Nilachal Refractories Ltd Company Summary

Nilachal Refractories Ltd Summary

Nilachal Refractories Limited was formerly established as Ipitata Refractories Limited in June, 1977, which subsequently was changed from Ipitata Refractories Limited to Nilachal Refractories Limited in March, 2000. The Company is promoted by Alok Prakash. Company which is in refractory industry is directly linked to the performance of Steel Industry as it is the largest consumer of refractory products. The other consumers of refractory products are Cement, Copper, Glass, Aluminum and Petro-chemical industries etc. which are witnessing reasonable growth, all these factors will have a very positive impact on the growth of refractory industry in near future. Company is having its manufacturing unit in the State of Odisha near Dhenkanal.The manufacturing capacity of Steel have increased by 20 Million Tonnes in the State of Orrisa. The Quality of Bogie Bottom Pouring refractories for making cleaner steel had improved a lot by having a joint venture project with TISCO.Nilachal Refractories became a Sick Company as per the provisions of SICA and made reference to BIFR in November, 2001. Pursuant to Honble BIFR Order dated 6th December, 2005, IJ Group, Kolkata had taken over the Management of the Company w.e.f. 19.12.2005. After taking over the Management of the Company, the new Management implemented the Rehabilitation Scheme as sanctioned by Honble BIFR. Renovation work at Companys works at Dhenkanal including repairs to Plant and machinery was completed, and the Company started its operations towards end of the financial year. As per the Order of the Honble BIFR, Tata Group the erstwhile Promoters transferred their shareholding of 51.8% held in NRL in favor of New Promoters.