RHI Magnesita India Ltd. announced the successful completion of its previously announced joint venture with Khemka Refractories Pvt. Ltd. The new company will operate under the brand name MINPRO and is dedicated to refractory recycling and circular mineral solutions in India.
The joint venture combines RHI Magnesita's global leadership in refractory recycling with Khemka Refractories' regional expertise, operational capabilities, and established customer and supplier network. MINPRO will be headquartered in Odisha, strategically located in India's steel-producing region.
MINPRO will be led by Jyotirmoy Bhattacharjee as Chief Executive Officer. Bhattacharjee brings nearly three decades of experience in the refractory industry, including over 20 years with RHI Magnesita, most recently serving as Head of Sales Steel India.
The company will focus on recovering, processing, and reusing spent refractory materials to create high-value circular minerals for refractory production and other industrial applications. The venture aims to improve resource efficiency, strengthen supply chain resilience, and reduce the environmental footprint of high-temperature industries through customized circular solutions.
Management commentary from Pankaj Malhan, Managing Director & CEO of RHI Magnesita India Ltd. and Regional President - India, stated: "The launch of MINPRO is an important milestone in our strategy to advance circularity in India and across the region. By combining RHI Magnesita's global recycling expertise with Khemka Refractories' strong local presence, we are creating a trusted platform that will deliver high-quality circular raw materials and strengthen supply security."
Alok Khemka, Director of Khemka Refractories, commented: "We are proud to collaborate with RHI Magnesita to establish MINPRO in the Indian market. Our companies bring highly complementary capabilities, and together we are well positioned to establish a leading recycling platform for the Indian refractory industry."
The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial impact of the joint venture was not quantified in the disclosure.