RHI Magnesita India Limited has acquired the refractory business portfolio of Hi-Tech Chemicals Limited in an all-cash deal of $75.73 million, according to a regulatory filing of the company on Wednesday, October 26.
RHI Magnesita is a leading global supplier of refractory material to the steel, cement and glass industries.
In the regulatory filing, RHI Magnesita said it has “executed an agreement with Hi-Tech Chemicals Limited for acquisition of the refractory business by way of a slump sale as a going concern for cash.”
Regarding the objective of the acquisition, RHI Magnesita India said it will strengthen and enlarge its offering to enhance the company's position in the domestic and international flow-control refractory business. It said that the acquisition process will be completed within the next few months.
RHI Magensita’s refractory business has a footprint in India and six other countries in Europe, Africa and Asia.