RHI today announced that it signed a share purchase agreement to acquire 43.6% of the share capital of Orient Refractories Ltd.(ORL). ORL is an Indian producer of special refractories and monolithics listed on the National Stock Exchange of India as well as the Bombay Stock Exchange.The selling shareholders that hold the largest stake of the 43.6% are the immediate family members of S.G. Rajgarhia. The transaction price amounts to 31 mn euros (Rupees 2,3 billion).
RHI said it makes an open offer to the public shareholders for up to an additional 26% of the shares of ORL. The offer priceis 43 Rupees (EUR 0,6 ) per equity share amounting to a total of up to 18,5 mn euros.
According to RHI, ORL's technical and service know-how aswell as its Indian production facility will further strengthen RHI'sservice-oriented sales approach for the growing Indian and Asian steel industry.