RHI Magnesita investing Rs 3,600-cr in India to expand capacity: CEO Borgas
Vienna-based RHI Magnesita is investing Rs 3,600 crore in the Indian market over the next two-three years to increase its production capacity and modernise plants, its global CEO Stefan Borgas said.
The company has utilised a portion of the Rs 3,600-crore capital expenditure to acquire two refractory assets in India, Borgas told PTI here.
"We have earmarked a Rs 3,600 crore investment in India. This would go towards organic and inorganic capacity expansion and modernisation of the Indian manufacturing facilities," the CEO said, adding that the capital infusion will be through its subsidiary RHI Magnesita India Ltd.
RHI Magnesita India is a manufacturer and supplier of refractory products, systems, and solutions for industries such as steel, cement, non-ferrous metals, and glass.
The company recently completed the acquisition of Dalmia OCL and the refractory business of Hi-Tech Chemicals for Rs 1,708 crore and Rs 621 crore, respectively.
The refractory building capacity of the comp