Orient Refractories board gives nod for asset purchase in Odisha

MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory filing submitted to the Indian Stock Exchanges, Mumbai headquartered Orient Refractories Limited said of the company board approving asset purchase in Odisha for diversification purpose of existing product line.

The statement submitted by the company to the Indian Bourses, read that, the Board of Directors in their meeting held on 13 August 2019 accorded their consent to enter the Company  into an Asset Purchase Agreement (APA) with Manishri Refractories & Ceramics Private Limited to acquire  certain assets / plant & machinery situated at Baichuana, Tangi, Distt.‐ Cuttack, Orissa subject to due diligence  and certain conditions set out in APA.

The proposed asset acquisition will help the Company in diversification of its existing product line by adding  new products like Magnesia Carbon Bricks etc.

The asset acquisition process is expected to get completed in next 2 months.


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