Wanghai (Northeast China): Orind Refractories Limited, the first Indian company to set up a wholly-owned venture in China, will expand three-fold to become the global leader in the refractory business by 2008, top company executives said in Wanghai today (Oct 24, 2004).

"We have already acquired land, adjacent to the existing plant and work on the new state-of-the-art facility will commence soon to produce new value-added refractory items," Orind group Managing Director Rajeshwar Mishra told reporters.

"We envisage Orind to be the largest refractory group in this part of the globe coinciding with Beijing Olympics of 2008," Mishra said.

Production and sales of the company have soared over the years, allowing Orind to become China's largest exporter of refractors, a position it wrested from other local companies through hard work and quality products.

About 98 per cent of the company's output is currently being shipped to over 70 countries, Mishra said.

During the last fiscal year, Orind-China's production touched 70,000 metric tonnes and achieved an annual sale of $ 41.16 million.

This year, the sale is expected to touch up to $ 60.53 million, Mishra said, adding that Orind has plans to acquire a local Magnesite mine to reduce raw material costs.

As part of the expansion plans, a Magnesite fusion plant and a resin plant are also being envisaged.