Rhi Magnesita India announced a joint venture with Khemka Refractories Private Limited to set up a greenfield refractory recycling facility in Odisha. The JV will focus on circular economy models, with Rhi Magnesita holding a 51% stake. This move aims to strengthen supply chains and sustainability.
Rhi Magnesita India Forms Joint Venture for Refractory Recycling Facility
Rhi Magnesita India and Khemka Refractories Private Limited will form a joint venture (JV) to establish a greenfield refractory recycling facility in Odisha. **Reader Takeaway:** Strategic JV for recycling strengthens supply chain and sustainability; project execution is key. ## What just happened Rhi Magnesita India and Khemka Refractories Private Limited have agreed to form a joint venture. The new entity will be a greenfield refractory recycling facility located in Odisha. The agreement has received board approval. ## Why this matters This JV signals Rhi Magnesita India's commitment to circular business models and strengthening its supply chain resilience. By recycling refractories, the company aims to reduce waste and promote sustainability within India's industrial sector. ## The backstory Rhi Magnesita India is a global leader in refractory products, systems, and solutions. Khemka Refractories Private Limited is a regional player with established local presence. The JV aims to combine Rhi Magnesita's global recycling expertise with Khemka's local network. ## What changes now The joint venture will operate as a greenfield project. Rhi Magnesita India will hold a 51% stake, and Khemka Refractories will hold 49%. The JV entity will initially be a wholly-owned subsidiary of Rhi Magnesita India before Khemka Refractories' shareholding is allotted. ## Risks to watch Key watch points for investors include securing necessary regulatory approvals from the Ministry of Corporate Affairs and the successful timeline for setting up and operationalizing the new facility. Project execution risks are inherent in greenfield ventures. ## Peer comparison While specific peer recycling initiatives are not detailed in the filing, the industrial sector is increasingly focusing on sustainability and circular economy principles. Rhi Magnesita's move aligns with this broader trend. ## Context metrics For the fiscal year 2025-26, Rhi Magnesita India's turnover was ₹4,019.95 crore, and Khemka Refractories' turnover was ₹487.26 crore. ## What to track next Investors should monitor upcoming filings for updates on regulatory clearances, project commissioning timelines, and initial operational performance of the JV.
