RHI Magnesita India to acquire Hi-Tech's refractory business for Rs621 crore

19 Oct 2022 , 09:38 AM

RHI Magnesita Limited informed that it has executed a BTA with Hi-Tech Chemicals Limited for r acquisition of the refractory business of Hi-Tech. The acquisition shall be by way of a slump sale on a going concern basis for a cash consideration of Rs621 crore.

As per the company, the objective of this acquisition is to enhance its position in the domestic and worldwide flow-control refractory markets by strengthening and expanding its portfolio.

The company expects to complete the said transaction within a period of 3 months from the date of execution of the BTA.

Hi-Tech is engaged in the refractory business, producing and supplying goods such as isostatically pressed ceramics, slide-gate plates, nozzle opening compounds, and tundish Monolithics primarily for the steel industry.

Hi-Tech’s revenue for the fiscal year 2021-2022 is Rs270.2 crore, while its profit before tax is Rs70.7 crore.

At around 9.41 AM, RHI Magnesita India was trading at Rs717.15 down by 0.26% from its previous closing of Rs719.05 on the BSE. The scrip opened at Rs726.35 and touched intraday high and low of Rs732.20 and Rs715.30 respectively. 

For feedback and suggestions, write to us at [e-mail]