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.

RHI Magnesita has converted its joint venture entity, RHIM Khemka MINPRO Private Limited, into a subsidiary following a preferential allotment of equity shares to its partner, Khemka Refractories Private Limited. The transaction, approved by the Board of Directors of the joint venture company on August 3, 2026, shifts the ownership structure such that RHI Magnesita now holds a controlling 51% stake, while Khemka retains 49%. This development formalizes the strategic consolidation of the venture, which was initially established through a Joint Venture Agreement announced in June and July 2026.

The Board of RHIM Khemka MINPRO Private Limited approved the allotment of 9,607 equity shares with a face value of Re.1 each. These shares were issued at an issue price of Rs.1,990 per equity share, including a premium of Rs.1,989 per share. The total consideration for this allotment amounts to Rs.1,91,17,930. Notably, this transaction was executed for consideration other than cash.

Transaction Details

The financial structure of the preferential allotment is outlined below:

Khemka Refractories provided the consideration through the transfer of specified parcels of land. These land parcels admeasure approximately 12.87 acres and are situated at Mouza Santarapur, Tahasil Kamakhyanagar, District Dhenkanal, Odisha. In addition to the share allotment, the Board also approved the appointment of Khemka’s nominee directors to the Board of the joint venture company.

Regulatory Disclosure

RHI Magnesita India Limited made this disclosure pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was submitted to both BSE Limited and the National Stock Exchange of India Limited. The company had previously issued intimations regarding the Joint Venture Agreement on June 25, 2026, and July 16, 2026. With effect from August 3, 2026, RHIM Khemka MINPRO Private Limited is classified as a Joint Venture/Subsidiary Company of RHI Magnesita India Limited.