RHI Magnesita India Limited (BSE:534076) entered into Business Transfer Agreement to acquire Refractory Business of Hi-Tech for INR 6.21 billion on October 18, 2022. The consideration is paid in cash. The transaction is subject to approval of Jharkhand Industrial development Authority. The transaction is subject to satisfaction of conditions precedent as provided in BTA. The transaction will close with in 3 months of date of execution of BTA.

RHI Magnesita India Limited (BSE:534076) completed the acquisition of Refractory Business of Hi-Tech on January 31, 2023. The cash consideration will process in next few months.