Force Motors Ltd


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Force Motors Ltd Company background

Founded in: 1958
Force Motors Ltd is a fully, vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes Light Commercial Vehicles (LCV), MultiUtility Vehicles (MUV), Small Commercial Vehicles (SCV), Sports Utility Vehicles (SUV) and Agricultural Tractors. Force Motors is a subsidiary of Jaya Hind Investments Private Limited, promoter of the company, which holds 57.38% stake in the company.Tempo Finance (West) Private Limited, a subsidiary company of Force Motors Limited, is engaged in providing financial services. Force Motors Ltd was incorporated in the year September 08th, 1958 with the name Baja Tempo Ltd. The company was promoted by N K Firodia. Initially, the company started production of the HANSEAT 3Wheelers in collaboration with Vidal Sohn Tempo Werke Germany. In the year 1959, the company started their manufacturing operation in a small plant at Goregaon, a suburb of Mumbai. In the year 1961, they acquired about 1502 acres of land in Akrudi near Pune. In May 1961, the company was converted in to public limited company. In the year 1964, they transferred their production facility to Pune. In November 1964, they commenced the manufacture of Tempo Viking 4wheeled Truck Vans.In the year 1969, the company subsequently upgraded the Viking vehicle with the diesel engine and thus they started manufacturing Matador. In the year 1975, they increased the manufacturing capacity to 12,000 vehicles per year, in addition to 6,000 diesel engines for other purposes.In 1983, the company entered into a technical collaboration agreement with Daimler Benz AG West Germany for the manufacture of light commercial vehicles such as Mercedes vans station wagons and mini buses at Pithampur.In 1987, the company set up a new plant at Pithampur in Madhya Pradesh, for the production of Tempo Traveller. This plant was designed and built to the specification of DaimlerBenz. They increased the licensed capacity from 30,000 to 50,000 per annum including 5,000 threewhellers. In the year 1989, they established the production facility for various rear axles and 5speed Mercedes gear boxes. In the year 1990, the company established a new commercial tool room at Akurdi, equipped with the latest CNC 3 dimension dies sinking equipment and capable of manufacturing large panel dies for bodies. They also established a modern CAD/CAM facility to support the tool room activity. They entered into agreement with Ricardo Consulting Engineers for technology up gradation of D 301 E2 engine. In the year 1991, the company introduced the new models of Tempo Trax called Challenger and Town Country in the market. In 1993, they offered rights issue to part finance for modernization of their manufacturing facilities. In the year 1994, the company entered into a license agreement with RobertBosch GmbH for the manufacture of Tractor Hydraulics. In the year 1995, the company increased the licensed capacity increased from 50,000 to 60,000 number of automobiles per annum. In the year 1996, they introduced a new range of Three Wheelers Minidor pick up and auto rickshaw. These vehicles were completely designed in house using their own modern Computer Aided Design and Computer Aided Manufacturing facilities. In 1997, the company conceived a technologically superior tractor the OX, as a diversification and the OX 45, a 45 HP tractor was introduced. The tractor was designed using Transmission technology from ZF, Germany, technical assistance for engine from AVL, Austria and hydraulics technology from Bosch. In the year 1999, the Excel range of stare of the art Light Commercial Vehicles was introduced. These vehicles with their superb ergonomics and superior aggregates represent the latest generation of LCVs in India that can carry payloads upto 4 tonnes. They also introduced a 35 HP version of the tractor, the OX 35. In the year 2000, Pithampur plant and their Mercedes Engine facilities received the prestigious ISO 9002 certification for quality systems. In the year 2003, the entire Akrudi plant and Pithampur plant were certified to ISO 9001:2000. The company signed an MoU with Punjab Tractors Ltd and Corporation Bank for financing Tractors. Also, they launched Balwan range of tractors in the same year. In the year 2004, the company formed a new alliance with MAN, world leader in engines and truck technologies. This alliance enabled the company to produce trucks that have latest technology and possess highly reliable engines. In September 2004, they entered into a comprehensive Technological Agreement with ZF the world leader in transmission technology. This agreement enabled the company to acquire both product and process technology. The company changed their name form Bajaj Tempo Ltd to Force Motors Ltd with effect from May 12, 2005. In May 2005, the company entered into an agreement with DaimlerChrysler AG for sourcing the technology for G32 Gear box. In June 2005, they entered into an agreement with MAN Nutzfahrzeuge to source technology for Heavy Duty Planetary Rear Axles.In April 2006, the company signed a joint venture agreement with MAN for manufacture and sale of heavy commercial vehicles. They established a new plant at Pithampur for manufacturing of heavy commercial vehicles. In order to implement the joint venture project, MAN Force Trucks Pvt Ltd, a subsidiary company, was formed during the year. As per the agreed arrangement, MAN holds 30 per cent of the equity of this subsidiary company whereas 70 per cent of the equity was owned by the company.During the year 200607, the company transferred all assets, liabilities and contracts, including the technology and licenses arranged in respect of Heavy Commercial Vehicles Project to Man Force Trucks Pvt Ltd. During the year 200708, the company started production of the new generation planetary 9speed gearboxes, under license from ZF Friedrichshafen AG, Germany. During the year 200809, the company transferred part of their shareholding in the subsidiary company Man Force Trucks Pvt Ltd to MAN Nutzfahrzeuge AG, the collaborator, and received consideration of Rs 309.47 crore. They also divested their holding in ZF Steering Gear (India) Ltd.During the year, the company completed the Development project for the new small commercial vehicle the TRUMP. They developed two new versions of Bullet Proof Armoured Vehicles, on the Trax platform.During the year 201011, the company has developed a new SUV named Force One. A completely new sales channel comprising of 30 dealers panIndia, with independent and dedicated show rooms, separate service facilities are created, to support the sales of these SUVs. The company has entered into agreement with MBtech(a company of the Daimler Group) for technical support in respect of refinement of electronic architecture, installation of aggregates and systems, and build quality of the coach work, interiors, etc. The company has installed Cathodic paint shop at pithampur unit. This is a fifth generation CED paint shop incorporating the latest technologies.In the year 201112, The Company unveiled the Traveller 26 at the Auto Expo in January 2012. This product is the largest known monocoque panel van in the world. Having been evolved from the iconic Traveller vehicle, it represents a big step forward in consolidating the Companys van business.During the year 201213, The Company has developed an Extreme Offroad Vehicle (EOV) the 4x4x4 Trax Gurkha (all wheeldrive x all terrains x all seasons) , which will cater to the specialist market for offroad vehicles. The SUV Force One EX a highly fuelefficient and power optimized version, is also developed and under introduction. The Company has created a new hightech, engine and vehicletesting lab at Akurdi.During the year 201314, the company, having commissioned the new and hitech Engine Tech Centre at Akurdi comprising of latest engine dynamometers and chassis dynamometers has created a very capable infrastructure, for undertaking engine development and vehicle development programmes. The company has become a subsidiary of Jaya Hind Investments Private Limited, promoter of the Company, w.e.f. 17th February 2014.During the year 201415, the company has established enginemanufacturing factory as a dedicated factory for BMW India Pvt. Ltd. at Chennai and the project to establish a new engine and axle production facility for Mercedes Benz at Chakan near Pune. It has enabled the Company to participate in the rapidly growing high performance luxury vehicles market in India.During the financial year ended 31 March 2016, Force Motors completed the construction of the dedicated plant at Chakan for manufacture of Mercedes Benz Engines and Axles. Active steps have been taken during the last financial year to substantially increase the production capacity at Pithampur. A new line of highly complex Body Shop equipment, with significant use of robotics/automation, which is engineered, and mostly manufactured within the company, was erected, installed and commissioned. The commissioning has happened by end of July 2016.The strong efforts over the last few years have been continued in the year under report, for substantially upgrading the sales channel, improving the service capability of dealers, and of authorised service stations.During the year ended 31 March 2016, the company completed the development of Euro IV engines, for powering the Traveller range of LCVs, as also of the matching gearboxes and axles. The entire design activity, development effort and testing, of these hightech new aggregates was carried out in the company, with selective support from domain specialists like Bosch, AVL, Delphi, etc.The company completed the projects for new generation transmissions, which have been developed inhouse.During the year ended 31 March 2017, Force Motors successfully handled turbulence in the business arising successively from demonetisation effected on 8 November 2016, preparation for the transition to GST in terms of installing the I.T. backbone and organising modifications to the business processes of the company and finally from preparing for the full transition to the BS IV standard of emission, for the full range of vehicles made by the company. Each of these transitions, and the required preparatory efforts by the company, by its suppliers, dealers, etc. involved unusual effort. This resulted in a significant change in the rhythm of the business.The company completed projects for the development of high power density engines by significant reengineering of the wellproven OM 616 basic platform.During the year under review, the companys new manufacturing facility/plant at Chakan for production/manufacture of engines and axles for MercedesBenz India Private Limited became operational. Force Motors entered into Joint Venture Agreement with MTU Friedrichshafen GmbH, a subsidiary company of RollsRoyce Power Systems AG, to form an Indian Joint Venture Company, for producing engines (for power generation and rail application) and complete power generation systems including associated spare parts for both the Indian and the global markets. A Joint Venture Company named Force MTU Power Systems India Private Limited has been incorporated on 7 August 2018.During the year 2019, the Company completed the development activity of the T3 platform, which is, known the only lightweight monocoque panel van in the world catering to 33 to 41 seats capacity segment. During FY19, the Company completed development activity on two new tractor platforms viz. the Sanman senes comprising of Sanman 5000 and Sanman 6000 tractors, as also the Abhiman series which has 4X4 configuration. During the current year 2019, both these products were introduced in the market. An important event during the year 2019 was the Acquisition by the Company, of the land, building, plant, tooling, equipment, machineries, drawings, designs etc, from MAN Truck Bus India Pvt. Ltd. as available in the plant at Pithampur. The Company had developed, with awn efforts, using own design and engineering resources, and tooling manufacture capability a complete range of Heavy Trucks. For this, select technology was purchased mainly from MAN and ZF Germany.On realisation of the project design, development, indiganization and productionising of the product range at the inauguration of the production facility, a joint venture agreement was entered into at MANs suggestion to enable achieve major export of trucks from India in FY19. During the development effort, discussions had occurred with MAN, where they suggested to make European standard vehicles even if more expensive than required by Indian market, for them to be able to export.During the year FY2019, the Company made an investment of Rs 13,36,20,000/ in tranches, in Force MTU Power Systems Private Limited, a subsidiary of the Company.Force MTU Power Systems Private Limited (the FMTU) was incorporated on 7th August, 2018, as a joint venture between the Company and Rolls Royce Power Systems AG (RR), through its subsidiary company, namely MTU Friedrichshafen GmbH for engaging in the business of development, manufacture and marketing of engines, engines for power generation, complete power generators and engines for various applications like Rail. By virtue of Companys majority shareholding, the FMTU is now a subsidiary of the Company.During the FY2020,the company made an investment of Rs 66,30,00,000 in tranches,in the equity shares of Force MTU Power Systems Private Limited,a subsidiary company.As on 31 March 2021,the company has one subsidiary namely,Tempo Finance (West) Private Ltd and one joint venture company,namely Force MTU Power Systems Private Ltd.The FY2021 was impacted severely due to COVID19 pandemic.
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The past 1-year return of Force Motors Ltd [FORCEMOT] share was 209.78. The Force Motors Ltd [FORCEMOT] share hit a 1-year low of Rs. 2397.7 and a 1-year high of Rs. 10272.65.

The Mutual Fund Shareholding was 0.39% at the end of .

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