IFGL Refractories Limited announced that following an application made by the Company, Industrial Promotion and Investment Corporation of Odisha Limited, being designated Nodal Agency of State Level Single Window Clearance Authority of Government of Odisha for Investment Promotion, has given approval to set up a new manufacturing facility for Continuous Casting Refractories with an installed capacity of 240,000 pieces per annum. This new plant is part of overall growth strategy to the meet the expected growth of the domestic Indian steel sector. Odisha has been selected for reason of its mineral wealth, excellent infrastructure, abundance of well trained people and future high concentration of steel manufacturing.

The project costs will be in the region of INR 1,500 million and the expected start date for construction subject to timely allotment of land will be around October 2023 with a commercial production target of March 2025. Once completed this plant will be the fourth manufacturing facility of the Company in India, other three being situated at Kalunga (near Rourkela- Odisha), Kandla Special Economic Zone (Gujarat) and Visakhapatnam (Andhra Pradesh).