Chile's National Economic Prosecutor's Office (FNE) has ordered an investigation into the effects of Molycop's acquisition by India's Tega Industries and Apollo Global Management funds. The deal, announced in September 2025 and valued at about $1.5 billion, gives Tega a 77% stake and Apollo 23%. The regulator aims to rule out risks to free competition in the national market.
The FNE decided to launch the probe under case F452-2026, as per article 50, third subsection of Decree Law 211. The initial notification arrived on January 22, 2026, was deemed incomplete on February 5, and supplemented by the companies on February 13. The investigation targets the effects of Tega and Apollo potentially gaining decisive influence over Grupo Molycop, particularly in Chile's mining sector where the firm plays a major role. Molycop operates through Mol-Cop S.A. and Moly-Cop Chile S.A., with plants in Mejillones and Talcahuano—operational since 1961—producing SAG and grinding balls for 80% of the country's mines. Previously owned by American Industrial Partners (AIP), Tega Industries, headquartered in Kolkata and focused on mineral processing components, will hold the majority 77% stake. Apollo, managing over $840 billion in assets as of June 2025, retains 23%. The deal comes amid adjustments for Molycop in Chile due to price distortions from Chinese steel imports.
