RHI Magnesita India Limited has approved the allotment of 9,607 equity shares to Khemka Refractories Private Limited, valuing Rs. 1,91,17,930, for land parcels measuring 12.87 acres. This transaction solidifies the formation of a joint venture, RHIM Khemka MINPRO Private Limited, where RHI Magnesita India now holds a 51% equity stake, with Khemka holding the remaining 49%. The company has also appointed Khemka’s nominees to the JV’s board.
RHI Magnesita India Finalizes Joint Venture
RHI Magnesita India Limited has officially completed the formation of its joint venture with Khemka Refractories Private Limited, now named RHIM Khemka MINPRO Private Limited. This significant step was approved by the company’s Board of Directors on 3 August 2026.
Equity Allotment for Land Acquisition
As part of the JV agreement, RHI Magnesita India has approved the allotment of 9,607 equity shares. These shares, with a face value of Re. 1/- each, were issued at a price of Rs. 1,990/- per share, bringing the total consideration to Rs. 1,91,17,930. The issuance was made to Khemka on a preferential basis, in exchange for specified parcels of land. The land, measuring approximately 12.87 acres, is situated at Mouza Santarapur, Tahasil Kamakhyanagar, District Dhenkanal, Odisha.
JV Structure and Governance
Following the allotment, RHI Magnesita India Limited now holds a 51% equity share capital in the JV Company, RHIM Khemka MINPRO Private Limited, establishing it as a joint venture/subsidiary. Khemka Refractories Private Limited holds the remaining 49% equity share capital. In line with the JV agreement, Khemka’s nominees have also been appointed to the Board of Directors of the JV Company.
Source: BSE
