The €1.3 bn-Austrian refractories company RHI has picked up a 51% stake in Clasil Refractories for an undisclosed price. RHI was, until now, the largest importer of refractories in India and supplier to steelmakers without any local production capacities. It imported material worth €40 mn annually. The stake acquisition now brings a local production centre under its fund. The consideration would be used for expansions currently under way, at the RHI-Clasil plant at Venkatapura in Andhra Pradesh. The plant capacity will reach about 40,000 tonnes with sales revenue of €15 mn per year.
Read The Economic Times article for more details.
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