PTI reported that India’s leading refractories solution provider IFGL Refractories is upbeat about demand in India and export market amid headwinds and has lined up a CAPEX of INR 160 crore by FY 2023-24 to ramp up its capacity and debottlenecking of its plants. Odisha Plant – INR 50 croresKandla Plant – INR 45 croresVizag Plant - - INR 65 CroresKalunga R&D Center – INR 20 croresIFGL Director & CEO Mr Kamal Sarda told PTI in an interview “Despite short-term hiccups, we anticipate strong domestic demand, thanks to the government-led infrastructure spending. On the export front, the slowdown in Europe and the USA will only have a short-term impact. Since global companies are replacing some of their China sourcing with some from other countries, such as India, demand will jump significantly in near future.”Mr Sarda said “We are upbeat about demand in the long term and that is why we have embarked on one of our largest CAPEX plans of INR 160 crore across our plants to augment capacity and debottlenecking. IFGL is well positioned to capitalise on this growth. The expansion will be funded by a mix of internal accruals and bank loans.”The company has three refractory manufacturing plants in India and facilities in Europe and the USA.
PTI reported that India’s leading refractories solution provider IFGL Refractories is upbeat about demand in India and export market amid headwinds and has lined up a CAPEX of INR 160 crore by FY 2023-24 to ramp up its capacity and debottlenecking of its plants. Odisha Plant – INR 50 croresKandla Plant – INR 45 croresVizag Plant - - INR 65 CroresKalunga R&D Center – INR 20 croresIFGL Director & CEO Mr Kamal Sarda told PTI in an interview “Despite short-term hiccups, we anticipate strong domestic demand, thanks to the government-led infrastructure spending. On the export front, the slowdown in Europe and the USA will only have a short-term impact. Since global companies are replacing some of their China sourcing with some from other countries, such as India, demand will jump significantly in near future.”Mr Sarda said “We are upbeat about demand in the long term and that is why we have embarked on one of our largest CAPEX plans of INR 160 crore across our plants to augment capacity and debottlenecking. IFGL is well positioned to capitalise on this growth. The expansion will be funded by a mix of internal accruals and bank loans.”The company has three refractory manufacturing plants in India and facilities in Europe and the USA.
