Kirloskar Industries Ltd

Kirloskar Oil Engines Limited (KOEL), a manufacturer of the widest range of Diesel Engines in India was incorporated on 13th June 1978. KOEL is acknowledged leader in Engines, Engine Bearings, Engine Valves, Diesel Generating Sets, and Grey Iron Castings. The Company is engaged in wind-power generation. The Company has seven windmills in Maharashtra with total installed capacity of 5.6 Mega Watt (MW). The windmills are located at Ahmednagar. Product range of the company includes Diesel Engines, Irrigation Pumpsets, Diesel Generating Sets, Engine Bearings and Engine Valves and Grey Iron Castings. The Company's engines are the preferred choice when it comes to powering Agricultural Machinery, Construction & Material Handling Machinery, Marine applications and equipment used by Armed Forces (Military). KOEL's Diesel Generating Sets in the range 2 Kva to 6 MW are preferred by the industry at large, households and the service sector comprising of banks, telecommunication establishments, commercial use buildings, hotels and restaurants. Similarly, Engine Bearings and Engine Valves are the chosen ones for OEM use in automobiles and other engines. For manufacturing all the above said products, the company has plants in different places, such as Khadki and Phursungi in Pune, Nasik, Ahmednagar, Rajkot and Kagal. In 1979, the company had obtained a licence to manufacture engines up to 3000 hp in collaboration with SEMT Pielstick, France and also in the same year KOEL introduced Aluminium Tin Bearings in the market. KOEL had signed a collaboration agreement with Deutz AG in the year 1989 for manufacturing air-cooled engines under technical licence. In the year 1991, the company specially developed 45 types of engine bearings and bushes; the same was exported to MIBA Glietlager AG, Austria by KOEL's Auto Components Division. KOEL's Auto Components Division became the first Indian company in the bearings industry to receive an ISO 9001 certification in the year 1993. The company had acquired crankcase machining in line facility for Pielstick engines during the year 1994 and also in the same year KOEL manufactured the first PA series heavy fuel engines in India - the first such series designed by SEMT Pielstick. In 1996, R1040 series of water-cooled engines (15-125 hp) developed at KOEL's Techcentre and Kirloskar Middle-East established in Ajman, U.A.E. As at August 1997, Kirloskar Filters Ltd was merged with the company. A new company Kirloskar Knecht Filters Ltd was formed in October of the same year. Launched A17X half bearings and also during the identical year of 1997, Kirloskar Briggs & Stratton Power Equipment Pvt. Ltd was established in collaboration with Briggs & Stratton, U.S.A., for the manufacture of petrol/kerosene engines, gensets and pumpsets. Oracle Enterprise Resource Planning system goes on-line in the company's environment during the year 1998. The Khadki plant was certified an ISO-14001 for Environment Management System in November of the year 1999. During the year 2001-02, the company had received noteworthy orders for re-power of defence vehicles, and also for supply of engines for Indian Navy ships. Additionally, your company has been awarded a contract to study the feasibility of re-powering certain Naval Ships. KOEL had successfully developed five new engines in the year 2002 that meet the requirements of the OE customers and end users, which not only surpass Indian emission norms, but also meet norms for off road use in United States to Tier I norms and are capable of Tier II up-gradation as it became necessary. Kirloskar power supply company Ltd amalgamated with the company on 26th March of the year 2003. The company's fourteen engines were approved by Emission Protection Agency (EPA) in the year 2003-04, the highest number of approvals given as on date to any engine manufacturer in India. During the year 2004-05, the company had delivered two marine engines in range 1600 to 11000 hp and nine generating sets. KOEL had entered into an agreement with Zorya of Ukraine, a reputed manufacturer of gas turbines in the period of 2005-06 to package turbines and offer distributed power generation solutions in 2.5 to 40 MW class. During the year 2006-07, the company introduced 'Kirloskar green' generating sets in 3 potential countries. The Company had invested in a Greenfield project at Kangal, near Kolhapur in Maharashtra during the year 2007-08. The project includes an export oriented unit to manufacture silent generating sets for global customers. The Company successfully upgrades all engines to the required emission standards in year by year and is able to continue supply of the engines to the customers. KOEL gearing up to meet emission norms currently applicable to industrial engines in Europe and in India by 2011 well ahead of time and is getting prepared to meet new emission norms expected to be announced for power generation products in India. During 2009-10, the Company had incorporated a wholly owned subsidiary in the name of Kirloskar Engines India Limited (KEIL) on 12 January 2009. The Hon'ble High Court of Judicature at Bombay approved the Scheme of Arrangement between the Company and Kirloskar Engines India Ltd. (KEIL) on 31 July 2009. In terms of the Scheme, the Engines and Auto-components business of the Company was transferred to KEIL on a going concern basis effective from 31 March 2010, and vested in KEIL from the Appointed Date, i.e. 1 April 2009. Accordingly, the name of Company was changed from 'Kirloskar Oil Engines Limited' to 'Kirloskar Industries Limited' effective from 31 March 2010. As a result of the Scheme becoming effective, KEIL ceased to be a subsidiary of the Company. The trading in new equity shares of the Company recommenced on both the Stock Exchanges with effect from 24 June 2010. The Company acquired equity shares of Kirloskar Brothers Limited (KBL) during 2010-11 and result to said acquisition, the Company's holding in KBL Increased from 10.42% to 23.93%. Kirloskar Ferrous Industries Limited (KFIL) became a subsidiary of Company during 2013-14. The Company made further investments in equity shares of Kirloskar Pneumatics Company Limited (KPC) and in equity shares of Kirloskar Oil Engines Limited (KOEL) during 2013-14 and consequently, the Company's holding as on 31 March 2014 in KPC and KOEL increased to 9.24% and 3.81% respectively. During 2017-18, Company made investments of Rs. 956 Lakhs in 97,600 equity shares of Kirloskar Pneumatic Company Limited (KPC). Pursuant to the said investment, the holding of the Company in KPC increased to 10% as on 31 March 2018, from 9.24% as on 31 March 2017. Kirloskar Ferrous Industries Limited (KFIL) , which became Company's subsidiary in 2013-14, completed Railway siding at its plant at Koppal, installed and commissioned 11 MW Solar power plant at Solapur in October 2018; acquired two mines, M/s. Bharath Mines & Minerals and Sri. M Channakesava Reddy (M/s. Sri Lakshmi Narasimha Mining Co). in Karnataka; installed 3D printing facility at Koppal Plant, improvement in Turbo Generator capacity utilisation with Mini blast furnace upgradation in 2018-19. The Company acquired 100% equity share capital of Wellness Space Developers Private Limited (WSDPL) on 19 December 2020. Consequently, WSDPL became a Wholly Owned Subsidiary of the Company with effect from 19 December 2020. In 2020-21, the Company transferred its Real Estate Business Undertaking at Kothrud' on a going concern basis by way of a Slump Sale' to WSDPL, Wholly Owned Subsidiary of the Company for a lump sum consideration of Rs 75 Crores, by executing the Business Transfer Agreement (BTA) by and between the Company and WSDPL dated 19 December 2020. Further, WSDPL converted from a private limited company to a public limited company with effect from 17 March 2021, and is now called Wellness Space Developers Limited (WSDL). The Company purchased 10,000 equity shares of Rs 10 each, acquired at Rs 15 each) of Wellness Space Developers Limited (WSDL). Pursuant to the said investment, WSDL became a Wholly Owned Subsidiary of the Company as on 31 March 2021. In 2021-21, Kirloskar Ferrous Industries Limited (KFIL) acquired movable and immovable assets relating to the Pig Iron plant of VSL Steels Limited with a capacity of 1,50,000 MT per annum, at Chitradurga Dist., Karnataka in December, 2020 for a consideration of Rs 135 Crores and accordingly, after renovation of plant and machineries, manufacturing operations of that plant commenced on 8 February 2021. KFIL achieved 100% capacity utilisation of Coke Oven plant, which was commissioned in March 2020. It installed conveyors from coke oven plants to mini blast furnaces to reduce handling loss. The 20MW power plant which works on waste heat recovery from coke oven plant, was commissioned in June 2020. During 2021-22, Kirloskar Ferrous Industries Limited (KFIL), a listed material subsidiary of the Company, has acquired a controlling interest and holds 51.25% of the issued, subscribed, and paid-up equity share capital of ISMT Limited (ISMT) and ISMT therefore, became a subsidiary of KFIL with effect from 10 March 2022. The Sinter Plant at Hiriyur was commissioned in November 2021 and was stabilised by January 2022. The Company set up a new moulding line at Solapur with a capacity of 40,000 MT per annum; established Coke Oven Phase II to enhance the coke capacity from 2 lakhs MT per annum to 4 lakhs MT per annum and Power Plant; upgraded Mini Blast Furnace II with Bell-less top equipment; installed Pulvarised Coal Injection into Mini Blast Furnaces with Oxygen enrichment facility and expanded machining capacity to add more value in 2022. During the fiscal 2023, the Company launched the first commercial project of its subsidiary, Avante. Additionally, it acquired 4.99% in step-down subsidiary, ISMT Limited. Also, during the year, it sold 17.41% stake in Swaraj Engines Limited for an aggregate consideration of approximately Rs 296 crore.