According to steelGuru, Kolkata based IFGL Refractories will invest INR 70 crore by FY23 in three manufacturing plants to enhance capacity and productivity and capex will boost its performance in both profitability and revenue.
An official said “We have acquired 10 acre of land in Visakhapatnam for manufacturing of new products including monolithic and precast shapes. In two phases INR 50 crore CAPEX will be deployed. The Kandla expansion and debottlenecking of Odisha units will entail an investment of INR 10 crore each.”
The Kandla and Odisha CAPEX will also be completed by FY23. The official added “The INR 30 crore first phase of the Vizag project is expected to be completed in Q2FY22 and phase 2 is expected to be completed by Q2FY23 where INR 20 crore will be pumped in.”