RHI MAGNESITA INDIA LIMITED has entered into a joint venture agreement with Khemka Refractories Private Limited to establish a greenfield refractory recycling facility in Odisha. The board of directors approved the JV at its meeting on 25 June 2026, which concluded at 01:43 PM.
The joint venture company will initially be incorporated as a wholly owned subsidiary of RHIM. Post incorporation, the JV company will issue and allot 49% of its shares to Khemka, with RHIM holding the remaining 51% stake.
RHIM will subscribe to 10,000 equity shares of Re 1 each in cash at the time of incorporation. No consideration was paid or received by either party under the JV agreement. The transaction does not fall within the purview of related party transactions.
RHIM reported a consolidated turnover of Rs 4,019.95 crore during fiscal 2025-26. Khemka Refractories, a manufacturer of refractory products and processor of secondary raw materials, reported a turnover of Rs 487.26 crore during the same period.
The joint venture will combine RHIM's expertise in refractory recycling with Khemka's regional presence and supplier network in eastern India. The facility is expected to strengthen supply chain resilience and accelerate circular economy models in the refractories industry. Both parties are independent entities not part of the same promoter group.
The JV company will operate in the refractories sector, bundling industrial minerals and refractory recycling activities. Each party has the right to appoint and replace its nominee director, and any new share issuance must first be offered to existing shareholders. Incorporation requires approval from the Ministry of Corporate Affairs.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.