You are here » Home » Companies » Company Overview » Force Motors Ltd

Force Motors Ltd.

BSE: 500033 Sector: Auto
NSE: BAJAJTEMPO ISIN Code: INE451A01017
BSE 00:00 | 22 Mar 1678.10 -31.00
(-1.81%)
OPEN

1705.95

HIGH

1721.00

LOW

1670.00

NSE 05:30 | 01 Jan Force Motors Ltd
OPEN 1705.95
PREVIOUS CLOSE 1709.10
VOLUME 17129
52-Week high 3238.00
52-Week low 1300.00
P/E 13.12
Mkt Cap.(Rs cr) 2,212
Buy Price 1678.10
Buy Qty 30.00
Sell Price 1687.00
Sell Qty 50.00
OPEN 1705.95
CLOSE 1709.10
VOLUME 17129
52-Week high 3238.00
52-Week low 1300.00
P/E 13.12
Mkt Cap.(Rs cr) 2,212
Buy Price 1678.10
Buy Qty 30.00
Sell Price 1687.00
Sell Qty 50.00

Force Motors Ltd. (BAJAJTEMPO) - Company History

Force Motors Ltd is a fully vertically integrated automobile company with expertise in design development and manufacture of the full spectrum of automotive components aggregates and vehicles. Its range of products includes Light Commercial Vehicles (LCV) Multi-Utility Vehicles (MUV) Small Commercial Vehicles (SCV) Sports Utility Vehicles (SUV) and Agricultural Tractors. Force Motors is a subsidiary of Jaya Hind Investments Private Limited promoter of the company which holds 56.86% stake in the company.Tempo Finance (West) Private Limited a subsidiary company of Force Motors Limited is engaged in providing financial services. Force Motors Ltd was incorporated in the year 1958 with the name Baja Tempo Ltd. The company was promoted by N K Firodia. Initially the company started production of the HANSEAT 3-Wheelers in collaboration with Vidal & Sohn Tempo Werke Germany. In the year 1959 the company started their manufacturing operation in a small plant at Goregaon a suburb of Mumbai. In the year 1961 they acquired about 1502 acres of land in Akrudi near Pune. In May 1961 the company was converted in to public limited company. In the year 1964 they transferred their production facility to Pune. In November 1964 they commenced the manufacture of Tempo Viking 4-wheeled Truck & Vans.In the year 1969 the company subsequently upgraded the Viking vehicle with the diesel engine and thus they started manufacturing Matador. In the year 1975 they increased the manufacturing capacity to 12000 vehicles per year in addition to 6000 diesel engines for other purposes.In 1983 the company entered into a technical collaboration agreement with Daimler Benz AG West Germany for the manufacture of light commercial vehicles such as Mercedes vans station wagons and mini buses at Pithampur.In 1987 the company set up a new plant at Pithampur in Madhya Pradesh for the production of Tempo Traveller. This plant was designed and built to the specification of Daimler-Benz. They increased the licensed capacity from 30000 to 50000 per annum including 5000 three-whellers. In the year 1989 they established the production facility for various rear axles and 5-speed Mercedes gear boxes. In the year 1990 the company established a new commercial tool room at Akurdi equipped with the latest CNC 3 dimension dies sinking equipment and capable of manufacturing large panel dies for bodies. They also established a modern CAD/CAM facility to support the tool room activity. They entered into agreement with Ricardo Consulting Engineers for technology up gradation of D 301 E2 engine. In the year 1991 the company introduced the new models of Tempo Trax called Challenger and Town & Country in the market. In 1993 they offered rights issue to part finance for modernization of their manufacturing facilities. In the year 1994 the company entered into a license agreement with Robert-Bosch GmbH for the manufacture of Tractor Hydraulics. In the year 1995 the company increased the licensed capacity increased from 50000 to 60000 number of automobiles per annum. In the year 1996 they introduced a new range of Three Wheelers - Minidor - pick up and auto rickshaw. These vehicles were completely designed in house using their own modern Computer Aided Design and Computer Aided Manufacturing facilities. In 1997 the company conceived a technologically superior tractor the OX as a diversification and the OX 45 a 45 HP tractor was introduced. The tractor was designed using Transmission technology from ZF Germany technical assistance for engine from AVL Austria and hydraulics technology from Bosch. In the year 1999 the Excel range of stare of the art Light Commercial Vehicles was introduced. These vehicles with their superb ergonomics and superior aggregates represent the latest generation of LCVs in India that can carry payloads upto 4 tonnes. They also introduced a 35 HP version of the tractor the OX 35. In the year 2000 Pithampur plant and their Mercedes Engine facilities received the prestigious ISO 9002 certification for quality systems. In the year 2003 the entire Akrudi plant and Pithampur plant were certified to ISO 9001:2000. The company signed an MoU with Punjab Tractors Ltd and Corporation Bank for financing Tractors. Also they launched Balwan range of tractors in the same year. In the year 2004 the company formed a new alliance with MAN world leader in engines and truck technologies. This alliance enabled the company to produce trucks that have latest technology and possess highly reliable engines. In September 2004 they entered into a comprehensive Technological Agreement with ZF - the world leader in transmission technology. This agreement enabled the company to acquire both product and process technology. The company changed their name form Bajaj Tempo Ltd to Force Motors Ltd with effect from May 12 2005. In May 2005 the company entered into an agreement with DaimlerChrysler AG for sourcing the technology for G32 Gear box. In June 2005 they entered into an agreement with MAN Nutzfahrzeuge to source technology for Heavy Duty Planetary Rear Axles.In April 2006 the company signed a joint venture agreement with MAN for manufacture and sale of heavy commercial vehicles. They established a new plant at Pithampur for manufacturing of heavy commercial vehicles. In order to implement the joint venture project MAN Force Trucks Pvt Ltd a subsidiary company was formed during the year. As per the agreed arrangement MAN holds 30 per cent of the equity of this subsidiary company whereas 70 per cent of the equity was owned by the company.During the year 2006-07 the company transferred all assets liabilities and contracts including the technology and licenses arranged in respect of Heavy Commercial Vehicles Project to Man Force Trucks Pvt Ltd. During the year 2007-08 the company started production of the new generation planetary 9-speed gearboxes under license from ZF Friedrichshafen AG Germany. During the year 2008-09 the company transferred part of their shareholding in the subsidiary company Man Force Trucks Pvt Ltd to MAN Nutzfahrzeuge AG the collaborator and received consideration of Rs 309.47 crore. They also divested their holding in ZF Steering Gear (India) Ltd.During the year the company completed the Development project for the new small commercial vehicle the TRUMP. They developed two new versions of 'Bullet Proof - Armoured Vehicles' on the Trax platform.During the year 2010-11 the company has developed a new SUV named `Force One'. A completely new sales channel comprising of 30 dealers pan-India with independent and dedicated show rooms separate service facilities are created to support the sales of these SUVs. The company has entered into agreement with MBtech(a company of the Daimler Group) for technical support in respect of refinement - of electronic architecture installation of aggregates and systems and build quality of the coach work interiors etc. The company has installed Cathodic paint shop at pithampur unit. This is a fifth generation CED paint shop incorporating the latest technologies.In the year 2011-12 The Company unveiled the `Traveller 26' at the Auto Expo in January 2012. This product is the largest known monocoque panel van in the world. Having been evolved from the iconic Traveller vehicle it represents a big step forward in consolidating the Company's van business.During the year 2012-13 The Company has developed an Extreme Offroad Vehicle (EOV) - the 4x4x4 Trax Gurkha (all wheeldrive x all terrains x all seasons) - which will cater to the specialist market for offroad vehicles. The SUV - Force One EX - a highly fuel efficient and power optimized version is also developed and under introduction. The Company has created a new high-tech engine and vehicle testing lab at Akurdi.During the year 2013-14 the company having commissioned the new and hitech Engine Tech Centre at Akurdi - comprising of latest engine dynamometers and chassis dynamometers - has created a very capable infrastructure for undertaking engine development and vehicle development programmes. The company has become a subsidiary of Jaya Hind Investments Private Limited promoter of the Company w.e.f. 17th February 2014.During the year 2014-15 the company has established engine manufacturing factory as a dedicated factory for BMW India Pvt. Ltd. at Chennai and the project to establish a new engine and axle production facility for Mercedes Benz at Chakan near Pune. It has enabled the Company to participate in the rapidly growing high performance luxury vehicles market in India.During the financial year ended 31 March 2016 Force Motors completed the construction of the dedicated plant at Chakan for manufacture of Mercedes Benz Engines and Axles. Active steps have been taken during the last financial year to substantially increase the production capacity at Pithampur. A new line of highly complex Body Shop equipment with significant use of robotics/automation which is engineered and mostly manufactured within the company was erected installed and commissioned. The commissioning has happened by end of July 2016.The strong efforts over the last few years have been continued in the year under report for substantially upgrading the sales channel improving the service capability of dealers and of authorised service stations.During the year ended 31 March 2016 the company completed the development of Euro IV engines for powering the Traveller range of LCVs as also of the matching gearboxes and axles. The entire design activity development effort and testing of these high-tech new aggregates was carried out in the company with selective support from domain specialists like Bosch AVL Delphi etc.The company completed the projects for new generation transmissions which have been developed inhouse.During the year ended 31 March 2017 Force Motors successfully handled turbulence in the business arising successively from demonetisation effected on 8 November 2016 preparation for the transition to GST in terms of installing the I.T. backbone and organising modifications to the business processes of the company and finally from preparing for the full transition to the BS IV standard of emission for the full range of vehicles made by the company. Each of these transitions and the required preparatory efforts by the company by its suppliers dealers etc. involved unusual effort. This resulted in a significant change in the rhythm of the business.The company completed projects for the development of high power density engines by significant re-engineering of the well- proven OM 616 basic platform.During the year under review the company's new manufacturing facility/plant at Chakan for production/manufacture of engines and axles for Mercedes-Benz India Private Limited became operational. Force Motors entered into Joint Venture Agreement with MTU Friedrichshafen GmbH a subsidiary company of Rolls-Royce Power Systems AG to form an Indian Joint Venture Company for producing engines (for power generation and rail application) and complete power generation systems including associated spare parts - for both the Indian and the global markets. A Joint Venture Company named `Force MTU Power Systems India Private Limited' has been incorporated on 7 August 2018.