Incorporated on 22 Nov.'89 as a public limited company in Calcutta, IFGL Refractories (IRL) commenced business on 2 Feb.'90. The registered office of the company was shifted to Orissa from 18 Nov.'91. It has been promoted by Indo Flogates (IFGL) and the Bajorias.
IRL came out with a rights issue of 1 cr equity shares at par, aggregating Rs 10 cr, in Mar.'94. The proceeds of the issue were utilised to partly meet the fund requirements (Rs 10.03 cr), to meet the cost overrun in the 1920-tpa plant set up to manufacture specialised refractories in the Sundergarh district of Orissa. IRL commenced commercial production in Feb.'93. It has obtained technical know-how from Harima Ceramics Company, Japan. Harima has also participated in the equity share capital of the company. Nisso Iwai Corporation, Japan; Flogates UK; IFC, US; and Second India Investment Fund, the Netherlands; have also participated in the equity capital of the company.
The company's product -- continuous casting refractories -- is a 100% import-substitute which is extensively used in the steel industry. It also manufactures carbon alumina slide gate plates and tap hope sleeves.
It is the first Indian company manufacturing continuous casting refractories which has received the ISO 9002 certification. The company has increased its Refractories capacity from 1920 tpa to 3000 tpa.
Indo Flogates Ltd amalgamated with the company during the year 1999-2000.