IFGL Refractories Ltd on July 14 declared the purchase of 96.16 per cent of the share capital of Hofmann Ceramic GmbH of Germany and 100 per cent partnership interest in Hofmann OHG, Germany. IFGL has also purchased 92 per cent of the shareholding of Hofmann Ceramics of Czech Republic and 100 per cent shareholding of Hofmann Ceramics Ltd, UK Hofmann Ceramics Llc, of the US. The acquisition was funded by a loan of €5.3 million got from HSBC Bank Plc, UK. The take over of Hofmann entities will enable IFGL and its subsidiaries in Brazil, China, UK and the US which presently manufacture refractories for iron and steel industries to diversify and meet the foundry industry''s requirements of ceramic filters, refectories and consumables. IFGL is establishing its second continuous casting refractory manufacturing facility at the Kandla SEZ in Gujarat at an investment of Rs 50 crore.
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