Tirupati Graphite plc business combination and ongoing relationship with PranaGraf

Tirupati Graphite plc (TGR:LON, TGRHF.OTCQX) the specialist graphite producer and a supplier of critical minerals for the green transition economy, has provided an update with regards to the potential business combination and ongoing relationship with Tirupati Speciality Graphite Private Limited.

PranaGraf is an Indian Company engaged in the manufacturing and development of downstream flake graphite products and projects, research and development of graphene and advanced materials, and development of mineral processing technologies. The recent rebranding of TSG as PranaGraf better reflects the business and its strategy; however, it does not change the relationship it has with TG.

Given the synergies between TG and PranaGraf, on 10 October 2018 the two parties agreed to a business combination arrangement under a share swap deal.  However, due to unforeseen regulatory restrictions, the acquisition could not be completed, and therefore no investment has been made by Tirupati into PranaGraf. 

Following a review by a Board subcommittee which appointed a top tier Indian legal advisor, TG announced on 11 July 2022 that it had identified a number of options:

·    continued pursuit of regulatory approval for the Proposed Acquisition;

·    exploring the possible participation in alternative investment vehicles for investment in TSG; and

·    exploring possible commercial arrangements with TSG.

In the meantime, the Company has focused its resources on its twin priorities of:

i)             addressing the operational challenges at its graphite mines in Madagascar primarily caused by extreme weather conditions to enable the ramp-up of production, and

ii)            completion of the acquisition of Suni Resources which owns two ready to develop globally significant DFS Status graphite projects in Mozambique.

Having now completed these two strategic imperatives, TG intends to focus its efforts to develop the options identified last year in order to reach a workable arrangement with PranaGraf.

Shishir Poddar, Executive Chairman of Tirupati Graphite, said:

“The 2018 agreement between Tirupati and PranaGraf to combine the businesses has been frustrated by regulatory restrictions. The many benefits encourage us to continue to seek solutions to enable a combination to be executed. Having completed the acquisition of Suni Resources and arranged the progress of ramp up of production at our Madagascar projects, we are now well placed to focus on this and shall update the markets as we progress further.”

Tirupati Graphite Plc is a specialist graphite producer and a supplier of critical minerals for the green transition economy.  The Company places a special emphasis on “green” applications, including renewable energy and energy efficiency, energy storage and thermal management and is committed to ensuring its operations are sustainable as well. 

The Company’s operations include primary mining and processing in Madagascar, where the Company operates two key projects, Sahamamy and Vatomina; 30,000 tpa installed capacity of high-quality flake graphite concentrate with up to 97% purity is currently being produced and sold to customers globally. The Company has also acquired two advanced stage, and world class, natural Graphite projects in Mozambique, and has commenced work to optimise the economics for development of the construction initiated Montepuez project.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Tirupati Graphite plc

More articles like this

Tirupati Graphite plc

Tirupati Graphite appoints new Non-Executive Chairperson

Tirupati Graphite has officially appointed Michael Lynch-Bell as its non-executive chairperson following a shareholder-requisitioned extraordinary general meeting (EGM) held on June 11. This development comes after a group of shareholders, who collectively hold approximately 5.8% of

Tirupati Graphite plc

Graphene: The Material Revolution

Graphene, a one-atom-thick sheet of carbon atoms arranged in a honeycomb-like pattern, is regarded as the world’s thinnest, strongest, and most conductive material for both electricity and heat. These remarkable properties are capturing the attention of

Tirupati Graphite plc

Tirupati Graphite strengthens leadership with new appointment

Tirupati Graphite, a UK-based company, has announced the appointment of Michael David Lynch-Bell as its new non-executive chairperson. Lynch-Bell brings a wealth of experience from his 38-year career at consultancy firm Ernst & Young, where he

Tirupati Graphite plc

Africa’s emerging role in semiconductor industry

The recent tightening of export controls by China on critical minerals like graphite has highlighted Africa’s potential in the global semiconductor industry. As major electronics companies seek alternative sources to secure essential materials, South Korea has

Tirupati Graphite plc

Graphite market anticipated to rise at a considerable rate

Graphite Market is expected to witness significant growth in the coming years, primarily driven by the growing demand for Chemicals & Petrochemicals, Foundry, Energy Storage, Construction, Others, Based on the type, the market can be segmented

Tirupati Graphite plc

Africa’s growing role in Graphite production

Of the critical battery minerals, cobalt is the one which Africa captures the largest share of the upstream mining. Benchmark’s Cobalt Forecast shows that 75% of mined cobalt comes from the continent, with the vast majority of this coming

Tirupati Graphite plc

Tirupati Graphite: Business Development Update

Tirupati Graphite PLC (LON:TGR) is a fully integrated specialist graphite and graphene producer, with operations in Madagascar and India. The Company is delivering on this strategy by being fully integrated from mine to graphene. Its global

Tirupati Graphite plc

Graphite mining: Meeting global demand in various industries

Graphite, a crystalline form of carbon, holds an indispensable role in various industries owing to its unique properties. From being a vital component in lithium-ion batteries to finding applications in steelmaking, lubricants, and beyond, graphite’s versatility