Monocon International Refractories Ltd acquires Sheffield Refractories Ltd

IFGL Refractories Ltd ( 'the Company'), are pleased to announce that on Friday, 24^th February, 2023, the Company's step-downand wholly owned, subsidiary in UK, Monocon International Refractories Ltd, has completed the acquisition of 100% shareholding of SheffieldRefractories Ltd, ('SRL'). SRL is amanufacturer and installer of Monolithic Refractory productswith a specific interest in Blast Furnace Cast House products, Shotcreting materials and an extensive range of other specialist Monolithic product foruse in the Iron and Steel, Cement, Incineration and Waste toEnergy Industries.

Outside of India, the Company has manufacturing facilities in China, Germany, UK and USA(hereon 'Group'). The acquisitionof SRL is an important milestone and forms partof an overallstrategy that will see theGroup grow both organically and inorganically. There is a substantial focus on developing a bjoader range of technology, products and markets. SRL's revenuefromoperations during the twelve months ending on 30^th September, 2022 was more than GBP 17.5 millions. SRL'sproduct rangewill provide a significant boost tothe Group not least in India where an increased CAPEX has been allocated to the 2023 Fiscal Budget specificallyto assist withthe development of sales within the growing Iron and Steel Market.

According to, ManagingDirector, James McIntoshof the Company :

"Sheffield Refractories is astrategically important acquisition for theIFGL Group, which significantly expands our UK presencewhilst also initiating a processof strategic acquisitionsdesigned to expand our operational markets within the Iron and Steel Industry.The tremendous technology package and experience ofSheffield Refractories in the Blast Furnace Cast housebrings our Group compellingnew growth opportunities especially in the Indian market.We look forward to welcoming our new colleagues onboard and working withthe Sheffield Refractoriesteam"

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Monocon International Refractories Ltd acquires Sheffield Refractories Ltd