Amtek Auto Ltd is one of the largest integrated automotive component
manufacturers in India with a strong global presence. The company has world
class facilities in India, Europe and North America. They have significant
expertise in forging, grey and ductile iron casting, gravity and high-pressure
aluminum die casting and machining and sub-assembly. They also manufacture
components for non-auto sectors such as the railways, specialty vehicles,
aerospace, agricultural and heavy earth moving equipment. The company is
headquartered in New Delhi.The company operates in one segment, which includes Automotive Components. The company's products and services include connecting rods assly/ piston assly, case component assemblies and forging. Their forging division has facilities in Maharashtra, Norther Capital Region and Madhya Pradesh. Automotive Machining Divison has facilities in Rajasthan, Uttrakhand, Maharashtra, Missouri and Witham.
Amtek Auto Ltd was incorporated in the year 1988. In the year 1993, the company initiated forging operations at Gurgaon, India. In the year 1996, they established a Machining unit at Gurgaon. In the year 1997, the company made a joint venture (JV) agreement with Benda Kogyo Japan and formed Benda Amtek Ltd at Gurgaon for manufacturing Flywheel Ring Gears.
In the year 1999, they entered into a joint venture with Ateliers de Siccardi and formed Amtek Siccardi at Manesar for manufacturing Crankshaft. In the year 2001, the company acquired auto component manufacturing firm, Wesman Halverscheidt Forgings. Also, they took over the Indsil Auto components Coimbatore (India) Ltd, a fully automated foundry with machining facilities.
In the year 2002, the company established an Iron Casting facility at Bhiwadi. They acquired 14.8% of stake in Ahmednagar Forgings for the total consideration of Rs 50 crore. In the year 2003, they further acquired 16,00,000 shares representing 20% of the voting capital in Ahmednagar Forgings Ltd by the price of Rs.34.50 per share. In July 2005, the company acquired the 70% of stake in Zelter GmbH.
In the year 2006, the company signed a strategically important 50:50 joint venture with a large Canadian blue chip Magna Power train for establishing a manufacturing facility outside Delhi, India with the aim of 2-Piece Flex Plate assemblies for automotive applications. Also, they set up a new machining facility at Dharuhera (India). They made a joint venture with Magna Powertrain for manufacturing Fractured Connecting Rod Modules and formed the company in the name of MPT Magna India Ltd.
In the year 2006, the company initiated the large scale Aluminum High Pressure Die Casting facility at Ranjangaon, Pune. In the year 2007, they established one manufacturing facility at Sanaswadi, Pune (India) for Forging, Casting and Machining.
During the year 2007-08, the company expanded their capacity of manufacturing of machined auto components from 280 lacs unit p.a. to 300 lacs unit p.a. and forging capacity from 115000 tpa to 135000 tpa. In November 2007, the company acquired one of the largest automotive precision machining companies, Triplex- Ketlon Group, which was also Amtek's strongest competitor running close to 185 different machining lines and a multi-location presence in the UK.
In February 2008, the company signed a strategically important JV agreement with the leading American Railcar Manufacturer, American Railcar Industries, Inc. based in St. Charles, Missouri. In August 2008, the company signed a JV agreement with Form Tech Industries LLC based in Royal Oak, Michigan; to set up a state of the art manufacturing facility for manufacturing Hatebur Hot Forgings for automotive applications in India and Europe. Amtek and FormTech will take 51% & 49% stake respectively.
During the year 2008-09, the company expanded their capacity of manufacturing of machined auto components from 300 lakh unit p.a. to 305 lakh unit p.a. and aluminum casting capacity from 20,000 tpa to 30,000 tpa. Also, the company signed a strategically important JV agreement with the leading Japanese Steel Manufacturer, Sumitomo Metal Industries Limited, based in Tokyo, Japan for Production and sale of forged crankshafts for automotive applications in India. In this Joint Venture, Amtek's stake is 50% and the rest 50% is shared by Sumitomo Metals (40%) and Sumitomo Corporation (10%).
During the year 2009-10, the company expanded their capacity of manufacturing of machined auto components from 305 lakh unit p.a. to 330 lakh unit p.a. and forgings capacity from 135,000 tpa to 165,000 tpa. In May 28, 2010, the company entered into a share purchase agreement with the existing promoters of Amtek India Ltd to acquire an aggregate of 50,720,710 fully paid up equity shares of face value of Rs 2 each representing 36.66% of the total paid up equity share capital of Amtek India Ltd.
In February 2011, Amtek Defence Technologies Ltd, a group company, entered into a joint venture agreement with Enertec Management Ltd, an Israeli corporation (the holding company of Enertec Systems 2001 Ltd) with the objective of developing and manufacturing the advanced electronic systems, test systems, simulators and electronic systems for military applications.
In March 2011, Amtek India Ltd became the subsidiary of the company as the company's holding in Amtek India Ltd increased to 56.65%. In June 2011, the company acquired 6,900,015 equity share of Amtek India Ltd in the open market representing 4.98% of the voting right of the company. Consequently, the company's holdings in Amtek India Ltd increased to 61.64%.
Article source: http://www.business-standard.com/company/amtek-auto-1255/information/company-history
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