IFGL Refractories is all set to buy two units of Britain-based Moncon Holdings. The Indian refractories maker will acquire Monocon International Refractories and Monocon Overseas. The financial details of the deal were not disclosed. | |
| IFGL said the proposed acquisition is subject to confirmatory financial and legal due diligence which started today. |
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| The acquisition also includes subsidiaries of the Moncon group namely Mono Ceramics Inc, US, Monocon Taiwan Ltd, Taiwan, Tianjin Meinuo Minerals Company Ltd, China, and Monocon Refractarios Limitada, Brazil. |
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| Further, the company has sent a notice to the Bombay Stock Exchange that an extraordinary general meeting would be held on September 5 to pass the resolutions including the latest development. |
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| The deal is in line with the company's foreign expansion plans. On July 28, the company, in its board meeting, had examined opportunities for an overseas acquisition. |
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| It had authorised the managing director, director and chief executive to take necessary steps, including borrowing of funds required for the purpose. |
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| IFGL Refractories is a merged entity of Indo-Flogates and IFGL Refractories and is a part of the S K Bajoria group of companies. Indo-Flogates was a joint venture between the UK-based Flogates and the S K Bajoria group. |
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| Post the acquisition of Flogates UK by the Vesuvius group, the Bajorias ended their relationship with the foreign partner. |
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| In January 2000, the Bajorias announced the merger of Indo-Flogates with IFGL Refractories. Post the merger, they held 54 per cent of the equity in the merged entity. |
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| The group has also entered into a strategic alliance with an Austrian firm, Vetisch-Radex-Didier, a world leader in refractories, for marketing its products in India. |
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| IFGL shares closed at 3.1 per cent higher at 57.70 rupees in the Bombay stock market at the close of the day. |
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