AI assistant
IFGL Refractories Limited — M&A Activity 2023
Feb 24, 2023
60358_rns_2023-02-24_c48290ed-43d5-44e9-8903-b2a6dbc3b491.pdf
M&A Activity
Open in viewerOpens in your device viewer
24th February, 2023
==> picture [120 x 68] intentionally omitted <==
National Stock Exchange oflndia Ltd 'Exchange Plaza', C-1, Block - G Bandra - Kurla Complex Bandra (E), Mumbai 400 051 Code : IFGLEXPOR
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Code: 54077 4
Sirs,
Re: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Please find enclosed 'Disclosure' of the Company with regard to acquisition made today i.e Friday, 24th February, 2023 by Company's step-down and wholly owned subsidiary in UK, Monocon International Refractories Ltd of 100% shareholding of Sheffield Refractories Ltd, UK.
This Disclosure is also being hosted on Company's website www.ifglref.com
Thanking you,
Yours faithfully, For IFGL Refractories Ltd.
MANSI Digitally signed by MANSI DAMANI DAMANI Date: 2023.02.24 19:59:29 +05'30'
(Mansi Damani) Company Secretary E-mail : [email protected]
Encl : As above
IFGL REFRACTORIES LIMITED
Registered Office: Sector B, Kalunga Industrial Estate P.O. Kalunga, Dist. Sundergarh, Odisha 770 031, India Tel: +91 661 266 0195 I Email: [email protected]
Head & Corporate Office: McLeod House 3 Netaji Subhas Road, Kolkata 700 001, India Tel: +91 33 4010 6100 I Email: [email protected] CIN: L51909OR2007PLC027954 - - --
==> picture [121 x 67] intentionally omitted <==
DISCLOSURE
IFGL Refractories Ltd ( 'the Company'), are pleased to announce that on Friday, 24[th ] February, 2023, the Company's step-down and wholly owned, subsidiary in UK, Monocon International Refractories Ltd, has completed the acquisition of 100% shareholding of Sheffield Refractories Ltd, ('SRL'). SRL is a manufacturer and installer of Monolithic Refractory products with a specific interest in Blast Furnace Cast House products, Shotcreting materials and an extensive range of other specialist Monolithic product for use in the Iron and Steel, Cement, Incineration and Waste to Energy Industries.
Outside of India, the Company has manufacturing facilities in China, Germany, UK and USA (hereon 'Group'). The acquisition of SRL is an important milestone and forms part of an overall strategy that will see the Group grow both organically and inorganically. There is a substantial focus on developing a broader range of technology, products and markets. SRL's revenue from operations during the twelve months ending on 30[th ] September, 2022 was more than GBP 17.5 millions. SRL's product range will provide a significant boost to the Group not least in India where an increased CAPEX has been allocated to the 2023 Fiscal Budget specifically to assist with the development of sales within the growing Iron and Steel Market.
According to, Managing Director, James McIntosh of the Company:
"Sheffield Refractories is a strategically important acquisition for the IFGL Group, which significantly expands our UK presence whilst also initiating a process of strategic acquisitions designed to expand our operational markets within the Iron and Steel Indust,y. The tremendous technology package and experience of Sheffield Refractories in the Blast Furnace Cast house brings our Group compelling new growth opportunities especially in the Indian market.
IFGL REFRACTORIES LIMITED
Registered Office: Sector B, Kalunga Industrial Estate P.O. Kalunga, Dist. Sundergarh, Odisha 770 031, India Tel: +91 661 266 0195 I Email: [email protected]
Head & Corporate Office: McLeod House 3 Netaji Subhas Road, Kolkata 700 001, India Tel: +91 33 4010 6100 I Email: [email protected]
CIN: L51909OR2007PLC027954
==> picture [121 x 68] intentionally omitted <==
We look forward to welcoming our new colleagues onboard and working with the She f ield Refractories team"
For further information, please contact:
Mark Payne - Chief Executive Officer & Director, Monocon International Refractories Ltd. +44 (0) 1709 864848
Mansi Damani - Company Secretary, IFGL Refractories Ltd. +9133 4010 6100"
For IFGL Refractories Ltd.
Digitally signed MANSI by MANSI DAMANI DAMANI Date: 2023.02.24 20:00:13 +05'30'
(Mansi Damani) Company Secretary E-mail: [email protected]
Disclaimer:
Aforesaid Disclosure contain forward-looking statements, that set out anticipated outcome based on the management's plans and assumptions.
We can not guarantee that these forward-looking statements will be realized, although we believe, we have been prudent in assumptions. Outcome is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual outcome could vary materially from those anticipated, estimated or projected. Readers should bear this in mind.
We unde1iake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
IFGL REFRACTORIES LIMITED
Head & Corporate Office: McLeod House
3 Netaji Subhas Road, Kolkata 700 001, India Tel: +91 33 4010 6100 I Email: [email protected]
Registered Office: Sector B, Kalunga Industrial Estate P.O. Kalunga, Dist. Sundergarh, Odisha 770 031, India Tel: +91 661 266 0195 I Email: [email protected]
CIN: L51909OR2007PLC027954