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.

RHI Magnesita India Limited has secured shareholder approval to continue material related party transactions with RHI Magnesita GmbH through a postal ballot process that concluded on 21 June 2026. The resolutions authorize the company to engage in the sale of products, purchase of materials, traded goods, raw materials, spares, and plant and machinery, as well as inter-company services and royalty payments. An omnibus approval for these transactions for FY 2026-27 was also passed.

The postal ballot was conducted pursuant to Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Naresh Verma & Associates, Company Secretaries, served as the scrutinizer for the remote e-voting process, which commenced on 23 May 2026 and ended on 21 June 2026. The company confirmed that all resolutions were passed with the requisite majority.

Voting Results

The scrutinizer's report detailed the voting patterns across four ordinary resolutions. Public institutions and non-institutions participated actively, while promoter and promoter group votes were recorded as nil. The total number of shareholders on the record date of 15 May 2026 was 63,305.

Resolution Breakdown

The first resolution, concerning the sale of products and purchase of materials, saw 338 members voting in favour and 42 voting against. The second resolution regarding inter-company services received 355 votes in favour and 22 against. The third resolution on royalty payments had 350 members in favour and 27 against. The final omnibus resolution for FY 2026-27 was approved by 354 members with 23 voting against.

The company disclosed that there were no shares with differential voting rights, and hence no separate list was required for such shareholders. The results have been submitted to BSE Limited and National Stock Exchange of India Limited and are available on the company's website.