RHI Magnesita India’s wholly owned subsidiary -- Dalmia OCL (DOCL) has executed a Share Purchase Agreement (SPA) with Seven Refractories GMBH, Vienna vide agreement on April 21, 2023 for acquisition of the balance 49% paid up equity shares of RHI Magnesita Seven Refractories (RHIM Seven) (formerly known as Dalmia Seven Refractories) for cash consideration of Rs 64 crore.
DOCL already owns 51% paid up equity shares of RHIM Seven and will own 100% paid up equity shares of RHIM Seven following completion of the acquisition. The acquisition is subject to standard closing conditions and is expected to complete in the second half of 2023.
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.
