Forbes & Company Ltd, formerly known as Forbes Gokak Ltd, is one of the oldest companies of the world that is still in existence. The company operates with a diversified portfolio comprising Engineering, Industrial Automation, Consumer Durables (Water and Air Products), Chemical Tankers and Real Estate. Forbes & Company is part of the Shapoorji Pallonji Group. Its parent and ultimate holding company is Shapoorji Pallonji and Company Private Limited.
Forbes & Company Ltd is having its manufacturing facilities located at Aurangabad, Thane and Mumbai in Maharashtra and Hosur in Tamil Nadu. The Engineering Division comprises precision tools, business automation, coding business, motor manufacturing, measuring instruments and turbine agency. The Realty Division has been set up for creating value from the real estate owned by the company at various locations.
The company traces their origin to the year 1767, when John Forbes of Aberdeenshire, Scotland started his business in India. Over the years, the management of the company moved from the Forbes Family to the Campbells to the Tata Group and now finally to the well known Shapoorji Pallonji Group, leaders in infrastructure, construction and real estate businesses, amongst many others.
Forbes & Company Ltd was originally incorporated on November 18, 1919 under the name The Gokak Mills Ltd. In the year 1972, Patel-Volkart Ltd was amalgamated with the company with effect from June 30, 1972 and the name was changed to Gokak Patel Volkart Ltd on December 31, 1973. In the year 1979, the company undertook a modernization programme involving an outlay of Rs 366 lakh.
In the year 1983, the company acquired a hydro power generating set of 1 Megawatt capacity. In the year 1989, they acquired the spinning unit at Vadodara having an installed capacity of 25 000 spindles, which was named as Gokak Vadodara Spinning Mills. Also, they set up a textile mill in Indonesia with a capacity of 30,000 spindles during the year.
In the year 1992, Forbes Campbell & Co Ltd was amalgamated with the company and the name of the company was changed to Forbes Gokak Ltd with effect from September 28, 1992. In the year 1995, the company commissioned new 15,000 spindles cotton yarn EOU project at Gokak Falls. In the year 1999, the company and Barwil Agencies of Wilh Wilhemsed Norway formed a joint venture company for providing shipping agency transport logistics and related services in India with their headquarters in Mumbai.
During the year 2001-02, the company undergone a restructuring in the shareholding pattern and Shapoorji Pallonji Group acquired a majority stake of the share capital of the company and Forbes Gokak Ltd became a subsidiary of Shapoorji Pallonji & Company Ltd. Also, the company made a tie up with DAKS Simpson for licensing rights for distribution of DAKS products in India. In the year 2003, they became a company in the Pallonji Mistry's lottery venture Dhandhanadhan Infotainment as the company bought out 49% holding in Dhandhanadhan for a consideration of Rs 5.88 crore.
During the year 2003-04, Bradma of India Ltd and Champbell Knitwear Ltd, wholly owned subsidiaries of the company were amalgamated with the company with effect from April 1, 2003. Also, the company entered into a marketing tie up with DAKS Simpson British apparel major to manufacture & market DAKS range of brands in India.
During the year 2004-05, the company set up first overseas subsidiary, namely Forbes Sterling Star Ltd, which owns an 11138 gross ton, RORO Container Ship, named, M V X-Press Alexander. The company installed new equipments, namely Autostriper Machines, Jacquard Collar Machines and T-Shirt printing machines, which are operating at full capacities. Also, the company bought 19,80,000 shares of Eureka Forbes Ltd for aggregate amount of Rs 524.20 million and thus Eureka Forbes Ltd became a wholly owned subsidiary of the company.
During the year 2005-06, the FAL Industries Ltd was amalgamated with the company with effect from April 1, 2005. The company increased the yarn dyeing capacity from 10 MT to 15 MT per day. Forbes Patvolk Shipping division entered into a strategic alliance and set up a joint venture company, Forbes Bumi Armada Ltd for looking after the offshore markets.
During the year, the company together with the Sterling Investment Corporation Pvt Ltd, the holding company entered into an agreement with the Shipping Corporation of India Ltd for setting up a joint venture company to own and operate vessels. Also, the company promoted Forbes Edumetry Ltd and Edumetry Inc USA, which are engaged in the business of creating a value in the process of education measurement at international level.
During the year 2006-07, the company commissioned K441 Reiter Ring Frames to produce compact yarn for a better price realization. Also, they commissioned Container Freight Station at Veshvi near JNPT. The company set up joint venture company, namely SCI Forbes Ltd as a part of a process to seek alliance and benefits from mutual strengths. They sold a vessel named 'X-Press Alexander' during the year.
The company's Forbes Precision Tools division entered into marketing alliance with a Swiss company for trading in high performance tools, which improved their presence in the high-end tools market. Also, the division installed CNC grinding machines for manufacture of Solid Carbide Custom Tools, which cater to new application segments resulting into a higher unit realization. In June 2007, the company commissioned Container Freight Station at Mundra.
The company de-merged their Textiles Undertaking, which include Yarn business with their manufacturing unit at Gokak Falls in Karnataka and Knitwear business with their manufacturing unit at Marihal in Karnataka into a separate company, namely Gokak Textiles Ltd with effect from April 1, 2007. Subsequently, the name of the company was changed from Forbes Gokak Ltd to Forbes & Company Ltd with effect from October 25, 2007.
Forbes Campbell Holdings Ltd and Warrior (Investment) Ltd, two investment subsidiaries of the company were amalgamated into another investment subsidiary namely, Forbes Finance Ltd with effect from June 1, 2007.
During the year 2008-09, the company made an additional investment of Rs 307.90 million in the equity shares of Forbes Finance Ltd, a wholly owned subsidiary company. Further, Forbes Finance Ltd has made investment of Rs 1500 lakh in the equity shares of Forbes Technosys Ltd by subscribing to the rights issue and purchase of shares from another subsidiary, namely Eureka Forbes Ltd. Thus, Forbes Technosys Ltd became a subsidiary of Forbes Finance Ltd.
During the year ended 31 March 2014, the initiatives taken by Forbes & Company's Precision Tools Group (PTG) business vertical to strengthen its market position included modernising the production facilities for better product quality, improvement in operational efficiencies and also in customer services. Operational excellence initiatives were undertaken in collaboration with The Confederation of Indian Industry (CII). ISO certification for the Fasteners was obtained.
There were continuous efforts to improve exports to the Middle East and the South East Asian markets, resulting in extension to new territories like Turkey, Croatia, Vietnam and Brazil. The new customers added, include, Honda Motorcycles, TSVZ Rail Wagon Factory in Russia, Uljanik Pula (shipyard in Croatia) and Walton Industries (a white good manufacturer), Bangladesh for High Performance Tools.
During the year under review, Forbes & Company's Coding Business Group (CBG) business vertical commenced in-house assembling of machines, automation systems and integrated testing at the company's Aurangabad plant to offer comprehensive services to automobile and engineering industries.In 2013-14, the company's Energy Solutions Group (ESG) business vertical spent a lot of time and effort on streamlining the operations. The restructuring exercise was conducted of the operations and all critical procedures and processes were reviewed and integrated into the existing Enterprise Resource Planning (ERP). Large Turnkey Projects undertaken in previous year(s) were executed and a few of them were commissioned. The last quarter of the FY 2013-14 generated a number of orders which will be executed in the FY 2014-15.
During the year under review, Eureka Forbes Limited (EFL) completed a successful acquisition of 100% stake in Lux International AG through its wholly owned subsidiaries. Lux International AG has operations in 35 countries with a major presence in Switzerland, Germany, Hungary, Czech Republic, Italy, Paraguay, Slovakia and South Africa.
Direct product deliveries to Customers, introduction of World 1, a new breed of Direct Sales World Stars leading the way for high value selling and initiatives like the new 'rental scheme' - Har Ghar Mein Aquaguard and growing hire-purchase sales through Euro Value, helped the transformation of Direct Sales division. The thrust on e-commerce, 'end to end' lead generation and management and new initiatives like foray into TV Shopping, the launch of Euroviva, a range for healthy cooking together with the growing partner business, helped consolidate its position.
The Consumer Division continued its strategic focus on retail expansion by implementing successfully, pan India, an online territory mapping process coupled with the launch of a state of the art secondary tracking system. This system connects EFL to all its trade partners and gives on line visibility of the trade partners retail coverage and business health. Based on extensive consumer research, the division launched in retail its first ever 'Taste Guard' technology that delivers the same sweet taste irrespective of the input water source. The retail business further consolidated its No. 1 position in the fast growing modern, organised trade as well in the ever expanding regional retail chains.
The Packaged Drinking Water (PDW) business expanded further its franchisees and distribution reach to 31 live franchisees across 7 states that collectively dispensed 70 Million litre of Aqua Sure PDW water since launch.
During the year under review, Forbes Technosys Limited (FTL) received orders from a large number of PSU Banks & Private Banks who implemented their plans to set up Fully Electronic Self Service Branches called e-lobbies to enhance their services to customers. FTL also received orders from neighboring countries like Nepal and Bhutan. Pursuant to the RBI mandate for implementation of Cheque Truncation Systems in Western Grid and extension of Southern Grid, FTL's Cheque Truncation Solution was the leading solution that got implemented in 70 plus banks across the entire western grid including leading PSU banks. FTL ventured into various new segments of Government, and supplied Kiosks to Judiciary, State Transport Corporations, and Department of Land Records, Collectorate, Defence and Research Centers, as an alternate delivery channel for a variety of e-Governance Services to consumers. FTL made an entry into the Enterprise Mobility Market and secured impressive orders from large corporates and banks.
Forbes Container Line Pte. Limited (FCL) made a record profit of SGD 1.6 million (approximately Rs 7 crore) during the financial year ended 31 March 2014. FCL improved its container fleet by leasing and improving the inventory to 7500 TEUs. FCL also participated in the India Vietnam trade. Forbesline Shipping Services LLC, a subsidiary of FCL, which has been set up in Dubai, started operations since June 2013.
During the period under review, SCI Forbes Limited (SCIF) was unable to service the debt and the lenders imposed a condition of accelerated loan recovery as a result of continuing default. The lenders filed a claim for recovery of the loan and costs in the Commercial Court in London. SCIF seeks to refinance the outstanding debt through another ECB facility. SCIF has been sanctioned a fresh ECB loan from Axis Bank Ltd. to the tune of USD 35 Million. SCIF has received an 'in-principle' approval from the Reserve Bank of India for repayment of existing ECB from the proceeds of the fresh ECB facility from Axis Bank Ltd.
During the year ended 31 March 2014, Forbes & Company continued to invest in its subsidiary companies. During the year under review Rs 3.95 crores was invested in Forbes Bumi Armada Offshore Limited and Rs 7.50 crores in Forbes Campbell Finance Limited. 1 Crore 1% Compulsory Convertible Optionally Redeemable Debentures of Rs 10 each held by the company in Forbes Technosys Limited have been converted on March 28, 2014 into 1 crore equity shares of Rs 10 each.
2014-15 was a year of consolidation and correction for Forbes & Company's Precision Tools Group (PTG) business vertical. The major focus was on the development of high performance product lines which suits different material applications. The design & development team developed products which are at par with international competitors. A new series of product lines was developed for the automobile segment to cater to the changing productivity demand of the industry. PTG established a capacity of 60 MT per month of Spring Washer facility catering to major auto Original Equipment Manufacturers (OEM) with zero defect assurance.
During the year under review, the PTG business vertical initiated diversification into the non-auto sector.
The initiatives taken by the company to strengthen its market position included modernizing the production facilities for better product quality, improvement in operational efficiencies and also in customer services. Operational excellence initiatives were undertaken under the 'Adapt, Change, Excel' (ACE) Program. There were continuous efforts to improve exports to the Middle East and the South East Asian markets and there were successful breakthroughs in Eastern Europe for taps.
With regard to Forbes & Company's Coding Business Group (CBG) business vertical, the highlights of automation solutions during the year were development of the first of its kind Optical Vision System Sorting Machine, Laser Marking systems, Automated assembly line for Water Filter cartridge assembly, Laser marking with 2D scanning & development of MES integrated system for a big automobile OEM. New initiatives included providing Traceability Software and Product development initiatives included handheld low cost marking device.
FY 2014-15 was dedicated to restructuring and streamlining the complete operations of Forbes & Company's Energy Solutions Group (ESG) business vertical. ESG was integrated into the existing Enterprise Resource Planning (ERP) quite successfully during FY 2014-15. The laid down processes and procedures also brought ESG successfully under the International Organization for Standardization (ISO) Coverage. The Certification Audit of ESG was conducted in the 1st Quarter of the financial year by SGS and was successful. There were a number of Drive Turbine enquiries wherein ESG was successful in bidding as well as executing.
In FY 2014-15, Eureka Forbes Limited (EFL) as one dominating force, expanded its markets, executed its strategies, evolved as individuals and excelled in performance, to make EFL group a Global Multi-National Corporation. The Aquasure Packaged Drinking Water (PDW) brand became available in over 24,000 outlets in 32 cities through 36 franchises, dispensing 41 million litres of water. The brand is now available across several prestigious clients. The Eurovigil Security Systems Brand secured prestigious multi-locational orders from several prestigious clients for Intrusion Alarm and Surveillance Systems (CCTV).
The water projects team made a foray into desalination plants by bagging and executing the first Diesel plant order from Toshiba, Japan for a power plant in Philippines.
During the year under review, Forbes Technosys (FTL) continued to establish leadership in e-lobbies, Cash Deposit kiosks, Passbook Printing Kiosks, Ticket Vending Machines, Information Kiosks and Coin Vending Machines. FTL received orders from a large number of PSU banks and Private Banks who implemented their plans to set up fully electronic Self Service Branches called e-lobbies to enhance their services to customers. FTL also received large orders from Telecom Companies and Public Utilities for the deployment of Bill Payment Kiosk. FTL made significant investments in infrastructure creation, expansion of offices, service network, new product development and exports. FTL also recorded significant growth in its e-payments business and also launched an online portal for recharge, bill payments etc. to address the card users and Internet Banking segment. FTL made an entry into the Transportation sector by securing impressive orders from the Indian Railways for ATVMs (Automatic Ticket Vending Machines).
During the year, Forbes & Company incorporated a wholly owned subsidiary viz., Campbell Properties & Hospitality Services Limited. Forbes Campbell Finance Limited, a wholly owned subsidiary of the company, divested its entire shareholding (50% shareholding in the Joint Venture) in Nypro Forbes Products Limited.
During the year ended 31 March 2016, Forbes & Company's Precision Tools Group business vertical brand Totem strengthened its position as a leading brand in the domestic market and made good strides in the global space. High performance Taps led the way with success in China for application on super alloys and difficult-to-machine materials. Solid Carbide end mills found their niche in Eastern Europe and the progress continues. A series of product extensions and new business areas were tapped. Spring Lock Washers won a certification from the Power Grid Corporation of India, paving the way for entry in the power sector. The Precision Tools Group division continued with its 'Adapt, Change, Excel' (ACE) program - to be nimble and swift in business execution.
With regard to the company's Coding Business Group (CBG) business vertical, enhancement in the in-house facility, with addition of laser markers and testing equipment in the factory helped better service to Original Equipment Manufacturer (OEMs). The launch of Bradma lasers with variants of Fiber, Carbon Dioxide (CO2) had good acceptance in the Indian market. CBG also started catering to the valve and heavy engineering industry. Venturing into the Marking Software space, Bradma developed the interface for SAP integration with the user's marking assembly for one of the leading two-wheeler manufacturers in India.
In FY 2015-16, the Direct Sales Division of Eureka Forbes Limited (EFL) once again proved its mettle to stay ahead of the game with 'Category First' initiatives like; Paani-ka-Doctor clinics (Smaller offices to improve visibility and expand reach) and rental sales. Eurosmile, EFL's customer service division established a wide service network and exceeded 10 million customer visits during the year, catering to 15 million installation bases in India. The Aquasure Packaged Drinking Water (PDW) brand became available in over 24,000 outlets in 32 cities through 36 franchisees dispensing 41 million litres of water. The Eurovigil security systems brand secured prestigious multi-locational orders from clients like the MRF, ITC Wills Life Style and ITC Classmate for Intrusion Alarm and Surveillance Systems (CCTV).
Eureka Forbes Limited and Process Research Ortech, Canada, joined hands in bringing a unique technology of Automated Variable Filtration (AVF) technology to India for high quality water filtration thereby reducing costs in an environment friendly manner.
Forbes Facility made a successful entry into the Offshore Business' of housekeeping and catering with Forbes Bumi Armada Offshore Limited.
FY 2015-16 was a year of consolidation for Forbes Technosys Limited (FTL) across its business verticals and product range in a challenging business environment particularly for the ATM, Cash Deposit and Recycler, Sorter and Coin Vending business segment as Banks had put procurement plans on a hold due to the withdrawal of subsidies by the Reserve Bank of India, in June 2015. During the year under review, FTL continued to establish leadership in e-lobbies, Passbook Printing Kiosks and Automatic Ticket Vending Machines. FTL received and executed a large order for Passbook Printing Kiosks from the State Bank of India, the largest single deployment of Passbook Printing Kiosks in a single year in India so far. FTL also got major orders from the Corporation Bank and, the Union Bank of India who, using hardware manufactured by FTL, set up fully electronic Self Service Branches called e-lobbies to enhance their services to customers. FTL had an impressive foray into the Transportation segment and received significant orders from the Indian Railways across the country for over 1000 ATVMs (Automatic Ticket Vending Machines) including Cash based ATVMs.FY 2015-16 saw the successful launch of the Domestic Money Transfer business of Forbes Xpress which operates through a network of franchisees that also provide other services like recharging, bill payments and ticketing.
Forbes Bumi Armada Limited (FBAL) commenced provision of manning services after receiving Recruitment and Placement Services License from the Director General of Shipping.
During FY 2015-16, Lux Aqua GMBH, Switzerland and Lux Aqua (HU) Hungary were incorporated as wholly owned subsidiaries of Lux International AG and Lux Aqua GMBH respectively.
During the year ended 31 March 2017, Forbes & Company's Precision Tools Group (PTG) business vertical continued efforts to introduce new products to the market in Carbide Raw Material, Expansion of High Performance Taps product portfolio, introduction of Solid Carbide Long Series Drills and expansion of HSS drill range. New dealers introduction, a strong initiative taken in FY 2016-17, has been made across the country and continues to be an ongoing process to expand reach and growth in the business. Introduction of New Technologies in the field of Heat Treatment, Geometric measurements and Edge preparation in manufacturing has led to product quality enhancement to compete against best in class. Substantial investments were made in Waluj Facility during the year.
With regard to the company's Coding Business Group (CBG) business vertical, FY 2016-17 was the year of consolidation for automation business. CBG introduced integrated marking solutions with software, coding & decoding, scanning/Vision systems. During this year, CBG was able to provide automation system as an import substitute to one of the leading two-wheeler manufacturer and achieved success by exporting a fully integrated system to Egypt, which was also a first for the company. CBG started assembly of laser optics in Waluj Factory with its own system controls. Industry 4.0 solution was implemented for automotive industry which is going to be one of the future revenue stream. The CBG division continued with its 'Adapt, Change, Excel' (ACE) program- to be nimble and swift in business execution from product selling company to solution provider.
In the electric water purifier space, Eureka Forbes Limited (EFL) regained a 12% market share in the financial year 2015-16 taking EFL market share to 67% and retained the same in the financial year 2016-17. The year also witnessed the business composition change where the Retail Channel (Consumer Division) and Partner Channels (Franchise Direct Operators & Franchise Business Partners in Direct Sales) grew while the one time core business of Customer Response Centre (CRC business of Direct Sales) de-grew marginally vis-a-vis last year, this was mainly due to unbudgeted increase in wage bill. During the year under review, EFL launched the first 'Made in India for the world' Air Purifier Aeroguard 4S.
The focus on digitisation resulted in fruits with over 350,000 validated leads and Rs1000 million turnover from digital platform resulted in a quantum growth over previous year. Unlike the e-com wave of discounts EFL held the price and strategic partnership with 'Google' helped EFL dominate in the space with over 70% Share of Voice in the categories EFL has been present in. Additionally mobility both in Sales & Service began to show early benefits. On the international front, opening of business to business segment, new channels i.e. Retail, e-tail and party plans together with opening of 10 new markets, re-organisation of operations, cost-optimisation drive, elimination of non value adding services, focus on core business and a new category of mattresses had been the thrust during year gone by.
FY 2016-17 was a year of consolidation for Forbes Technosys Limited (FTL) across its business verticals and product range in a challenging business environment. The second half of FY 2016-17 was impacted by the Demonetization drive of the Government. FTL's major customer being banks, this impacted the sale of all banking equipment and given the predominance of banking in FTL's business portfolio, this caused a sharp impact on sales during the second half of the year as FTL's key customers were focused on addressing the public needs arising out of Demoetization.
Sales of Forbes Xpress offerings were also adversely affected due to non/limited availability of cash during the months from November 2016 to March 2017. The entry of a major telecom player, who offered free services from October 2016 to March 2017, impacted other Telecom players whose prepaid pack business was impacted and therefore FTL's business was impacted with them. Therefore, FTL had to shift focus on generating margins from services, as other revenue streams were impacted. Services showed over 100% increase in revenues over the previous year and helped improve profitability. During the year under review, FTL had an impressive foray into the insurance sector, with the introduction of self-service solutions for the same.
In sync with the long term strategy of Forbes & Company's to exit those businesses which were not a strategic fit with the long term vision of company and in a manner that optimizes value, the company has during the FY 2016-17, exited its Container Freight Stations and Logistics businesses and received a consideration of Rs. 963 millions. The company also sold its entire shareholding (50.001%) in Forbes Bumi Armada Offshore Limited, a joint venture with Bumi Armada Berhad to Shapoorji Pallonji Oil and Gas Private Limited at a consideration of Rs. 125 millions.
During FY 2016-17, Lux Professional GmbH, Lux Osterreich Professional GmbH, Lux Aqua Paraguay SA, Lux Aqua Czech s.r.o, Lux Waterline GmbH and Brightclean (Spain) S.L were incorporated/have become wholly owned subsidiaries of Lux Professional International GmbH.
The year 2017-18 was an eventful year for Forbes & Company with many events playing its part and impacting the organisation substantially. Across businesses the company has renewed leadership at some levels, built a highly supportive customers, and motivated team with a solid action plan to improve financial returns.
During the year under review, the company's Precision Tools Group (PTG) business vertical introduced long drills in carbide for automotive application which has 100% growth with specific success in applications of Crankshaft oil hole drilling, drilling of Automotive special parts & Mining drills. PTG's other initiatives during the year included investment & capacity enhancement in manufacturing HSS drills at Waluj, Aurangabad for improved product margins & availability. Spring washer facility in Waluj, Aurangabad got approved by one of the major international fastener giants.
The company's Industrial Automation business under its Coding Business Group (CBG) business vertical has proved its mettle in line automation projects done for a leading four wheeler manufacturer in India. Clutch Assembly & Gear Box Assembly lines were successfully installed & commissioned. Large-value CBG automation orders from big automotive OEM companies are one of significant achievements in FY 2018 for the projects business. During the year, some product lines were moved from Chikalthana to Waluj.
During the year under review, the company invested Rs 10 crore in Preference Shares of Forbes Technosys Limited, a wholly owned subsidiary of the company.
During the year under review, Eureka Forbes Limited (EFL) continued to drive innovation across brands, categories, operations and adapted the go-to-market strategies, taking into account the diversity, market needs, and the evolving channels of distribution. EFL continued to lead the digital transformation within and leveraged its Direct Sales capabilities to drive competitive advantage. EFL grew in the fast emerging e-commerce channel supported by Eurochamps and its Retail and Institutional efforts to assist the customers across the length and breadth of India continued. Most importantly, EFLs brands and operations continued to be held together by its firm belief/purpose to be Friend for Life'.
During the year under review, Forbes Technosys Limited (FTL) continued its growth across multiple sectors and dimensions, albeit with pressures on revenue growth. GST though beneficial in long term, in the year under review, posed several issues related to re-classification of goods and services as well as reconfiguration of GST by the company's customers impacted the velocity and scale of business. In these circumstances, FTL chose to consolidate across its business verticals and product range in a challenging business environment and increase in service and solution revenue. Forbes Xpress, FTL's e-payments services platform, continued to grow both in terms of scale, franchisee numbers and geographic presence. During the year, development effort for launching the Bharat Bill Payment System (BBPS) was undertaken and was launched on schedule.
In January 2018, Shapoorji Pallonji Forbes Shipping Limited (SPFSL, formerly SCI Forbes Limited) acquired one 2006 Japanese built vessel with stainless steel tanks of 20,938 mt dwt (MT Saranga) increasing the total dwt capacity of the company to 73,424 mt. SPFSL is the only company in India that owns chemical tankers.
The Company entered into a Business Transfer Agreement ('BTA') with Paikar Real Estates Private Limited (a fellow subsidiary) dated February 27, 2019 to transfer 50% interest in the aforesaid real estate development project through slump sale as a going concern for 155 Crores.
The Company installed Solar Panels for generating 1MW at Waluj pant roof top of the factory shed in 2020. The Company sold 100% of its shareholding in its subsidiary Forbes Facility Services Private Limited on February 23, 2022. Shapoorji Pallonji Forbes Shipping Limited (SPFSL) ceased to be a subsidiary of the Company with effect from March 1, 2022.
In 2022-23, the Company's wholly owned subsidiaries, Aquaignis Technologies Private Limited (ATPL) and Euro Forbes Financial Services Limited (EFFSL) merged with the Company and the Health, Hygiene, Safety Products and Services Undertaking, of the Company got demerged on a going concern basis into Forbes Enviro Solutions Limited with effect from 1st February, 2022. And in terms of the said Scheme, each shareholder of the Company became entitled to 15 shares of Eureka Forbes Limited in the ratio of 15:1.
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