RHI Magnesita announces Indian merger

RHI Magnesita announces Indian merger
03 August 2018

RHI Magnesita has announced a merger between its three companies in India, Orient Refractories, RHI India and RHI Clasil. Upon completion, the move will consolidate the group’s position in the Indian market to allow it to tap into its growth potential more effectively, according to a press release. While subject to regulatory approval, the merger is expected to be completed within the next 9-12 months.

The combined company expects an operating revenue of INR12,356m (US$182.23m) on a proforma FY18 basis, with two production facilities and over 700 employees.

"The merger marks an important milestone towards expanding RHI Magnesita's market leadership in the refractory market of India. We are convinced that one strong entity, organization and management in India will increase long term value for all stakeholders," said Stefan Borgas, CEO, RHI Magnesita.

"This merger significantly enhances the profile of RHI Magnesita in India and creates a stable umbrella under which the immense growth potential we see in the Indian market can be tapped more effectively and efficiently," he said.

Published under Cement News