The Competition Commission of India (CCI) has approved the acquisition of up to 29.9 per cent equity stake in RHI Magnesita NV by Ignite Luxembourg Holdings Sà rl.
The proposed combination leads to an indirect acquisition of RHI Magnesita India Limited (RHIM India) as no shares of the Indian company were purchased.
Ignite Luxembourg is a newly formed company incorporated in Luxembourg and owned by investment funds that are indirectly sponsored and controlled by Rhône Capital LLC, which is the ultimate parent company.
Rhône Capital and an affiliate together comprise a private equity investment firm that was founded in 1996 by Robert F Agostinelli and M Steven Langman with offices in New York City, London, and Madrid.
RHIM NV conducts its business in India through subsidiary RHIM India and exports to India.
RHIM India offers, inter alia, refractory products and customised refractories to steel, cement, metals, glass, environment and energy, foundry, and paper and pulp industry.