The Indian unit of refractory maker RHI Magnesita is planning to expand its capacity both through the organic and inorganic routes.
The company’s Managing Director and CEO Parmod Sagar was quoted as saying by BusinessLine that they would aim to double their market share in India to 40 per cent in the next 3-4 years.
RHI Magnesita is into production and supply of high-grade refractory products, systems and solutions. It recently acquired two units for an estimated sum of around Rs 60 crore.
Refractory products are vital in all high-temperature processes in the making of metals, cement, glass and ceramics. Te refractory market in India is estimated to be close to Rs 8,000 crore.
The steel industry is one of the biggest consumers of refractory products, accounting for nearly 60-70 per cent of the total production.
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