俄铝战略布局印度市场拟分阶段收购 150 万吨氧化铝精炼厂

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

俄铝战略布局印度市场拟分阶段收购 150 万吨氧化铝精炼厂

2025-03-17 09:41:57 来源：北方有色网责任编辑：管理员

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2025 年 3 月 15 日，全球铝业巨头俄铝（00486.HK）在港交所公告，其全资附属公司与印度 Pioneer 公司集团及新加坡 KCap 公司集团达成协议，将通过分阶段收购方式获取印度 Pioneer Aluminium Industries Limited（目标公司）最多 50% 股权。此次交易标志着俄铝深化全球资源布局、强化产业链协同的重要战略举措。

目标的资产定位清晰产能优势显著

目标公司成立于 2007 年，注册地位于印度安得拉邦，核心资产为设计年产能 150 万吨的冶金级氧化铝精炼厂，主要从事铝土矿加工及氧化铝生产。其生产基地毗邻印度东部铝土矿资源富集区，具备原材料采购与物流运输的区位优势。公开数据显示，该公司 2023 年营收同比激增 4111%，总资产规模增长 5.28%，显示出较强的产能释放能力。

分阶段收购锁定资源协同

根据协议安排，收购将分三阶段进行：首阶段以 2.4375 亿美元对价收购 26% 股权，后续根据目标公司运营表现逐步增持至 50%。交易双方约定，将按持股比例向目标公司供应铝土矿，并按比例获取氧化铝产品。值得注意的是，KCap 公司集团由新加坡 Kcap Metals Pte. Ltd. 及 Metra Pte. Limited 联合控制，其在东南亚矿产资源领域的布局或为合作提供额外协同价值。

合资模式强化风险管控

交易完成后，目标公司将以合资企业形式独立运营，不纳入俄铝合并报表范围。这种安排既保障了俄铝对核心资源的稳定获取，又通过股权比例分散了经营风险。分析指出，印度作为全球第二大铝消费国，其氧化铝产能缺口长期存在，此次合作将有效缓解俄铝在南亚市场的原料供应压力。

行业视角：资源整合深化国际竞争力

业内人士认为，俄铝此次收购是其践行 "资源 + 技术" 双轮驱动战略的重要一环。通过参股印度本土企业，公司不仅能获取低成本铝土矿资源，还可规避潜在的国际贸易壁垒。数据显示，2024 年印度氧化铝进口依赖度仍超 60%，目标公司的产能释放将显著提升俄铝在区域市场的定价权。

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俄铝战略布局印度市场 拟分阶段收购 150 万吨氧化铝精炼厂

目标的资产定位清晰 产能优势显著

分阶段收购锁定资源协同

合资模式强化风险管控

行业视角：资源整合深化国际竞争力

有色金属报告推荐

俄铝战略布局印度市场拟分阶段收购 150 万吨氧化铝精炼厂

目标的资产定位清晰产能优势显著