IFGL Refractories is in talks with family-owned businesses in the CIS (Commonwealth of Independent States), South America and in Europe for acquiring a company, which manufactures products where IFGL does not have a presence now, Pradeep Bajoria, director and chief executive, said.
He also talked about reviving the greenfield project in Gujarat, shelved during the downturn and starting work on another project for which a joint venture agreement had been signed with a Japanese company.
Addressing a joint video conference recently to announce the induction of Giancarlo Cozanni, former president and CEO of the Brussels-based Vesuvius into IFGL group, he said Mr. Cozanni was instrumental in steering the Vesuvius Group which is the world’s number one refractory company.
Mr. Bajoria said Mr. Cozanni would help the company identify new products and upgrade the existing units. Participating in the conference from Genoa, Italy, Mr. Cozanni said that while IFGL already had good technology, he hoped to help the company fine-tune it through flow control.
On the joint venture company for which an agreement had been signed with Krosakiharima, a subsidiary of Nippon Steel, Mr. Bajoria said the unit which would be set up either in Jamshedpur or in West Bengal would make ‘top-hold clay’ used in big blast furnaces.
The Japanese company would hold 70 per cent of the equity with the balance being held by IFGL. Work on the 1,000 tonne capacity plant would begin by April 2011. “We will decide on the location within the next two months”. On the Gujarat project, Mr. Bajoria said this would entail an investment of Rs. 50 crore and make iso-static products used in continuous cast plants.