The Austria-Vienna headquartered global refractory leader RHI Magnesita's CEO Stefan Borgas has stated that the company is investing INR 3,600 crore in the Indian market over the next two-three years to expand its production capacity and modernise facilities.
However, Borgas also said that a portion of the company's capital investment of INR 3,600 crore was used to buy two refractory assets in India.
The CEO said, "The capital infusion will be through the subsidiary RHI Magnesita India Ltd."
"We have earmarked an INR 3,600 crore investment in India. This would go towards organic and inorganic capacity expansion and modernisation of the Indian manufacturing facilities."
The company recently acquired Dalmia OCL and Hi-Tech Chemicals' refractory business for INR1,708 crore and INR 621 crore, respectively. For businesses in the aluminium, glass, steel, cement, non-ferrous metals, and steel industries, RHI Magnesita India manufactures and supplies refractory goods.
"The company can produce 5 lakh tonnes of refractory annually (LTPA), of which 1.5 LTPA are available but have yet to be used. They are ready to meet future demand for the Indian market," CEO said.
"The company is looking to modernise the newly acquired assets in India by increasing automation and deploying machinery of international standards. Additionally, AI (artificial intelligence) and data-driven digital technologies are being brought to India for improved refractory performance as part of its plans."
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