India’s RHI Magnesita India has approved the formation of a joint venture with Khemka Refractories Private Limited to establish a greenfield refractory recycling facility in the eastern state of Odisha, according to the company’s stock exchange filing.
The new joint venture aims to accelerate circular business models by expanding refractory recycling capacity and supporting the sustainable use of refractory materials. The project remains subject to the required regulatory approvals and the fulfillment of conditions under the joint venture agreement.
The joint venture company will initially be incorporated as a wholly owned subsidiary of RHI Magnesita India. Following its incorporation, the company will issue and allot 49pct of its equity to Khemka Refractories, leaving RHI Magnesita India with a 51pct controlling stake.
RHI Magnesita is a leading global supplier of refractory products, systems and services for the steel, cement, non-ferrous metals, glass and energy industries.