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The company will set up new manufacturing facility with an installed capacity of 240,000 pieces per annum. The new plant is part of its overall growth strategy to the meet the expected growth of the domestic Indian steel sector.
The project costs will be in the region of Rs 150 crore and the expected start date for construction subject to timely allotment of land will be around October 2023 with a commercial production target of March 2025.
Once completed the said plant will be the fourth manufacturing facility of the company in India, other three being situated at Kalunga (near Rourkela- Odisha), Kandla Special Economic Zone (Gujarat) and Visakhapatnam (Andhra Pradesh).
IFGL Refractories is primarily engaged in the manufacturing, trading and selling of Refractory items and its related equipment and accessories used in Steel plants.
The company's consolidated net profit jumped 42.1% to Rs 29.42 crore on 1.9% increase in net sales to Rs 368.13 crore in Q4 FY23 over Q4 FY22.
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