Orient Refractories has received an approval for the acquisition of the entire paid-up equity share capital of Intermetal Engineers India (IEIPL), 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.
The Board of Directors of the company in its meeting held on April 30, 2019, approved the same.
Orient Refractories offers a wide range of Refractory and Monolithic products for the iron and steel industry and enjoy large domestic and international clientele.
