IFGL Refractories has received an approval from Industrial Promotion and Investment Corporation of Odisha Ltd to set up a new manufacturing facility for Continuous Casting Refractories with an installed capacity of 240,000 pieces per annum.

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Odisha has been selected for presence of its mineral wealth, good infrastructure, abundance labor and high concentration of steel manufacturing. The project costs will be about Rs 150 crores and the expected start date for construction subject to timely allotment of land will be around October 2023 with a commercial production target of March 2025.

'This new plant is part of our overall growth strategy to the meet the

expected growth of the domestic Indian steel sector', the company said in a press release.

Once completed this plant will be the fourth manufacturing facility of the Company in India, other three being situated at Kalunga (near Rourkela Odisha), Kandla Special Economic Zone (Gujarat) and Visakhapatnam (Andhra Pradesh).

IFGL Refractories Ltd is a manufacturer of specialized refractories and requisite operating systems for iron and steel Industry.

The stock is trading 9 percent higher on NSE at 1 pm on July 11.