RHI Magnesita India Ltd has appointed Pankaj Malhan as Managing Director & Chief Executive Officer effective July 1, 2026. The Board of Directors approved the leadership transition, with Parmod Sagar stepping down from his executive role to serve as Non-Executive Chairman. Pankaj Malhan brings over 30 years of leadership experience across steel, manufacturing, industrial materials, and infrastructure sectors to the role.

The Board met on June 30, 2026, to approve these changes in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's Key Managerial Personnel (KMP) structure has been revised to include Pankaj Malhan, Azim Syed, and Sanjay Kumar as Company Secretary. The resignations of Parmod Sagar and Azim Syed were attributed to personal reasons, as stated in their respective resignation letters.

Changes in Leadership Roles

The reorganization involves a shift in designations for the outgoing and incoming executives. Parmod Sagar steps down from his executive role to assume the position of Non-Executive Chairman. Pankaj Malhan steps into the role of Managing Director & CEO.

Corporate Social Responsibility Committee

Following the resignation of Azim Syed as a member of the Corporate Social Responsibility (CSR) Committee, the Board reconstituted the committee. Pankaj Malhan has been appointed as a member. The revised composition of the CSR Committee includes Ms. Sonu Chadha as Chairperson, Mr. Parmod Sagar as a member, and Mr. Pankaj Malhan as a member.

Material Subsidiary Updates

The Board of Directors of RHI Magnesita India Refractories Limited, the material subsidiary of the company, also approved corresponding leadership changes in its meeting on June 30, 2026. Parmod Sagar resigned as Chairman, Managing Director & CEO of the subsidiary effective June 30, 2026. The subsidiary appointed Pankaj Malhan as Managing Director & CEO effective July 1, 2026.

RHI Magnesita India Ltd has secured board approval to form a joint venture with Khemka Refractories Private Limited to establish a greenfield refractory recycling facility in Odisha. The partnership aims to accelerate circular business models and create a scalable recycling ecosystem to support the growing demand for sustainable solutions in the Indian refractory market. By combining global recycling expertise with regional manufacturing strength, the joint venture will focus on the recovery, processing, and reuse of spent refractory materials.

The Board of Directors of RHI Magnesita India Ltd approved the Joint Venture Agreement at its meeting held on Thursday, 25 June 2026. The proposed facility is strategically located in the heart of India's steel production region, close to major industrial manufacturers. This location is expected to strengthen supply chain resilience and support sustainable industrial growth. The initiative aims to reduce dependence on virgin raw materials, improve resource efficiency, and contribute to lower carbon emissions across industrial value chains.

Under the agreement, RHI Magnesita will hold a 51% stake in the joint venture, with Khemka Refractories holding the remaining 49%. The joint venture company will initially be incorporated as a wholly owned subsidiary of RHI Magnesita. Post-incorporation, the entity will issue and allot 49% shares to Khemka. The transaction is subject to requisite approvals under applicable laws and the fulfilment of conditions specified in the agreement.

RHI Magnesita reported a consolidated turnover of ₹4,01,994.50 lakhs during 2025-26, while Khemka Refractories Private Limited recorded a consolidated turnover of ₹48,725.77 lakhs in the same period. The joint venture will combine RHI Magnesita's global expertise in refractory recycling with Khemka's long-standing regional presence and supplier network. The facility is expected to play a critical role in accelerating the transition towards a circular economy in India.