Kolkata-based IFGL Refractories Limited will invest Rs 70 crore by FY23 in three manufacturing plants to enhance capacity and productivity, an official said. The company said the ongoing capex will boost its performance in both profitability and revenue.”We have acquired 10 acre of land in Visakhapatnam for manufacturing of new products including monolithics and precast shapes. In two phases Rs 50 crore capex will be deployed. The Kandla expansion and debottlenecking of Odisha units will entail an investment of Rs 10 crore each,” official sources told PTI.”The Rs 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 Rs 20 crore will be pumped in,” officials said.

The Kandla and Odisha capex will also be completed by FY23.IFGL has appointed the president of the company’s US step down subsidiary, EI Ceramics LLC, James Leacock McIntosh as the managing director of the company from September 1.The company is a strong player in both domestic and the international markets for refractory products. It expects in the coming years, steel demand will recover firmly, both in the developed and developing economies, supported by pent-up demand and governments’ recovery programmes.