RHI Magnesita India Limited company name has disclosed that its statutory auditor, Price Waterhouse Chartered Accountant LLP, intends to resign from its role effective August 14, 2026. The resignation covers both the parent company and its wholly-owned material subsidiary, RHI Magnesita India Refractories Limited (RHIMIRL). The primary driver for this change is the company’s decision to align its statutory auditor with that of its ultimate holding company, RHI Magnesita N.V., subject to requisite approvals from the Audit Committee and Board of Directors of the respective entities.

The intimation was filed with BSE Limited and the National Stock Exchange of India Limited on August 10, 2026, pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. Sanjay Kumar, Company Secretary at RHI Magnesita India Limited, confirmed that detailed disclosures required under the Listing Regulations will be submitted once the signed resignation letters are received from the auditor.

Regulatory Compliance and Next Steps

The initial filing serves as a preliminary disclosure to ensure market transparency regarding the change in statutory auditor. Under SEBI guidelines, listed entities must promptly inform stock exchanges of such changes. The company has also uploaded this intimation on its official website for public access.

Investors should note that the resignation process involves further procedural steps, including the submission of signed documents and potentially a general meeting resolution if required by the Companies Act, 2013. The alignment with the global parent’s auditor suggests a strategic move towards centralized audit governance, though no specific reasons beyond this alignment were cited in the initial filing.

RHI Magnesita India Limited and Khemka Refractories Pvt. Ltd. have officially launched MINPRO, a joint venture dedicated to refractory recycling and circular mineral solutions in India. The announcement, made on August 4, 2026, marks the completion of the previously disclosed partnership, aiming to address supply chain resilience and environmental sustainability in high-temperature industries.

MINPRO will operate as a state-of-the-art recycling platform headquartered in Odisha, strategically positioned within India's primary steel-producing region. The entity combines RHI Magnesita's global expertise in refractory recycling with Khemka Refractories' regional operational capabilities and established supplier networks. Jyotirmoy Bhattacharjee will lead the new venture as Chief Executive Officer, bringing nearly three decades of industry experience, including over 20 years with RHI Magnesita where he most recently served as Head of Sales Steel India.

The strategic partnership is designed to create an integrated recycling supply chain that increases the availability of high-value circular minerals for refractory production and other industrial applications. By recovering and reusing spent refractory materials, MINPRO aims to help customers improve resource efficiency and reduce the environmental footprint of sectors such as steel, cement, and non-ferrous metals.

Pankaj Malhan, Managing Director & CEO of RHI Magnesita India Ltd., stated that the launch represents a significant milestone in advancing circularity in the region. He emphasized that combining global recycling expertise with strong local presence creates a trusted platform for delivering high-quality circular raw materials. Alok Khemka, Director at Khemka Refractories, added that the collaboration leverages complementary capabilities to transform refractory recycling in India through advanced technology and deep local market knowledge.

Key Details of the Joint Venture

The table below outlines the core parameters of the newly launched MINPRO joint venture:

Operational Context

While specific financial terms of the joint venture were not disclosed in the filing, the strategic move highlights a shift toward sustainable operational models in the refractory sector. RHI Magnesita India currently operates eight manufacturing plants, two mines, and employs over 6,000 skilled workers across India. The addition of MINPRO complements this existing infrastructure by adding a specialized recycling capability, potentially reducing dependency on virgin raw materials and enhancing supply security for its domestic and global customer base.