Tirupati Graphite PLC on Monday said its relationship with PranaGraf Materials & Technologies Private Ltd remains unchanged, despite PranaGraf’s rebranding from Tirupati Speciality Graphite Private Ltd.

The London-based natural flake graphite producer which has operations in Madagascar and Mozambique said PranaGraf’s rebranding ‘reflects the business and its strategy; however, it does not change the relationship it has with TG’.

In 2018, the firms agreed a combination agreement, but the deal could not be completed due to ‘unforeseen regulatory circumstances’.

Tirupati Graphie said intends to focus on developing its options to reach an arrangement with PranaGraf. In 2022, the firm assessed that its options were to pursue the proposed acquisition, seek alternative investment vehicles for investment in PranaGraf, or to explore commercial arrangements with PranaGraf.

Chair Shishir Poddar commented: ‘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 shares were down 7.7% to 24.00 pence each on Monday morning in London.

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