IFGL Refractories Limited announced the successful incorporation of IFGL-Marvels Refractories Limited, a new public limited company formed as part of a joint venture with Marvels International Group Co Ltd (Seychelles) and Marvel Refractories (Anshan) Company Limited (China). This joint venture is aimed at establishing a greenfield manufacturing facility in India, with an investment of approximately INR 300 crores.
The new facility will produce Basic Fired Magnesite and Chrome Bricks, which are essential for industries such as cement, glass, non-ferrous metals, and gasification. The joint venture will enable the company to expand its operations in the Indian market and meet the growing demand for high-quality refractory materials.
The incorporation of IFGL-Marvels Refractories Limited marks a significant step in IFGL’s expansion plans. The company has promised to continue updating stakeholders on the progress of the facility.
