The refractory solutions manufacturer plans to allocate funds for capital expenditures, technology enhancements and innovation from internal sources over the next two years.
Alongside these investments, the company is strategically focusing on new acquisitions, considering bids for new mines or acquiring existing ones to facilitate integration. The integration of robotics and artificial intelligence in refractory product manufacturing is expected to increase capacity utilization by at least 10%. Expansion plans also include developing specialized products for iron ore pelletizing and green steelmaking.
A subsidiary of Austria-based RHI Magnesita and headquartered in Gurugram, the company has three mines in Odisha and bauxite reserves in Gujarat.
With a current capacity of 537,000 tons and operating at 65% capacity utilization, the company is targeting a turnover of Rs 4,000 crore for FY24.
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