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Wartsila India Ltd.

BSE: 500443 Sector: Engineering
BSE 05:30 | 01 Jan Wartsila India Ltd
NSE 05:30 | 01 Jan Wartsila India Ltd

Wartsila India Ltd. (WARTSILA) - Company History

Warsila India, incorporated in Apr.'86, known previously as WartsilaDiesel, was promoted by Oy Wartsila, Finland, Finnish Fund for IndustrialDevelopment Co-operation, Shapoorji Pallonji & Co Pvt Ltd and BanarasHouse. Recently, Wartsila Diesel International (erstwhile Wartsila) raisedits stake to 51%. The company commenced commercial production at Khopoli,Maharashtra, in 1990. In 1997, operations of Wartsila and Sulzer weremerged and its name was changed to Wartsila NSD India. With effect from 1st January, 2001 the company name was further changed to Wartsila India Ltd The company entered the capital market in May.'89 with a public issue topart-finance its Rs 22.5-cr project to manufacture high-capacity, medium-speed diesel engines and generating sets in the range of 500 to 7500 KW,which were till then, imported from Oy Wartsila, Finland. The dieselgenerating set, comprising a diesel engine and an alternator, is used as apreferred alternative to captive power generation. The high-capacity DGsets are used by large industries for captive generation of electricity. The company assembles 3 MW to 6 MW DG sets by importing critical componentsand sourcing other equipment from vendors in India. It also helps itscollaborator market its DG sets above 6MW in India. In 1994, the companywas accredited with the ISO 9001 certification by RWTUV, Germany. The company invested a sum of Rs 85 million in Coastal Wartsila PetroleumPrivate Ltd - a 50:50 joint venture with Coastal Energy Resources Ltd,Mauritius, which commenced its operation in Dec.'98.It provides regularmaintenance services to almost 85% of the total installation of 1567 MW. Wartsila has identified Independent Power Producers and utilities as themain focus areas and expects to earn one-third of its revenues from thesetwo in the next few years. The company has transformed itself into a totalsolution provider during 2000. With effect from 1st April,2001 WartsilaOperations & Maintenance India Limited (100% subsidiary was amalgamated with the company. The Company also started marketing of Special Products and Services which facilitate maintenance procedures and enhance operating efficiency of the plants in the operation. In 2000-2001 the company entered into contract for the supply of High Speed DG sets for Auxiliary Power for naval requirements. The first ship set is expected to be delivered in the Oct 2002. During 2001-02 Wartsila Corporation made 2 open offers,1834258 fully paidup equity shares at a price of Rs.120/- per share. Consequent to theseoffers,the corporation acquired 5,93,659 equity shares thereby increasingthe stake to 59.46% of the paid up capital. Wartsila Corporation togetherwith Wartsila Technology Ab now holds 89.69% of the paid-up capital of thecompany. During 2004, the Company appointed first of its Channel associates to further strengthen the Company's presence in the smaller end (0.9 MW to 3.0 MW) baseload heavy fuel oil fired generating plants.The Company also plans to commence manufacture of Marine Reduction Gear Boxes in the lower power range upto 2MW, primarily for exports. This would entail an investment of Rs. 60 million. In the same year the Company has decided to widen the scope of its O&M business and accordingly entered into O&M contract for Steam Turbine Generation of 15 MW During 2005, the company entered into technical Assistance and License Agreement with Wartsila Denmark A/S for technology to manufacture high speed gensets in the range upto 1 MW with noise attenuation and vibration and shock resistance conforming to the specific marine applications. The Export Oriented Unit was set up at Khapoli for manufacture of Marine Reduction Gear Boxes commenced commercial production in February, 2006. The voluntary winding-up of Coastal Wartsila Petroleum Private Ltd - A 50:50 Joint Venture with Coastal Energy Resources Ltd, Mauritius, which had commenced in the year 2003 is in progress. The company has also commenced the operations & maintenance of 15 MW coal fired thermal power plant for a leading Indian cement manufacturer. The company has further diversified its expertise in operations and maintenance of power plants and now successfully runs a 15 MW coal-based plant. At present as at 31st December 2006, the Company operates and manages over 62 power plant sites covering 151 engines and three steem turbine generators totalling around 764 MW