RHI Magnesita India Limited has announced the effectiveness of the Scheme of Merger between its wholly-owned subsidiaries, Intermetal Engineers (India) Private Limited and Ashwath Technologies Private Limited. The merger, effective from August 18, 2026, aims to rationalize the corporate structure, enhance operational efficiencies, and yield administrative synergies. This consolidation will result in Ashwath Technologies Private Limited becoming a direct wholly-owned subsidiary of RHI Magnesita India Limited.
Merger Scheme Becomes Effective
RHI Magnesita India Limited has officially confirmed the effectiveness of the Scheme of Merger involving its wholly-owned subsidiaries, Intermetal Engineers (India) Private Limited (“Intermetal”) and Ashwath Technologies Private Limited (“Ashwath”). The merger took effect on August 18, 2026, following the completion of all necessary formalities as per the Companies Act, 2013. The appointed date for the scheme was April 1, 2026.
Strategic Rationale and Benefits
This amalgamation is expected to drive significant operational efficiencies, rationalize the corporate structure, and generate administrative synergies. The management anticipates these changes will yield substantial benefits for the companies, their shareholders, creditors, and employees. The primary objective is to create a single, consolidated entity that simplifies management processes, reduces administrative costs, and eliminates duplicative legal and regulatory compliances.
Corporate Structure Realignment
As a consequence of the merger becoming effective and Intermetal’s dissolution without winding up, Ashwath Technologies Private Limited now stands as a direct wholly-owned subsidiary of RHI Magnesita India Limited. This move consolidates business operations, strengthens the financial position, and aims to foster growth and optimal resource utilization.
Leadership Changes at Ashwath Technologies
Effective from August 18, 2026, there have been leadership changes within Ashwath Technologies Private Limited. Mr. Parmod Sagar and Mr. Azim Syed have resigned from their directorships. Concurrently, Mr. Pankaj Malhan, Mr. RaviKumar Masagoundan Pudhur Periyasamy, and Mr. Abhishek Bajaj have been appointed as Directors. Mr. Pankaj Malhan has also been appointed as the Chairman of Ashwath Technologies Private Limited.
Source: BSE
