RHI Magnesita India Finalizes 51:49 JV with Khemka Refractories, Acquires Land in Odisha

RHI Magnesita India Limited has officially formalized its joint venture, RHIM Khemka MINPRO Private Limited, with Khemka Refractories Private Limited, following Board approval on August 3, 2026. Key Deal Highlights: Ownership Structure: RHI Magnesita India holds a controlling 51% stake, while Khemka Refractories holds the remaining 49%. Transaction Details: RHI Magnesita allotted 9,607 equity shares to Khemka at ₹1,990 per share (total consideration of ~₹1.91 crore) on a preferential basis. Asset Acquired: The shares were issued in exchange for 12.87 acres of land located in Dhenkanal, Odisha. Governance: In line with the JV agreement, nominees from Khemka have been appointed to the Board of the new entity. Strategic Rationale: This transaction secures critical land assets for RHI Magnesita's domestic expansion plans in a key industrial region without immediate cash outflow, utilizing an efficient share-swap mechanism. The 51:49 structure ensures RHI Magnesita retains operational and financial control while benefiting from Khemka’s established local refractory expertise and regional market presence. Outlook: The formation of RHIM Khemka MINPRO strengthens RHI Magnesita India's manufacturing footprint and supply chain resilience. It positions the joint venture to effectively capitalize on the growing domestic demand for advanced refractory solutions across India's core industrial and metallurgical sectors.