RUSAL, a leading global aluminum supplier in Russia, has inked an agreement with India's Pioneer Group and KCap Group to acquire up to 50% of India’s Pioneer Aluminium Industries Limited in three stages, starting with a 26% stake for US$243.75 million plus adjustments for the company’s net working capital and debt. All following phases of the transaction will be paid pro rata.

Pioneer operates a 1.5 million-ton-per-year alumina refining plant in Andhra Pradesh, with potential expansion to 2 million tons.

RUSAL and the sellers, Pioneer and KCap, will supply bauxite and receive alumina in proportion to their stakes.