IFGL Refractories Limited has announced its Board’s decision to enter into a Joint Venture (JV) agreement with Marvels International Group Co. Ltd of Seychelles and Marvel Refractories (Anshan) Company Limited of China. The new JV will establish a greenfield facility in India with a capital outlay of approximately Rs 300 crore.
The facility will focus on the manufacturing of key refractory products used in industries such as cement, glass, non-ferrous, and gasification. The products to be manufactured include Basic Fired Magnesite Spinel Bricks, Basic Fired Magnesite Bricks, and Fired Magnesia Chrome Bricks.
This venture aims to enhance IFGL’s capabilities in serving the growing demand for refractory products across various industries. Further updates on the project will be shared with the stock exchanges as the venture progresses.
