Germany based RHI Group is planning to acquire Orient Refractories for R600Cr. Orient Abrasives recently demerged its refractory division into Orient Refractories with the intention of selling a stake.
According to ET, RHI has agreed to buy 48.61% of the stake held by promoters Rajendra Kumar Rafgarhia and family for about R300Cr. It will also make a mandatory open offer for a 26% stake as per takeover regulations.
Established in 1971, Orient Abrasive is a part of Rajgarhia Group of Industries. Orient Abrasive is engaged in manufacturing various types of high-alumina abrasive grains (including calcined bauxite), Refractories, Monolithic and Power.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.