Rhi Magnesita India Ltd. Forms Joint Venture with Khemka Refractories for Greenfield Recycling Facility in Odisha
Rhi Magnesita India Limited (RHIM) has entered into a strategic partnership with Khemka Refractories Private Limited (KRPL) to establish a new Joint Venture Company. The venture is aimed at accelerating circular business models and setting up a greenfield refractory recycling facility located in the eastern state of Odisha, India.The Board of Directors of Rhi Magnesita India Ltd. approved the agreement on June 25, 2026. The JV aims to bundle industrial minerals and refractory recycling activities.
Partnership Structure and Shareholding
The initial structure stipulates that the JV Company will be incorporated as a wholly owned subsidiary of RHIM. Following incorporation, the JV Company is structured to issue shares such that Khemka Refractories Private Limited receives 49% of the stake.
Details regarding the relationship between the two entities were reviewed, noting that while they are independent companies currently, the newly established entity will become a related party to RHIM post-incorporation.
The initial investment structure involves RHIM subscribing 10,000 equity shares at Re 1/- each, paid in cash.
Industry Background and Rationale
This strategic move is set to combine RHIM's global expertise in refractory recycling with Khemka’s long-standing regional presence and supplier network. The facility is anticipated to play a key role in strengthening supply chain resilience and supporting the transition toward a circular economy within India.
The operational scale of the partnering companies during 2025-26 included:
| Company | Business Focus | Consolidated Turnover (FY 2025-26) |
|---|---|---|
| Rhi Magnesita India Ltd. (RHIM) | Leading manufacturer and supplier of high-grade refractory products, systems, and solutions. | Rs. 4,01,994.50 lakhs |
| Khemka Refractories Pvt. Ltd. (KRPL) | Manufacturer of refractory products, raw materials trading, and secondary raw material processing. | Rs. 48,725.77 Lakhs |
The partnership is domestic, with the JV focusing on establishing a greenfield refractory recycling facility in Odisha. The combined entity will focus on industrial minerals and refractory recycling activities.
RHIM Stock Price Movement
Edging slightly higher in live trading, shares of RHI MAGNESITA INDIA LIMITED trade at ₹379.95 as of 2:17 PM, reflecting a gain of 0.08%. The stock has seen solid activity with 97,707 shares traded during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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