IFGL Exports Ltd. agreed to acquire IFGL Refractories Limited (NSEI:IFGLREFRAC) from a group of sellers on August 6, 2016. Under the terms of the transaction, one share of IFGL Exports Ltd. shall be issued for every share of IFGL Refractories Limited. The deal is subject to approval by the shareholders, secured and unsecured creditors of IFGL Refractories and approval of High Court.

The Board of IFGL Refractories Limited approved the transaction on August 6, 2016. The deal was approved by the Bombay Stock Exchange on October 14, 2016 and by the National Stock Exchange on October 17, 2016. The deal was approved by the shareholders, secured creditors and unsecured creditors on April 3, 2017.

The National Company Law Tribunal passed an order on May 16, 2017, that the hearing of the merger before will be held on July 17, 2017.