RHI MAGNESITA INDIA LIMITED has approved a joint venture agreement with Khemka Refractories Private Limited to set up a greenfield refractory recycling facility in Odisha. The JV is subject to receipt of requisite approvals under applicable laws. The decision was taken at a board meeting held on June 25, 2026.
The joint venture company will be initially incorporated as a wholly owned subsidiary of RHI Magnesita India. Post incorporation, the JV company will issue and allot 49% of its shares to Khemka Refractories, with RHI Magnesita India holding the remaining 51%. Each party has the right to appoint and replace its nominee director on the JV board.
RHI Magnesita India will subscribe to 10,000 equity shares of Re 1 each in cash at the time of incorporation. No consideration has been paid or received by either party in connection with the joint venture agreement itself. Any new shares or securities issued by the JV must first be offered to existing shareholders.
The facility will combine RHI Magnesita India's refractory recycling capabilities with Khemka's regional presence and supplier network. The JV company will bundle industrial minerals and refractory recycling activities. The facility is located in the eastern state of Odisha.
RHI Magnesita India reported a consolidated turnover of Rs 4,019.95 crore in 2025-26, while Khemka Refractories posted a consolidated turnover of Rs 487.26 crore in the same period. Khemka Refractories is a manufacturer of refractory products and processor of secondary raw materials based in Dhenkanal, Odisha. Both entities are independent and not part of the same promoter group, and the transaction does not fall under related party transactions.
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.