Everest Industries Ltd Company Summary

Everest Industries Ltd Summary

Everest Industries Ltd. (formerly known as Eternit Everest Ltd) commenced business by taking over, as a growing concern, the erstwhile Asbestos Cement (India) at Kymore, Madhya Pradesh. The company manufactures fibre based cement products,such as sheets for roofing and interiors as well as Non Asbestos flat sheets for varied applications including pre-fab housing. It is engaged in manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing of components of pre-engineered steel buildings and related accessories.The company was the first to manufacture asbestos cement roofing sheets in India at its first factory commissioned in May 34. Its manufacturing business was progressively expanded by establishing a second sheeting factory at Mulund, Bombay, in 1937, a third one at Calcutta in Oct.38 and a fourth at Podanur (near Coimbatore), Tamilnadu, in Nov.53. In Sep.57, a another sheeting plant was installed at the Kymore factory. Plants to manufacture pipes were added between 1938 and 1963. In 1988-89, Turner & Newall International, UK, sold its stake in the company to Eteroutremer, Belgium, the holding company of the Eternit group, Belgium. It obtained central government approval to shift part of the production capacity of the Mulund works to Nashik and to shift the balance capacity within one year from the date of commissioning of the factory at Nasik. The company is venturing into non-asbestos-based roofing and panelling products. In addition to the fire-resistant boards being developed with the active assistance of the Etex group, the company has also initiated the introduction of passive fire protection systems with technical support from an Etex group company. It has obtained ISO-9002 and ISO 14001 certification for its Podanur works.The Etex Group, through its subsidiary Nefibouw BV of Netherlands acquired during 2000-2001, 0.54% of equity shares from the open market to take the Groups stake to 50%.In Feb. 2002 Associated Cement Companies, has acquired 74,00,010 equity shares (cositituting 50% of the total equity capital) by Inter se transfer between promoters. Total shareholding of voting rights after this acquisition comes to 1,12,50,030 equity shares (constituting 76.01 % of the total equity capital of the company). The company is Modernising its Podanur, Kymore and Kolkatta works and the these projects have been completedThe company has expanded the increased capacity of Fibre Cement/Asbestos Cement products during the financial year 2002-03 by 72000 MT and with this expansion,the total capacity has risen to 360000 MT.ACC is holding 76.01% stake in Everest Industries as on 31.03.2004.Adani Port Infrastructure Ltd and Accurate Finstock Pvt Ltd have announced an open offer to acquire 20% stake in Everest Industries during April 2004.The open offer follows the agreement entered into by Swiss based Holcim which has signed a pact with Adani Ports to offload ACCs present stake of 76.01% in Everest Industries.The Compressed Fibre Cement Board Plant imported by the Company from M/s. Dansk Eternit, Denmark was erected at Lakhmapur in November 2005. It also commissioned the PVV2 line to manufacture roofing sheets with Polypropylene fibres in 2005.It commissioned manufacturing facilities of Rapicon Panels at Lakhmapur Works with an initial capacity of 12,000 units per year. The commercial production of fibre cement roofing sheets commenced effective from 1st April, 2008.The Companys fibre cement products plant at Somnathpur, Odisha and metal roofing plant at Ranchi started commercial production in 2013-14. The Company incorporated a wholly owned Subsidiary Company M/s. Everest Building Products in Republic of Mauritius on 9th September, 2013. The Steel Building Plant at Dahej, Gujarat commenced commercial production in 2015.Everest Building Products in Mauritius, Everestind FZE in Jebel Ali Free Zone, Dubai, UAE and Everest Building Products LLC in Ras Al Khaimah, UAE. Everest Building Solutions Limited became subsidiary of the Company effective 1st August, 2015.During year 2019-20, Falak Investment Private Limited, promoter of the Company became holding Company of the Company effective on March 23, 2020. The Scheme of Merger of the wholly owned subsidiary of the Company i.e. Everest Building Solutions Limited with the Company was implemented in FY 2019-20. As a result, Everest Building Solutions Limited ceased to be subsidiary of the Company in January, 2021.