Raghav Productivity Enhancers Enters 80:20 JV with TRL Krosaki for 350,000 MTPA Odisha Plant
Raghav Productivity Enhancers Limited (RPEL) has entered into a Joint Venture Agreement with TRL Krosaki Refractories Limited (TRLK) to establish a new silica ramming mass manufacturing facility in Odisha, marking a significant expansion of RPEL’s manufacturing footprint and strengthening its presence in the East India market.
The proposed joint venture will have 350,000 metric tonnes per annum (MTPA) of planned capacity and will combine RPEL’s patented silica-processing technology and manufacturing expertise with TRLK’s quartzite resources, refractory technology and established regional presence.
The development was approved at RPEL’s Board meeting held on September 4, 2026.
RPEL to Hold 80% in the Joint Venture
Under the proposed structure, Raghav Productivity Enhancers will hold an 80% stake, while TRL Krosaki Refractories will hold the remaining 20%.
Both companies will contribute capital to the JV according to their respective shareholding ratios.
The joint venture company will be engaged in the development, manufacturing, sale, and distribution of silica ramming mass, primarily targeting customers in East India and nearby markets.
The planned facility will have a capacity of approximately 350,000 MTPA.
According to the investor presentation, the initial project outlay is estimated at approximately ₹100 crore, which is proposed to be funded through a combination of debt and equity.
RPEL to Contribute Patented Technology
One of the key strategic elements of the JV is RPEL’s proprietary technology.
RPEL will use its patented silica-processing technology for manufacturing silica ramming mass at the proposed facility.
The company will also receive a royalty for the use of its patented manufacturing intellectual property.
This creates an additional potential economic benefit for RPEL beyond its 80% ownership in the joint venture.
RPEL has developed proprietary manufacturing processes and has established silica ramming mass manufacturing capabilities at its facilities in Newai, Rajasthan.
The company states that its group has approximately 534,000 MTPA of silica ramming mass capacity across its Newai plants.
TRL Krosaki to Provide Quartzite Supply
Raw-material security is another important component of the partnership.
TRLK will supply quartzite stone, the key raw material required for manufacturing silica ramming mass, to the JV company from its mines located at Chhuinpali Village in Odisha.
The long-term supply arrangement is expected to provide the JV with consistent access to high-quality quartzite while reducing dependence on external raw-material sources.
This could provide an important operational advantage for the proposed Odisha facility.
Why Odisha Is Strategically Important
The proposed manufacturing facility will be located in Odisha, providing RPEL with a strategic presence closer to one of India’s major silica ramming mass consumption clusters.
RPEL currently has a strong manufacturing base in Rajasthan. Establishing a production facility in East India could help the company reduce the logistical distance between production and customers in the region.
The company expects the location to provide several potential benefits:
- Lower transportation and landed costs
- Faster customer deliveries
- Better supply-chain efficiency
- Improved access to East India customers
- Opportunity to expand market share in the region
The investor presentation describes East India as one of the largest and fastest-growing demand clusters for silica ramming mass.
Combining RPEL’s Technology with TRLK’s Expertise
The JV brings together complementary capabilities from both companies.
RPEL contributes:
- Patented silica-processing technology
- Manufacturing expertise
- Established silica ramming mass brand
- Customer relationships
- Sales and marketing capabilities
- Product customisation and R&D capabilities
TRL Krosaki contributes:
- Quartzite resources in Odisha
- Refractory manufacturing expertise
- Regional presence
- Technology and R&D capabilities
- Established customer relationships
- Global refractory-industry expertise through its parentage
The companies believe that combining these capabilities can create a stronger platform for serving the East India market.
Significant Partner: TRL Krosaki
TRL Krosaki Refractories is a major Indian refractory manufacturer with manufacturing and technology capabilities across a broad range of refractory products.
According to RPEL’s disclosure, TRLK reported consolidated turnover of approximately ₹2,880 crore in FY26.
TRLK is a subsidiary of Krosaki Harima Corporation (KHC), Japan, and a step-down subsidiary of Nippon Steel Corporation.
KHC is a global refractory technology company with a network of more than 20 manufacturing units, regional offices, and subsidiaries across Asia, Europe, and North America.
For RPEL, partnering with a company with this industrial and technology background adds strategic depth to the proposed project.
RPEL’s Existing Position
Raghav Productivity Enhancers describes itself as the world’s largest manufacturer of silica ramming mass.
The company has established manufacturing operations in Newai, Rajasthan, and supplies its products across a broad geographical market.
According to the company, it serves customers across 26 states in India and more than 40 countries globally.
RPEL reported consolidated turnover of approximately ₹257 crore in FY26.
The company has also developed automated manufacturing capabilities and proprietary technology for silica ramming mass production.
New Capacity Could Significantly Expand RPEL’s Footprint
The proposed 350,000 MTPA facility represents a substantial planned addition when compared with RPEL’s existing group capacity of approximately 534,000 MTPA.
If the facility is successfully implemented and reaches targeted utilisation levels, it could materially increase the company’s production footprint.
However, the plant is currently a planned project, and investors should distinguish between announced capacity and operational capacity.
The financial contribution will depend on project implementation, commissioning, capacity utilisation, product realisations, operating costs and market demand.
Strategic Benefits for RPEL
The JV provides RPEL with several potential strategic advantages.
1. Entry into a major East India market
The Odisha facility is expected to strengthen RPEL’s presence in East India and nearby markets.
2. Lower logistics costs
Manufacturing closer to customers could reduce transportation costs and improve delivery times.
3. Raw-material security
Access to TRLK’s quartzite mines provides an important source of raw-material security.
4. Technology monetisation
RPEL’s patented technology will be deployed by the JV, with RPEL receiving royalty income.
5. Capacity expansion
The planned 350,000 MTPA facility could substantially expand RPEL’s overall manufacturing footprint.
6. Partnership with a major refractory player
TRLK’s technology, customer relationships, and industrial capabilities complement RPEL’s existing manufacturing and marketing strengths.
Governance Structure
The proposed JV will have a three-member Board, with:
- Two directors nominated by RPEL
- One director nominated by TRLK
This is consistent with RPEL’s 80% ownership position and gives RPEL majority representation in the JV’s governance.
The transaction is subject to the receipt of requisite approvals under applicable laws and fulfilment of the conditions specified in the Joint Venture Agreement.
Related-Party Considerations
RPEL has disclosed that Mr. Hemant Madhusudan Nerurkar, an Independent Director of RPEL, is also a Non-Executive Director on the board of TRL Krosaki.
The company has stated that there is no other relationship between the two parties and that neither has control or significant influence over the other.
The company has also stated that the transaction is being undertaken on an arm’s-length basis.
Investor Takeaway
The RPEL–TRL Krosaki JV is strategically significant because it combines capacity expansion, technology monetisation, raw-material security and geographic expansion in a single transaction.
The proposed 350,000 MTPA Odisha facility could provide RPEL with a strong manufacturing base in East India, while TRLK’s quartzite resources can support the JV’s raw-material requirements.
The 80% ownership also means RPEL will remain the majority shareholder in the venture, while its patented technology provides an additional royalty opportunity.
For investors, the next important milestones will be JV incorporation, regulatory approvals, project execution, funding, construction, commissioning, capacity utilisation and eventual revenue contribution.
Bottom Line
Raghav Productivity Enhancers’ proposed 80:20 joint venture with TRL Krosaki is a meaningful strategic expansion and worth tracking from an investor perspective.
The proposed 350,000 MTPA silica ramming mass plant in Odisha, backed by an estimated initial outlay of around ₹100 crore, could significantly strengthen RPEL’s presence in East India.
The combination of RPEL’s patented manufacturing technology and established silica ramming mass business with TRLK’s quartzite resources, refractory expertise and regional presence provides a potentially strong strategic fit.
However, the project is still at the development stage. The key investment question will be whether RPEL can successfully execute the facility and convert the additional capacity and strategic advantages into higher volumes, revenue and profitability over the coming years.
Disclaimer: This article is based on disclosures made by Raghav Productivity Enhancers Limited and is intended for informational and educational purposes only. The proposed joint venture and manufacturing facility are subject to applicable approvals and execution. Planned capacity, investment and potential benefits do not guarantee future revenue, profitability or share-price performance. Investors should independently evaluate the company’s financial position, valuation, risks and prospects before making investment decisions.