Incorporated on 22 Dec.'82, Electrex (India) went public in 1989. It was promoted by Anant V Hegde, Achut V Hegde and D V Sathey. The company manufactures different types of electrically operated portable power tools like drills, disc grinders, marble cutters, circular saws, sanders and polishers for varied applications. It has a financial-cum-technical collaborations with Hitachi Koki Company, Japan.
On 30 Nov.'93, the company came out with a public issue (premium : Rs 40) to part-finance the capacity expansion of power tools from 20,000 to 60,000 pa and to widen the product range and application. In 1994-95, it received the ISO 9002 certification.
The company aims to become the leading power tool company by adopting a two-pronged strategy -- by achieving higher capacity utilisation with improved operational efficiency and better sales realisation and control on expenditure; and by improving productivity by bringing about synergy in all important areas such as manufacturing, marketing, distribution and support services.
During the year 1999-2000, as the networth of the company has completely eroded, the reference made to the BIFR under SICA 1985 has been registered and has appointed Indian Finance Corporation of India Ltd., as the operating agency.