New Delhi: RHI Magnesita India Ltd (RHIM) has approved a joint venture with Khemka Refractories Private Limited to establish a greenfield refractory recycling facility in Odisha, marking a significant step toward promoting circular economy practices in India’s industrial sector. The decision was approved by the company’s Board of Directors at its meeting held on Thursday.
Under the agreement, a new joint venture company will be incorporated initially as a wholly owned subsidiary of RHIM. Subsequently, Khemka Refractories will acquire a 49% stake, while RHIM will retain a 51% shareholding in the venture.
The proposed facility will focus on refractory recycling and industrial minerals activities, supporting sustainable industrial growth and strengthening domestic supply chains. The venture combines RHIM’s global expertise in refractory recycling with Khemka’s established regional presence and supplier network.
RHIM stated that the project is expected to enhance supply chain resilience and accelerate the transition toward a circular economy in India. The company will subscribe to 10,000 equity shares of Re 1 each in cash at the time of incorporation, subject to regulatory approvals and fulfillment of conditions under the joint venture agreement.
Parmod Sagar, Chairman, MD & CEO, RHI Magnesita India Ltd., said, “India is one of the world’s fastest-growing industrial markets, and as the market leader in refractories, RHI Magnesita is committed to deepening its technological investment in the country. We believe the time is right to build an ethically compliant circular economy platform that brings trust, quality, innovation, consistency and scale to raw materials management for refractories and other industrial markets. Through this green-field joint venture, we are laying the foundation for a circular economy platform with globally leading processing technology and best-in class infrastructure. We will advance circularity, avoid waste and create long-term supply security and superior value for our customers in line with our 4PRO Solutions proposition. A closed material cycle is essential for sustainable business and the responsible use of valuable resources benefiting all stakeholders.”
Alok Khemka, Director, Khemka Refractories Pvt. Ltd., said “We are delighted to partner with RHI Magnesita in this pioneering initiative for the Indian refractory market. With our operational capabilities, strategic location in Odisha and well-established supply and partner network, we are well-positioned to support the development of a robust recycling platform. Together, we aim to focus on scaling operations, process depth and quality consistency in the Indian recycling market while ensuring secure access to critical secondary raw materials.”
