Stovec Industries Ltd

Stovec Industries Ltd

Incorporated in Jun.'73 as Stovec Screens India Stovec Industries (SIL) acquired its present name on 12 Aug.'88. SIL was promoted by A T E Enterprises. Other group companies are Trumac Engineering Company and Erhardt & Leimer (India). SIL came out with a rights issue (premium : Rs 90) aggregating Rs 8.98 cr in Feb.'93 to finance various modernisation diversification and expansion projects to meet the normal capital expenditure at a project cost of Rs 26.78 cr. The company is engaged in screens graphics industrial machinery electronics and sintered metal and ferrites. Some of SIL's customers are - DOT DOT ITI etc. Its ferrite division was incurring losses and therefore it discontinued operations of its ferrites division in Apr.'96 as decided by the BIFR.SIL has tied up with Stork Screens the Netherlands; Prestwick Circuits Scotland UK; Imprinta Switzerland; and Stork Brabant the Netherlands etc. Presently Stork Screens the Netherlands holds the majority stake of 51% in the company.The company exports to the US and Europe. SIL's subsidiary is Stork Pumps (India). In 1999 Stormex India was merged with Stovec Industries Ltd with the approval of Mumbai High Court. During 2001-02 the company Stork N V had entered into contract for providing services in connection with the refinery project at Pennar in South India.