RHI Magnesita, KhemkalLaunch MINPRO refractory recycling venture with 51% controlling stake, land-based share allotment

INDIA – RHI Magnesita India has launched MINPRO, a refractory recycling joint venture with Khemka Refractories in Odisha, converting it into a subsidiary with a 51 percent controlling stake following a Rs 1.91 crore (US$229,000) land-based share allotment to Khemka.

The joint venture, announced on 4 August 2026, combines RHI Magnesita’s global refractory recycling expertise with Khemka’s regional operational capabilities and established supplier networks in Odisha’s steel-producing region. 

Jyotirmoy Bhattacharjee has been appointed CEO, bringing nearly three decades of industry experience, including over 20 years with RHI Magnesita. 

The venture focuses on recovering and reusing spent refractory materials to increase circular mineral availability for steel, cement and non-ferrous industries.

Ownership Structure and Share Allotment Details

The ownership structure was formalised on 3 August 2026, when the Board of RHIM Khemka MINPRO Private Limited approved the allotment of 9,607 equity shares at Rs 1,990 (US$23.83) per share, including a premium of Rs 1,989 (US$23.82) per share, for a total consideration of Rs 1.91 crore (US$229,000).

Khemka Refractories provided the consideration through the transfer of 12.87 acres of land at Mouza Santarapur in Odisha’s Dhenkanal district. 

The joint venture was initially incorporated as a wholly owned subsidiary of RHI Magnesita India before Khemka subscribed to its 49 percent stake in a subsequent step. 

Both companies are independent entities and do not belong to the same promoter group.

Strategic Significance for India’s Industrial Circular Economy

MINPRO is strategically located in Odisha, at the heart of India’s steel-producing region, which supports rapidly growing demand for closed-loop sustainable solutions. 

The facility will combine RHI Magnesita’s global recycling technologies with Khemka’s regional supplier networks to recover, process and reuse spent refractory materials, creating a reliable domestic source of high-quality circular minerals. 

Pankaj Malhan, Regional President India at RHI Magnesita, stated that the launch is an important milestone in advancing circularity in India and across the region. 

Alok Khemka, Director of Khemka Refractories, added that the complementary capabilities of both companies position them to establish a leading recycling platform for the Indian refractory industry.

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