Sandvik, Sweden, holds 73.22% of the equity in Sandvik Asia. The company was founded in 1960 through negotiations between the Indian government and Sandvik, Sweden. It achieved a commendable position in the carbide tool segment through in-depth research and development. In 1994, the company restructured itself into three product divisions -- coromat, rock tool and hard material.
The company was awarded the ISO certification. In 1993, an additional investment of Rs 60 mln was made in modernisation projects. In 1994, this figure jumped to Rs 100 mln. In the same year, the company restructured its activities under three divisions -- rock tools division, coromant division and hard materials division. It introduced tooling products like U-max endmills, die-making tools, coronite, cermets, U-lock and Q-cut inserts, T-max 290 cutters, waveline inserts, etc.
In 1994, Sandvik started promoting salpunite guide rolls directly to new markets in south-east Asia and achieved a breakthrough in the export of latest grade of hard material and other intermediate powders. New markets were developed in the US, the UAE, Malaysia, Srilanka and Nepal.
During 1996-97, the company entered into a seven year technical collaboration agreement with Sandvik AB for availing of the latest Sandvik technology /knowhow for the purpose of designing and manufacturing of various cemented carbide cutting tools and cutting tool systems. The company has merged Titex India, a Sandvik Group Company, with itself with effect from Jan. 2001 and the merger of Kanthal India was als completed in 2002.
A new business division, known as Sandvik Rock Processing Division, is being established within the company. This is pursuant to Sandvik Group, through its Mining and Construction business area, reaching a global agreement with Metso Corporation of Finland covering acquisition of segment of Svedala Industri AB, Sweden.
During 2001-02 Sandik,AB made an open offer to shareholders of Sandvik Asia Ltd at a price of Rs.850 per share. Subsequent to this the shareholding of Sandik AB and its subsidiaries in the Company's paid-up capital went up above 90%.In consequence,the company was delisted from the Stock Exchanges in compliance with the SEBI's takeover regulations.