Stovec Industries Ltd

Originally incorporated in Jun.72 as Stovec Screens India, Stovec Industries Ltd (SIL) acquired its present name on 12 Aug.88. SIL was promoted by A T E Enterprises. The Company is a subsidiary of the SPGPrints Group, headquartered at Boxmeer, Netherlands. The Company is Market leader in India for Rotary Screens and Printing Machines. It essentially operates in three verticals viz. Textile Printing, Graphics Printing and Sugar Filtration. The Group takes pride in owning around 10 offices all over the world.SIL came out with a rights issue (premium : Rs 90) aggregating Rs 8.98 cr in Feb.93, to finance various modernisation, diversification and expansion projects, to meet the normal capital expenditure, at a project cost of Rs 26.78 cr. The company is engaged in screens, graphics, industrial machinery, electronics and sintered metal and ferrites. Some of SILs customers are DOT, DOT, ITI, etc. Its ferrite division was incurring losses and therefore it discontinued operations of its ferrites division in Apr.96, as decided by the BIFR.SIL has tied up with Stork Screens, the Netherlands Prestwick Circuits, Scotland, UK Imprinta, Switzerland and Stork Brabant, the Netherlands, etc. Presently, Stork Screens, the Netherlands, holds the majority stake of 51% in the company.The company exports to the US and Europe. SILs subsidiary is Stork Pumps (India). In 1999 Stormex India was merged with Stovec Industries Ltd with the approval of Mumbai High Court. During 200102 the company Stork N V had entered into contract for providing services in connection with the refinery project at Pennar in South India.During the year 2014, Company acquired 100% Equity Shares of Atul Sugar Screens Private Limited, and was made Wholly Owned Subsidiary on May 30, 2014.Decommissioning of Contract Manufacturing Agreement (CMA) with Atul Sugar Screens Private Limited was completed in May 2022. The Company launched new innovative rotary textile screen printing machine Teak at the ITME exhibition in India in 2022.