saudi #northafrica

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From Classroom to Columns: The Rise of Challenger Brands Some of the most powerful ideas are born during classroom discussions. My recent lecture on how challenger brands from On and Vuori to India’s own boAt and Mamaearth are reshaping brand narratives was later shaped into an article, first published in The Business Guardian and now featured by The Quint. The piece explores how agility, authenticity, and storytelling are allowing new-age brands to compete with legacy giants like Nike. 🔗 Read it here: https://lnkd.in/gAhEMM8T #ChallengerBrands #PublicRelations #Marketing #BrandStrategy #Leadership #TeachingToPractice

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Investigations are the bedrock of journalism at The Indian Express. Our latest investigation by Aiswarya Raj and Dheeraj Mishra uncovers how a showpiece tourism project in Uttarakhand — 142 acres of prime land at the George Everest Estate near Mussoorie, with pathways, a helipad, huts, cafés, museums and an observatory — was awarded through a tender process that raises serious red flags. Records show that all three companies that bid for the contract, including the winner, are controlled by the same man: Acharya Balkrishna, co-founder of Patanjali and aide to Baba Ramdev. His stake? 99.85%, 99.98% and 69.43% in the three firms. The tender violates the mandatory anti-collusion undertaking. Yet the state government insists “process was followed.” This is what investigative reporting looks like: going beyond the official version, scrutinising records, and asking the tough questions. Link to investigation in comments

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