Leading global supplier of refractory products RHI Magnesita has announced the acquisition of the Indian refractory business of one of India’s leading refractory players Dalmia Bharat Refractories Limited. The acquisition will take place via a Share Swap Agreement in exchange for 27 million shares in RHI Magnesita India Limited. Based on the issuance price of RHI Magnesita India Limited at INR 632.5029 per share, the share consideration had a value of approximately INR 1,708 croreThrough the consolidation of DBRL’s production into RHI Magnesita’s existing operations, significant network optimization synergies will be captured. The company employs approximately 1,200 people in India and has production capacity of more than 300,000 tonnes of refractory annually, from five refractory plants and raw material sites. The acquisition will add production capacities in important industrial regions in the south and west of India where RHI Magnesita currently has no assets.The acquisition will significantly increase RHI Magnesita’s presence in the fast-growing Indian refractory market, with forecast steel production growth in India of 12% in 2022 and a 7-8% compound annual growth rate until 2030. Established in 1954, Dalmia Bharat Refractories Limited, previously Shri Nataraj Ceramics and Chemical Industries, is a leading India-based producer of high alumina refractory bricks for the Indian cement industry. DBRL provides a complete line of services including refractory design and layout for Greenfield projects, refractory application and maintenance. DBRL offers end-to-end refractory products, solutions and services to customers in over 40 countries and is one of the oldest and leading suppliers of refractories to cement plants in India and the Middle East and North Africa region.