Federal-Mogul Goetze (India) Share Price

Goetze (India) Ltd.(GIL), is a Joint Venture Company of Federal Mogul in India. The company promoted by Escorts in Nov. 54 in technical and financial collaboration with Goetzwerke of Germany is one of the leading manufacturer of Automotive Piston Rings in the world. The product range covers Piston rings, Pistons, Cylinder liners, Light Alloy Castings and Sintered Products. The Company is engaged in manufacture, supply and distribution of automotive components used in two/three/four wheeler automobiles.GILs takeover of Escorts Mahle Ltd, a leading manufacture of Piston Rings in Oct 2002 made it the largest producer of Piston Assemblies. The company has the production capacity of 50 million piston rings and over 8 million pistons per year.The company had set up its first plant at Patiala and started commercial production in 1957. The second plant at Bangalore was started in 1977.Turneer Novell, UK which had acquired Goetze internationally has indirectly got a 26% stake in GIL which was hold by Goetze in GIL.Goetze India has business interest in auto accessories, solvent extraction and leather garments. As a part of restructuring it has exited from the leather garment business and is planning to exit from the solvent extraction business as this plant was shut down through out the year 20002001 due to poor industrial conditions.The company manufactures automobile accessories namely piston rings, pistons, cylinder liners, light alloy cylinders, piston castings and groove insert sleeves. In 19992000, the company has expanded the production capacity of piston rings to 5,09,49,360 nos per annum. And in year 2001 the company merged the Federal Mogul Sintered Products Ltd (FMSPL), which manufactures sintered metal parts using powder metal technology under world renowned BRICO brand, with the company due to business synergies. In 198990, it diversified into the manufacture and export of food products, solvent oil extraction and chain of supermarkets. For chain of supermarkets it has entered into a joint venture with Nanz Germany and also set up a joint venture company, Nanz Food Products for the manufacture of meat and poultry products. The plant to process mustard and sunflower seed and soyabeans has also been set up. And in 199293 the company has set up a 100% EOU for leather garments to increase the export earnings. But in 199899, this leather garments division was hived off into a seperate company GIP Leather (India) in joint venture with M/s Speith Wensky of Germany in which the company holds 70 % equity. In 199596, a new company Brico Goetze (India) was set up in collaboration with TN Plc for manufacture of Sintered Metal Components.As the Government has introduced various new emission norms,the focus in the type of rings has shifted, that are required by the customer both in terms of materials as well as profiles coatings. Subsequent to this the market conditions of Automotive Business seems to be a promising as India is likely to become a global source for rings for many Intenational vehicle manufacturers.The company made proposal to acquire the entire share capital of EML(Escorts Mahle Limited),a piston manufacturer,through a SPV and this proposal was approved in the Directors meeting which was held on 15th June,2002. The company which had set up a modern engine test house,was commissioned in January,2002 and made fully operational from February,2002. During 200203 Escorts Pistons Ltd and Coupled Investment Pvt Ltd was amalgamted with the company following the approval from High Court of New Delhi. With this amalgamation the company has consolidated its market leadership as a composite manufacturer of Piston Assemblies comprising of pistons,pins etc.The Company sold its entire investment in the shares of Satara Rubbers Chemical Limited (Wholly owned subsidiary) to AkmeProjects Limited on 31st March 2010.During the year 201516, the Company had acquired 26% stake in Real Captive Power Private th Limited (RCP), on 6 April 2015. The saidinvestment was disposed off to Surakshath Build well LLP on 30 March 2016 at cost.