Kolkata, Oct 20 (Inditop.com) City-based refractory maker IFGL Refractories is planning overseas acquisitions to expand its operations in emerging markets, a top official said here Tuesday.
“We are in talks with some companies from South America, CIS (Commonwealth of Independent States) and Europe. We are looking at companies with substantial size of more than $50 million,” Pradeep Bajoria, director and chief executive of IFGL, told reporters.
The company acquired Monocon International Refractories in 2005 and Hoffman Ceramics in 2008.
IFGL is upbeat about the global economic scenario rebounding after the recessionary period. Bajoria said IFGL will continue with its expansion plans at Kandla in Gujarat.
“We will restart our project in Kandla and the plant will be on-stream by next year-end.”
IFGL has announced plans to set up a casting refractory manufacturing facility at the Kandla special economic zone at an investment of Rs.50 crore. The project was earlier shelved due to the economic meltdown.
“This plant will help us in doubling our isostatic product capacity from 300,000 to 600,000 pieces per month,” Bajoria said.
The company is scouting for seven to 10 acres in eastern India to set up a plant for taphole clay through its joint-venture with Krosaki Harima Corp of Japan.
Krosaki Harima is a subsidiary of Nippon Steel.
“The investment for the plant will be in the tune of Rs.30 crore and the commercial production is expected to start in April 2011,” Bajoria said.
Around 1,000 tonne taphole clay will be manufactured per month, he said.
