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AIA Engineering Ltd.

BSE: 532683 Sector: Engineering
NSE: AIAENG ISIN Code: INE212H01026
BSE 00:00 | 24 May 1555.90 1.75
(0.11%)
OPEN

1574.00

HIGH

1574.00

LOW

1548.45

NSE 00:00 | 24 May 1560.10 2.15
(0.14%)
OPEN

1557.95

HIGH

1600.00

LOW

1553.10

OPEN 1574.00
PREVIOUS CLOSE 1554.15
VOLUME 500
52-Week high 1702.00
52-Week low 1276.00
P/E 31.22
Mkt Cap.(Rs cr) 14,672
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1574.00
CLOSE 1554.15
VOLUME 500
52-Week high 1702.00
52-Week low 1276.00
P/E 31.22
Mkt Cap.(Rs cr) 14,672
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

AIA Engineering Ltd. (AIAENG) - Company History

AIA Engineering Ltd is a certified ISO 9000 company specializes in design development manufacture installation and servicing of high chromium wear corrosion and abrasion resistant parts used in cement mining and thermal power generation industries. The company has a global presence in terms of sales and service offices across the world. Outside India the company sells under the brand name Vega. AIA currently has current capacity to manufacture 340000 MT of high chromium wear parts and pursuing capacity expansion program to reach 440000 MT. AIA Engineering Ltd was incorporated on March 11 1991 with the name Magotteaux (India) Pvt Ltd. On November 4 1978 Ahmedabad Induction Alloys Pvt Ltd promoted by Mr Bhadresh K Shah was incorporated. This company was merged with AIA Engineering on April 1 1991. The name of the company was changed to AIA Magotteaux Pvt with effect from May 11 1992. The name of the company was further changed to AIA Engineering Ltd on May 2 2000 due to the termination of joint venture with Magotteaux International S A Belgium.In the year 1995 the company made a technical collaboration with Southwestern Corporation (SWC) USA for process improvement in Raymond mills. In the year 1997 they associated with Alstom for process know-how for Stein designed mills for power plants. In September 2003 AIA Exports Pvt Ltd merged with the company with effect from April 1 2002. In the same year they acquired the 100% stake in Vega UK through Vega Middle East thereby making all Vega companies wholly owned subsidiaries. During the year 2003-04 a wholly owned subsidiary in the name of Vega Industries (Canada) Inc was incorporated in Canada. On December 31 2004 the company acquired entire business of Gray Cast Foundry Works (GCFW) a partnership firm and the manufacturing Division of Centricast Enterprises Pvt Ltd (CEPL).In 2005-06 the company has increased the production capacity of Castings by 1800 MT to 18600 MT. In 2006-07 they further increased the production capacity by 50000 MT to 68600 MT. In January 2007 the first phase of EOU division has commenced the trial production at their Greenfield Manufacturing facility at Moraiya in Ahmedabad. In 2008 AIA Engineering Ltd commissioned 1 lakh Mt Grinding Media Plant. From February 2008 PCCL has become a 100% Subsidiary of the company. In 2009 AIA Engineering Ltd started supply to mining companies. In 2011 the company enhanced manufacturing capacity to 2 lakh Mt. In 2013 the company achieved the milestone of 1 lakh Mt in annual sales to mining companies. On 19 January 2016 AIA Engineering announced that it has started commercial production under Phase I of its Greenfield project at GIDC Kerala in Gujarat. The installed capacity under the first phase is 66000 metric tonnes (Mt) per year. The company has completed its brownfield expansion of 14000 Mt per year at its Trichy plant. With this expansion the total installed capacity of wear parts of the Group will be augmented from 2.6 lakh Mt to 3.4 lakh Mt per year. In 2017 AIA Engineering completed Phase I of GIDC Kerala plant Greenfield project in Gujarat.On 23 May 2017 AIA Engineering informed the stock exchanges that Magotteaux International S.A. Belgium has initiated arbitral proceedings against the company and its managing director Mr. Bhadresh K Shah before the International Chamber of Commerce London (ICC) and has claimed the reliefs of injunction and damages inter alia alleging infringement of its patent by AIA Engineering in relation to its Sintercast product and breach of the Settlement Deed in relation to its Sintercast product. According to Magotteaux in its request for initiating Arbitration the amount in controversy in the arbitral dispute is approximately USD 60 million including costs and damages. AIA Engineering said it disputes this request and denies the allegations made therein and is confident of successfully defending the matter in accordance with law.