1958 - The company was incorporated under the name of Greaves Foundry
Services (Pvt) Ltd. on 22nd March. The company was later
converted into a Public Limited Company on 14th December 1972.
The company was originally promoted as a joint venture between
Foundry Services (Holdings) Ltd. (now Foseco plc) U.K. and
Greaves Ltd., Mumbai. The offerors and Foseco plc. have an equal
equity holding of 50% each in the Company.
- The company manufactures foundry chemicals, foundry fluxes for
the metallurgical industry including the steel and foundry
- Technology for the products are provided by Foseco Companies
abroad and by the Company's R&D Centre. It has access to Foseco
technologies on an ongoing basis for existing products and for
improvements to existing products.
1993 - 53,64,480 No. of Equity shares issued to promoters (Of these
26,82,240 shares each to Foseco plc. U.K. and Greaves Ltd.
respectively). During November, the Company issued 1,09,479 No.
of equity shares of Rs. 10 each at a premium of Rs. 65 per
- During November 1997, the Company offered for sale of 26,82,240
No. of equity shares of Rs. 10 each at a premium of Rs. 50 per
share as follows:
- (i) 1,34,112 No. of equity shares at a price of Rs 60 per share
on preferential basis to the employees (only 75,300 shares taken
- (ii) Balance 25,48,128 No. of equity shares of Rs 60 each were
offered as sale to the public along with 58,812 No. of equity
shares not taken up by employees.
1996 - The Objects of the Issue is to disinvest equity shares held by
Greaves Ltd. to Greaves foseco Ltd., and to have the shares of
the Company listed on the Stock Exchange.
1997 - Performance of the Company was adversely affected due to weak
demand for metallurgical products throughout the year.
1998 - A new plant will be commissioned at Sanaswadi in April which will
introduce a new range of products in the automotive foundry
- 52,97,480 shares are allotted as fully paid-up by way of bonus
shares by capitalising the General Reserve.
- 13,500 shares are allotted as fully paid up pursuant to a
contract without payment being received in cash.
- 27,91,719 shares are held by Foseco plc. (holding company) and
- A voluntary retirement scheme was formulated by the Company for
the workmen and staff at its Jamshedpur Works.
1999 - Foseco is a wholly owned subsidiary of Foseco, UK, which holds
a 51 per cent stake. The parent has been magnanimous in
providing with technical and subsidiary support. The company's
plants are located at Pune, Calcutta, Jamshedpur, Jammu and
- The company has also been successful in introducing value added
chemicals in an effort to gain market share. It has been
focusing on marketing its products rather than just selling them,
by changing its portfolio to meet its customer requirements.
- FOSECO India Ltd (FIL), which closed its Jammu plant and its
Mumbai office on March 31, will review operations of its
Chinchwad plant by the end of this quarter.
- FIL's rationalisation drive, which has lead to the closure of
its Jammu plant, has resulted in a voluntary retirement scheme
(VRS) for its 23 workers and 14 officers while the closure of
its Mumbai office has lead to five staff members and five
officers accepting a VRS package as reflected in the results for
the first quarter.
- The Company has shut down its Calcutta operations and offered a
VRS to its workers.
2000 - The Company has entered into an agreement with Central Depository
Services (India) Ltd. (CDSL) and National Security Depository Ltd. (NSDL)
for dematerialisation of the securities for all the shareholders.
-Announced its open offer to shareholders of Foseco India Ltd for acquisition of 12.79 lakh fully paid-up equity shares of face value Rs 10 per share