Global leader of refractory materials RHI Magnesita has completed the acquisition of the Indian refractory business of Dalmia Bharat Refractories Limited via a Share Swap Agreement executed on 5 January 2023. Consequently, Dalmia OCL Limited, the Indian refractory business of DBRL, stands as a 100% subsidiary of RHI Magnesita India Limited, effective the same day. Dalmia OCL is one of India’s leading refractory players and a long-term trusted partner to customers in the region.Through the consolidation of Dalmia OCL’s production into RHI Magnesita’s existing operations in India, significant network optimization synergies will be captured. The integration will add almost 300,000 tonnes of capacity annually to the existing production footprint in India, particularly in various shaped and unshaped refractories. This marks another decisive step in RHI Magnesita’s strategic growth plans in this key market and will enable the integrated company to increasingly serve customers with a ‘local for local’ approach while offering a broader range of products.It may be noted that on 19 November 2022, the company had announced that it will acquire the Indian refractory business of DBRL. Under the terms of the Share Swap Agreement, RHI Magnesita India Limited would acquire all outstanding shares in Dalmia OCL in exchange for 27 million new shares in RHI Magnesita India Limited. Based on the closing share price of RHI Magnesita India Limited on 18 November 2022 of INR 645.35 per share, the Consideration Shares had a value of approximately INR 17,424 million (EUR 212 million).