The Board of Orient Refractories has approved the acquisition of the entire paid-up equity share capital of 'Intermetal Engineers India' (IEIPL) [CIN: U28920MH1988PTC047421] a Company comprising of 1,597 equity shares of Rs.100/- each to make it a Wholly Owned Subsidiary of the Company.
Since Orient Refractories (ORL) is one of the biggest refractory industry in India and aiming to increase market share, therefore making IEIPL 100% subsidiary will help ORL to increase the revenue. Hence, it was considered prudent to acquire 100% shareholding of IEIPL.
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