Refractory solutions maker RHI Magnestia India will invest USD 40 million (Rs 333 crore) which would be directed towards capex, technology addition, de-bottlenecking, and new offerings across its manufacturing facilities over the next two years. It will fund the investments through internal resources.

The company has also set its sights on new acquisitions, including bidding for new mines or acquisition of existing ones to assist in backward integration. The activities around technology upgrade, introduction of robotics and AI for refractory product-making will see an at least 10 percent increase in capacity utilisation. Expansion will also extend to products aimed at iron-ore pelletisation and green-steel making.

The Gurugram-based company part of Austria-based RHI Magnestia has three mines in Odisha, and bauxite in Gujarat. Refractory products serve as a thermal barrier and prevent erosion of vessels due to extremely high temperatures.

The company has a 5,37,000 tonne capacity, and is operating at 65 percent capacity utilisation, and turnover target for FY24 is Rs 4,000 crore. RHI Magnestia India also announced the acquisition of Dalmia-OCL and Hi-Tech Chemicals last year.