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NEW DELHI : South Korean firm Chosun Refractories Co Ltd and Sarvesh Refractories announced a joint venture to manufacture refractory products for steel companies, automobile companies, and chemical companies in India.

Due to India's dependence on imports for about 40% of its needs, this investment will help the country become self-sufficient.

The joint venture has committed to set up a manufacturing facility in Odisha, which will have an initial capacity of 1,250 metric tonnes per month.

 “The initial investments will go into building the facility and further investments will also be made as and when required in the future," said a person involved in the transaction, who did not want to be identified.

Chosun is amongst the prominent players having leading technology in injection tap hole clay refractories, while Sarvesh brings expertise and competency in local management and client relationships, the executive quoted above added.

The deal has been negotiated by Meghraj Capital Advisors Private Limited, an Investment Banking firm with offices across the globe, was the exclusive financial advisor for Sarvesh Refractories Private Limited. 

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