Everest Industries Ltd

Everest Industries Ltd

Everest Industries Ltd. formerly known as Eternit Everest commenced business by taking over as a growing concern the erstwhile Asbestos Cement (India) at Kymore Madhya Pradesh. The company manufactures fibre based cement productssuch as sheets for roofing and interiors as well as Non Asbestos flat sheets for varied applications including pre-fab housing. The company was the first to manufacture asbestos cement roofing sheets in India at its first factory commissioned in May '34. Its manufacturing business was progressively expanded by establishing a second sheeting factory at Mulund Bombay in 1937 a third one at Calcutta in Oct.'38 and a fourth at Podanur (near Coimbatore) Tamilnadu in Nov.'53. In Sep.'57 a another sheeting plant was installed at the Kymore factory. Plants to manufacture pipes were added between 1938 and 1963. Its Everest brand enjoys huge brand equity.Besides roofingthe company has introduced a range of new generation products called E-Board Classic for varied applications in interiors.In 1988-89 Turner & Newall International UK sold its stake in the company to Eteroutremer Belgium the holding company of the Eternit group Belgium. It obtained central government approval to shift part of the production capacity of the Mulund works to Nashik and to shift the balance capacity within one year from the date of commissioning of the factory at Nasik. The company is venturing into non-asbestos-based roofing and panelling products. In addition to the fire-resistant boards being developed with the active assistance of the Etex group the company has also initiated the introduction of passive fire protection systems with technical support from an Etex group company. It has obtained ISO-9002 and ISO 14001 certification for its Podanur works.The Etex Group through its subsidiary Nefibouw BV of Netherlands acquired during 2000-2001 0.54% of equity shares from the open market to take the Group's stake to 50%.In Feb. 2002 Associated Cement Companies has acquired 7400010 equity shares (cositituting 50% of the total equity capital) by Inter se transfer between promoters. Total shareholding of voting rights after this acquisition comes to 11250030 equity shares (constituting 76.01 % of the total equity capital of the company). The company is Modernising its Podanur Kymore and Kolkatta works and the these projects have been completedThe company has expanded the increased capacity of Fibre Cement/Asbestos Cement products during the financial year 2002-03 by 72000 MT and with this expansionthe total capacity has risen to 360000 MT.ACC is holding 76.01% stake in Everest Industries as on 31.03.2004.Adani Port Infrastructure Ltd and Accurate Finstock Pvt Ltd have announced an open offer to acquire 20% stake in Everest Industries during April 2004.The open offer follows the agreement entered into by Swiss based Holcim which has signed a pact with Adani Ports to offload ACC's present stake of 76.01% in Everest Industries.