IFGL Refractories acquires German co.
Maker of specialised refractories IFGL Refractories announced acquisition of Hofmann Group of Companies through a SPV named IFGL GmbH.
By PTI |
KOLKATA: Maker of specialised refractories IFGL Refractories today announced acquisition of Hofmann Group of Companies through a SPV named IFGL GmbH, a 100 per cent subsidiary of Monocon International Refractories Limited of UK.
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.
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.
ADVERTISEMENT
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.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
