Orient Refractories (ORL) plans to merge its two unlisted subsidiaries – RHI India and RHI Clasil – with itself for better operational efficiency and simplify holding structure.
All three companies are part of the London Stock Exchange-listed RHI Magnesita, a leading global supplier of high-grade refractory products, systems and services.
According to a filing by ORL, RHI Magnesita will soon merge its privately-owned companies.
The proposal has been approved by the board of ORL in its meeting held on Tuesday. As per filing with BSE, ORL said that pursuant to a composite scheme of amalgamation, it will merge RHI India and RHI Clasil.
Source: Economic Times