Foseco India, a JV company between Greaves of India and Foseco of UK was incorporated in March 22, 1958 as Greaves Foseco. The technical collaborator Foseco UK holds 66.5%(as on March 31, 2003) stake in the company.
Foseco India is the leading supplier of metallurgical chemicals for the ferrous and non-ferrous foundry industry. The company's products are sold both directly and indirectly to industries like Passenger Cars and SUVs, Commercial Vehicles, Agricultural Machinery, Construction and general purpose steel, Textile machinery, two & Three wheelers. It's products also found usage in Steel, Petrochemical and food industry valves and pumps.
Foseco India has two manufacturing facilities one located at Pune and the other one located at Metaupalayam, Pondicherry.
It manufactures 400 different products for the metallurgical industry. The products are in the nature of additives and consumables and improve the physical properties and surface qualities of castings as well as reduce costs of melting, moulding and castings.
The company's market covers integrated steel plants like SAIL and TISCO, mini mills like Mukand, Kalyani and Musco; and foundries like Ennore Foundries, Lakshmi Machine Works, etc. The company exports its products mainly to Middle East, Far East, Sri Lanka, Nepal, Kenya, Ghana, Bangladesh, Singapore & Taiwan.
The company offered shares in Nov.'93 to get listed in the stock exchange.
Foseco has ceased all manufacturing and trading activities at Chinchwad from 28th Dec.'99. During 1999-2000, the company has completed the largest project of Navodaya business transformation programme whose charges incurred was Rs.295 lacs along with the final closure of the Chinchwad manufacturing site foundry division.
During March 2000 Burmah Castrol plc was acquired by BP Amoco Plc and in accordance with SEBI Takecover code BP Amoco plc via Burmah Castrol plc a subsidiary company,made a open offer to the public and has acquired 1277292 shares of Foseco India Ltd.
In the year 2002, the Company has increased its installed capacity of Metallurgical Chemicals by 570 Tonnes(Tonnes per annum based on 2 Shifts). With this Capacity Expansion, the total installed capacity of Metallurgical Chemicals has increased upto 24830 Tonnes.