July 25, 2008

IFGL Refractories plans facility at Kandla SEZ

IFGL Refractories Limited has firmed up plans to set up a continuous casting refractory manufacturing facility at the Kandla SEZ in Gujarat at an investment of INR 50 crore.

Mr Pradeep Bajoria director & CEO of IFGL Refractories Limited said that the Kandla plant will be IFGL’s second manufacturing facility in India and have a capacity to manufacture 300,000 refractory units annually. He added that land for setting up the new unit in Gujarat had already been acquired on lease. The project would have a debt equity ratio of 2:1 and is scheduled to be completed in 2009.

Mr Bajoria said that an additional INR 25 crore would be invested in introducing new products at the company’s manufacturing facility located in Brazil.

On a stand alone basis, IFGL recorded a total income of INR 172.16 crore in 2007-08, up from INR 151.49 crore in 2006-07. The profit before tax was INR 26.17 crore as against INR 25.25 crore. The profit after tax stood at INR 16.86 crore as against INR 16.38 crore.