Rawmin Group takes 70.59% of Glittek Granites in pivot to battery storage
What's the deal? Rawmin GroupDealroom has a profile for this one. Try Dealroom → has acquired a 70.59% controlling stake in Glittek GranitesDealroom has a profile for this one. Try Dealroom → through a share purchase agreement and open offer. The Thanki family-led group is steering the company away from its dormant granite business and into Battery Energy Storage Systems (BESS) and critical minerals.
What just happened? The board has been fully reconstituted, with Bhargav G. Thanki appointed managing director. Legacy granite operations have been wound down, and the company awaits shareholder approval to rebrand as Rawmin Neo Elements LimitedDealroom has a profile for this one. Try Dealroom →.
Why now? The granite business had ceased operations over the past year. For FY 2025-26, Glittek reported a net loss of Rs 39.45 lakh and operating revenue of just Rs 4.68 lakh.
What's the endgame? The new promoters want to leverage Rawmin's mining expertise across rare earth elements, battery systems, and solar technology. They have cleared out non-moving inventory and start with a clean balance sheet, free of prior debt.
What's changing? Beyond the rebrand, the registered office moves from Bengaluru to Mumbai. Shareholders are being asked to approve a new borrowing limit of Rs 200 crore and up to Rs 100 crore in promoter-provided unsecured loans to fund the diversification.
What could go wrong? The move into BESS and minerals is capital-intensive and unproven for the company. Investors will watch how quickly it deploys the borrowing capacity and secures land or technology licenses for new projects.
The upcoming annual general meeting will cover the new name, borrowing limits, and the appointment of new statutory auditors, R. R. Tibrewala & Co.Dealroom has a profile for this one. Try Dealroom →
The signal: A dormant granite shell is being repurposed as a vehicle for India's energy-storage and critical-minerals push — a low-cost route into high-growth sectors, but one that leaves execution entirely to be proven.
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Image credit: Generated with Gemini
