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RHI AG recently announced it has signed a share purchase agreement to acquire 43.6% of the share capital of Orient Refractories Ltd. (ORL), an Indian producer of special refractories and monolithics. The transaction price is €31 million (~ $41 million).
Headquartered in New Delhi, India, ORL’s manufacturing and R&D facility is located in Bhiwadi, Rajasthan; the company also has eight sales offices located throughout India. S.G. Rajgarhia is expected to carry on as a member of the future board of directors of ORL, as he will continue to own less than 5% of the shares.
For RHI, the acquisition is reportedly key in pursuing its growth strategy focused on emerging markets and strengthening its global market position in the flow control business segment with special refractories and monolithics. ORL’s business is reportedly complementary to RHI’s current market position with its strong presence at the mini-mills in India.