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IFGL Refractories provides business update

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Capital Market
Last Updated : Oct 15 2015 | 6:48 PM IST

For its UK operations

IFGL Refractories announced that Sahaviriya Steel Industries, UK (SIS, UK), being British subsidiary of leading Thai Steel Maker has gone into liquidation. On 19 September 2015, SIS UK halted operations and laid off 1700 out of nearly 2000 employees. Due to this our subsidiary, Monocon International Refractories (MIRL) have to make a provision of GBP 644,334 (comprising of receivables of GBP 513,804 and stocks of GBP 130,530). This provision has been made in the accounts of the Company on 30 September 2015. Aforesaid is material and would affect Company's consolidated financial results for quarter ended on 30 September 2015.

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First Published: Oct 15 2015 | 5:07 PM IST

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