IFGL Refractories acquires German company

IFGL Refractories Managing Director Pradeep Bajoria told reporters here today that the SPV had acquired 96.16 per cent shareholding in Hofmann at a price of Euro seven million.     

The transaction had been funded by loan from HSBC and internal accruals of Monocon International Refractories Ltd.     

Bajoria said the German firm had been engaged in the manufacturing of ceramic special filters for foundries.     

He said that Hofmann was a market leader for round-hole filters.     

With the recent and earlier acquisitions, IFGL would now have manufacturing units in India, China, Germany, Czech Republic, UK, USA and Brazil.     

Bajoria said that IFGL would now manufacture ceramic filters in India for the local market and export to China and other countries.     

For the current fiscal, the combined turnover of IFGL and Hofmann would be Rs 550 crore. The group is expecting a 25 per cent in net profit over Rs 28.5 crore in 2007-08.