RHI Magnesita India’s material and wholly owned subsidiary -- Dalmia OCL (DOCL), has acquired balance 49% i.e. 98,00,000 equity shares having face value of Rs 10 each of RHI Magnesita Seven Refractories (RHIM Seven) for a revised consideration amounting to Rs 61.84 crore in terms of the provisions of Share Purchase Agreement (‘SPA’) dated April 21, 2023, including amendments thereof read with Share Transfer Agreement (‘STA’) dated July 17, 2023. The aforesaid acquisition of 98,00,000 equity shares of RHIM Seven by DOCL from Seven Refractories GmbH was completed on July 24, 2023.
Consequent to the above, the RHIM Seven has become the 100% wholly owned subsidiary of DOCL with effect from July 24, 2023. The acquisition of remaining equity shares of RHIM Seven by DOCL has been undertaken with a view to enable RHI Magnesita to offer a broader range of non-basic refractory mixes and is expected to be highly complementary to the Group's existing non-basic portfolio. Seven Refractories is a specialist supplier of non-basic monolithic refractory mixes with broad applications across all of the Group's customer segments including iron and steel, cement, aluminium and non-ferrous metals. Non-basic refractory mixes are expected to become increasingly important with the development of new low CO2 emitting manufacturing technologies within the Group's key customer industries. Products offered by Seven Refractories range from low temperature fireclay to ultra-high temperature zircon mixes, high-grade alumina mixes and sustainable taphole clay with a low CO2 footprint.
The said acquisition is also co-relatable to the prior acquisition made by the Company of DOCL on January 5, 2023 which at that point in time held 51% of the paid up equity share capital of RHI Seven.
RHI Magnesita India offers a wide range of Refractory and Monolithic products for the iron and steel industry and enjoy large domestic and international clientele.
| Company Name | CMP |
|---|---|
| RHI Magnesita | 505.80 |
| Vesuvius India | 5273.35 |
| IFGL Refractories | 484.95 |
| Orient Ceratech | 41.53 |
| Morganite Crucible(I | 1859.00 |
| View more.. | |
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