Reuters reported that IFGL Refractories Ltd's diversification into foundry business will help consolidated sales rise 45.11% to INR 5.5 billion in FY09.

In June the firm acquired Germay's Hofmann Ceramic GmbH, which makes ceramic filters used by foundries for EUR 7 million. The deal was executed through IFGL's UK step down subsidiary Monocon International Refractories Ltd. It also included acquisition of Hofmann's subsidiaries in UK and the Czech Republic.

Mr Pradeep Bajoria director & CEO of IFGL Refractories Ltd's said "The acquisition will help us get foothold in foundry business and establish presence in Europe. He added that IFGL plans to make ceramic filters in India for the local market and export to China and other countries.

Mr Pradeep Bajoria said "The foundry business is growing by 15 percent in India and 17% in China. We see a good business opportunity going forward. He said that the firm will set up ceramic filters unit at its existing refractory plant in the eastern state of Orissa at a cost of INR 70 million.”