Automotive Stampings & Assemblies Ltd

Automotive Stampings & Assemblies Ltd

Automotive Stampings and Assemblies Ltd is a TACO group company. The company is engaged in the business of manufacturing sheet metal stampings welded assemblies and modules for the automotive industry. They are having four manufacturing facilities located at Bhosari (Maharashtra) Chakan (Maharashtra) Halol (Gujarat) and Pantnagar (Uttarakhand).The company's product mix can be broadly classified into three categories namely Structural Panels and Skin Panels for the vehicle body (BIW) Modules and Aggregates including Chassis sub-assemblies (Under body) and Oil Sumps and Fuel tanks. Their customers include some of the prestigious vehicle manufacturers like Tata Motors Ltd General Motors India Pvt Ltd Fiat India Automobiles Ltd Piaggio Vehicles Pvt Ltd and John Deere Equipment Pvt Ltd. They also export their products to Ford Motor Company Ltd (UK).Automotive Stampings and Assemblies Ltd was incorporated on March 1990 with the name JBM Tools Ltd. Initially the company was promoted by the SK Arya group and Haryana State Industrial & Infrastructure Development Corporation. In October 1990 they commenced operations at Faridabad by developing dies moulds & tools for various Original Equipment Manufacturers (OEM) of Automobiles.In January 1994 the company commenced operations for manufacture of sheet metal components Project for manufacture of 3500 tpa of sheet metal components. In March 1994 they came out with their maiden initial public offer and in May 1994 their shares were listed on Bombay Stock Exchange. In December 1995 the company set up a new manufacturing plant at Bhosari. In February 1997 they started manufacturing operations at their new plant at Halol.In July 1997 Tata Group companies namely Tata AutoComp Systems Ltd (TACO) & Tata Industries Ltd (TIL) entered into a 50:50 Joint Venture with the then promoter SKA. In August 1997 the company entered into a joint venture agreement with Sung Woo Metal Co Ltd South Korea & Mitsubishi Corporation Japan to promote JBM Sung Woo Pvt Ltd at Chennai. In December 1997 the company entered into a joint venture agreement with Krupp Camford Ltd UK to promote Krupp JBM Pvt Ltd at Chennai. In January 1998 the company set up a new manufacturing plant at Chakan and commenced commercial operations. In June 2001 as per the scheme of arrangement the Faridabad undertaking of the company was transferred to Precious Estates Pvt Ltd. In April 2002 TACO and TIL bought over SKA's holding in the company to increase their combined shareholding to 81.35%. In August 1 2003 the company changed their name from JBM Tools Ltd to Automotive Stampings and Assemblies Ltd. In the year 2004 TIL transferred their shares in the company (except 100 shares) to TACO. Also they received ISO 9001 for their Bhosari plant and Chakan plant.In February 2007 the company entered a share purchase agreement with Gestamp Servicios S.L. whereby Gestamp Servicios S.L. in order to benefit from Spanish group Gestamp's technological expertise. Subsequently in August 2007 Gestamp Servicios S.L. became the joint promoter of the company by acquiring 37.49% stake from TACO and 0.01% from public through an open offer. In May 2008 the company set up a new plant for manufacture of sheet metal components with a capacity of 17000 tpa at Pantnagar at Uttarakhand. In January 27 2010 TIL sold their balance shareholding of one hundred shares in the open market. In December 10 2010 as per share purchase agreement between TACO and Gestamp Servicios S. L. TACO acquired entire stake of Gestamp in the company and thus the company Gestamp ceased to be one of the promoters of the company and the company became a subsidiary of TACO. In December 2010 the company completed the capacity expansion for 1 ton goods and passenger carrier programme of the customer at PantnagarThe company commenced the second phase of the expansion project at Pantnagar Plant for small 0.5 ton commercial goods and passenger carrier programme including automation and is expected to be completed by end of 2011. Also the company has planned expansion at Halol Plant with an estimated outlay of Rs 7.4 crore to cater to a new Customer programme. The same is expected to be completed before March 2012.