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The Kolkata-headquartered IFGL Refractories Ltd has decided to acquire 5,80,500 shares of Rs 10 each from IFGL Exports Ltd (IEL).
Following the acquisition, IEL will be a 51 per cent subsidiary of IFGL Refractories.
A decision in this regard was taken at the board meeting of IFGL Refractories, according to the company's announcement to the BSE.
IEL has recently set up manufacturing facilities for continuous casting refractories at the Kandla Special Economic Zone in Gujarat.
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