Established in June 1977, Nilachal Refractories Ltd (NRL), formerly known as Ipitata Refractories Ltd. (IRL), was founded by Alok Prakash. The company primarily focuses on the production of refractory items.
In the state of Orrisa, the manufacturing capacity of steel has seen a significant increase of 20 million tonnes. Additionally, the quality of Bogie Bottom Pouring refractories, crucial for producing cleaner steel, has undergone considerable improvement through a joint venture project with TISCO.
Nilachal Refractories was classified as a Sick Company under the provisions of SICA and made a reference to BIFR in November 2001. However, the board has yet to schedule a hearing for the case.
Following the order from the Hon'ble BIFR on December 6th, 2005, 'IJ Group' from Kolkata assumed management control of the company starting from December 19th, 2005. Under the new management, a Rehabilitation Scheme sanctioned by the Hon'ble BIFR was implemented. Renovation work at the company's Dhenkanal works, including repairs to plant and machinery, was completed, and operations resumed towards the end of the financial year.
In accordance with the Hon'ble BIFR's order, the Tata Group, the previous promoters, transferred their 51.8% shareholding in NRL to the new promoters.
In the state of Orrisa, the manufacturing capacity of steel has seen a significant increase of 20 million tonnes. Additionally, the quality of Bogie Bottom Pouring refractories, crucial for producing cleaner steel, has undergone considerable improvement through a joint venture project with TISCO.
Nilachal Refractories was classified as a Sick Company under the provisions of SICA and made a reference to BIFR in November 2001. However, the board has yet to schedule a hearing for the case.
Following the order from the Hon'ble BIFR on December 6th, 2005, 'IJ Group' from Kolkata assumed management control of the company starting from December 19th, 2005. Under the new management, a Rehabilitation Scheme sanctioned by the Hon'ble BIFR was implemented. Renovation work at the company's Dhenkanal works, including repairs to plant and machinery, was completed, and operations resumed towards the end of the financial year.
In accordance with the Hon'ble BIFR's order, the Tata Group, the previous promoters, transferred their 51.8% shareholding in NRL to the new promoters.
