IFGL Refractories Updates on new subsidiary

IFGL Refractories Ltd has announced that the Company has formed a step down subsidiary, Tianjin Monocon Aluminous Refractories Ltd in China for manufacture of Slag Control Darts and other precast shapes used in production of Iron and Steel. Cost of production in the Chinese Unit will be lower than the Company's plant in Taiwan. All business from Taiwan will be shifted to China. The Taiwanese Company has been sold.

Source : Equity Bulls

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