RHI acquires 51% stake in Clasil Refractories, India 8. January 2007

RHI Refractories to offer complete package solutions from local production

RHI, the largest importer of refractories in India, which mainly supplies steelmakers with refractories, is entering India by buying a 51 percent stake in Clasil Refractories in a share capital increase at the Indian company to fund a refractories plant at Venkatapura in Andhra Pradesh.
RHI feels that the sustained significant economic growth in India and the continuous development of the infrastructure will lead to a substantial extension of production capacity, especially of steel and cement, with the demand for high-grade refractory solutions growing correspondingly. To ensure optimal service for customers in India, it is indispensable for RHI Refractories to further increase its presence in this important emerging market and offer complete package solutions from local production
In the course of a capital increase, RHI Refractories will initially take over 51% of the shares in Clasil Refractories Ltd. Clasil management and RHI are looking forward to mutually develop RHI-Clasil as a prime refractory player in India, said RHI.
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