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Federal-Mogul Goetze (India) Ltd.

BSE: 505744 Sector: Auto
NSE: FMGOETZE ISIN Code: INE529A01010
BSE 00:00 | 02 Dec 241.20 2.75
(1.15%)
OPEN

240.15

HIGH

244.25

LOW

239.25

NSE 00:00 | 02 Dec 240.55 0.90
(0.38%)
OPEN

240.10

HIGH

244.00

LOW

237.25

OPEN 240.15
PREVIOUS CLOSE 238.45
VOLUME 2353
52-Week high 358.20
52-Week low 230.20
P/E 17.12
Mkt Cap.(Rs cr) 1,342
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 240.15
CLOSE 238.45
VOLUME 2353
52-Week high 358.20
52-Week low 230.20
P/E 17.12
Mkt Cap.(Rs cr) 1,342
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Federal-Mogul Goetze (India) Ltd. (FMGOETZE) - Company History

Goetze (India) Ltd.(GIL) is a Joint Venture Company of Federal Mogul in India. The company promoted by Escorts in Nov. '54 in technical and financial collaboration with Goetz-werke of Germany is one of the leading manufacturer of Automotive Piston Rings in the world. The product range covers Piston rings Pistons Cylinder liners Light Alloy Castings and Sintered Products.GIL's takeover of Escorts Mahle Ltd a leading manufacture of Piston Rings in Oct 2002 made it the largest producer of Piston Assemblies. The company has the production capacity of 50 million piston rings and over 8 million pistons per year.The company had set up its first plant at Patiala and started commercial production in 1957. The second plant at Bangalore was started in 1977.Turneer & Novell UK which had acquired Goetze internationally has indirectly got a 26% stake in GIL which was hold by Goetze in GIL.Goetze India has business interest in auto accessories solvent extraction and leather garments. As a part of restructuring it has exited from the leather garment business and is planning to exit from the solvent extraction business as this plant was shut down through out the year 2000-2001 due to poor industrial conditions.The company manufactures automobile accessories namely piston rings pistons cylinder liners light alloy cylinders piston castings and groove insert sleeves. In 1999-2000 the company has expanded the production capacity of piston rings to 50949360 nos per annum. And in year 2001 the company merged the Federal Mogul Sintered Products Ltd (FMSPL) which manufactures sintered metal parts using powder metal technology under world renowned 'BRICO' brand with the company due to business synergies. In 1989-90 it diversified into the manufacture and export of food products solvent oil extraction and chain of supermarkets. For chain of supermarkets it has entered into a joint venture with Nanz Germany and also set up a joint venture company Nanz Food Products for the manufacture of meat and poultry products. The plant to process mustard and sunflower seed and soyabeans has also been set up. And in 1992-93 the company has set up a 100% EOU for leather garments to increase the export earnings. But in 1998-99 this leather garments division was hived off into a seperate company [ GIP Leather (India) ] in joint venture with M/s Speith & Wensky of Germany in which the company holds 70 % equity. In 1995-96 a new company Brico Goetze (India) was set up in collaboration with T&N Plc for manufacture of Sintered Metal Components.As the Government has introduced various new emission normsthe focus in the type of rings has shifted that are required by the customer both in terms of materials as well as profiles & coatings. Subsequent to this the market conditions of Automotive Business seems to be a promising as India is likely to become a global source for rings for many Intenational vehicle manufacturers.The company made proposal to acquire the entire share capital of EML(Escorts Mahle Limited)a piston manufacturerthrough a SPV and this proposal was approved in the Directors meeting which was held on 15th June2002. The company which had set up a modern engine test housewas commissioned in January2002 and made fully operational from February2002. During 2002-03 Escorts Pistons Ltd and Coupled Investment Pvt Ltd was amalgamted with the company following the approval from High Court of New Delhi. With this amalgamation the company has consolidated its market leadership as a composite manufacturer of Piston Assemblies comprising of pistonspins etc.

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