IFGL Refractories to set up mfg unit in Gujarat

Kolkata: IFGL Refractories Ltd has firmed up plans to set up a continuous casting refractory manufacturing facility at the Kandla SEZ in Gujarat at an investment of Rs 50 crore. The Kandla plant will be IFGL’s second manufacturing facility in the country and have a capacity to manufacture 300,000 refractory units annually, according to Mr Pradeep Bajoria, Director and Chief Executive of IFGL Refractories Ltd.

Addressing a news conference here today, Mr Bajoria said an additional Rs 25 crore would be invested in introducing new products at the company’s manufacturing facility located in Brazil.

Mr Bajoria said 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 next year.

To pay 20%:

On a stand-alone basis, IFGL recorded a total income of 172.16 crore in 2007-08, up from Rs 151.49 crore in 2006-07. The profit before tax was Rs 26.17 crore (Rs 25.25 crore). The profit after tax stood at Rs 16.86 crore (Rs 16.38 crore). The board has recommended a dividend of 20 per cent (Rs 2 on every equity share of the face value of Rs 10) on the company’s operations during the fiscal 2007-08.