Incorporated in Sep.'70, Secals was promoted by Bapty Seshasayee, a technocrat entrepreneur. The company manufactures steel, alloy steel and stainless steel castings (maximum weight : 1 tonne) mainly for the industrial steel valve plants.
In May '93, it came with a rights issue for an expansion-cum-modernisation and to increase capacity from 2000 tpa to 7000 tpa. Castings are used in construction machinery, earth-moving and hydraulic equipment in nuclear and thermal projects, and in industries like oil and natural gas, chemical, petrochemical, fertiliser and other process industries and refineries. They are used in valves (gate, globe, ball, butterfly, plug, safety valves) and oilfield equipment.
The company has a technical collaboration and an exclusive distribution agreement with National Castings, US, to upgrade its technology and market its products in the US. In 1994, in recognition of its export performance, it was awarded the Export House status.
It intends to manufacture a small range of railroad component castings for its collaborators. It also intends to machine some of its castings offered for export. The company contemplates installing a windmill to generate power for captive consumption.
The networth of the company has eroded by more than 50% and the company has become a sick company. Accordingly in 1999-2000, the company has been referred to the BIFR.