Hinduja Foundries Ltd Merged Share Price

Summary

Ennore Foundaries, a subsidiary of Ashok Leyland, was established in 1959 in collaboration with Leyland Motors, UK. The company was conceived mainly to supply ferrous and non-ferrous castings to its parent company, Ashok Leyland. The companys plant is at Ennore near Chennai and it is the largest automotive jobbing foundry in the country. In 1987, the company was taken over by the Hinduja-Iveco combine. Iveco is a wholly-owned subsidiary of the Fiat group, Italy. The company manufactures intricate high-duty grey iron and aluminium castings. It produces more than 1100 different types of grey iron and aluminium castings and has developed many new castings for the latest range of new fuel-efficient engines being manufactured in India, as also cylindrical blocks and head castings for Maruti-Suzuki, Bajaj-Daimler and Kirloskar-Cummins. Its export markets include the UK and Italy. The company has installed a high-pressure automatic shoot squeeze moulding plant in its mainland foundry, while modernising its facilities.Due to technological change in the automotive and tractor industries the company has taken measures in upgrading its manufacturing techniques and technology to meet this growing demand particularly in core and pattern making. The company has become potentially Sick Industrial Company since the networth have been erorded by more than 50%.
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