ASK Automotive Ltd Company Summary

ASK Automotive Ltd Summary

ASK Automotive Ltd was incorporated on January 18, 1988 as a Private Limited Company with the name ASK Automotive Private Limitedgranted by the RoC. Upon the conversion of Company into a Public Limited , the name of Company was changed to ASK Automotive Limited through a fresh Certificate of Incorporation dated January 6, 2023 issued by the RoC.Led by the Promoters, Kuldip Singh Rathee and Vijay Rathee, the Company has been supplying safety systems and critical engineering solutions with in-house designing, developing and manufacturing capabilities. Their offerings are powertrain agnostic, catering to electric vehicle (EV) as well as internal combustion engine (ICE) original equipment manufacturers (OEMs). The Company operate nearly 15 manufacturing facilities across five states in India and are are developing one new manufacturing facility in Rajasthan as well. In addition, the Joint Venture operates one manufacturing facility in Haryana.The Company commenced their operations in 1989 by manufacturing brake shoe products for two-wheelers (2Ws) and have since diversified the operations to include offerings such as: (i) advanced braking (AB) systems; (ii) aluminium light-weighting precision (ALP) solutions; (iii) wheel assembly to 2W OEMs; and (iv) safety control cables (SCC) products, that it supply in (i) the automotive sector for 2Ws, three wheelers (3Ws), passenger vehicles (PVs) and commercial vehicles (CVs), and (ii) the non-automotive sector for all-terrain vehicles (ATVs), power tools and outdoor equipment.In 1989, the Company started manufacturing activities at ASK-1 situated at Gurugram plant in Haryana. It ventured into the OEM market for Advanced Braking (AB) systems consisting of brake shoes. In 2001, it commenced manufacturing activities at ASK-2 plant in Gurugram; in 2004, it started manufacturing plant at ASK -3 in IMT, Manesar, Haryana and entered into the OEM market for ALP with panel assembly for front brake.Later on, the Company commenced manufacturing activities of ASK-4 plant in IMT, Gurugram, Haryana; in 2010 ASK-5 plant in Haryana; ASK-7 manufacturing facility in IMT, Manesar in 2012; commenced manufacturing facility, ASK-8 in Narsapur Indl. Area in Bengaluru, Karnataka in year 2013.In 2014, the Company started manufacturing facility, ASK-9 situated at Sector 8, Manesar, Haryana; commenced manufacturing activities ASK-10 situated in IMT Manesar, Gurugram. In 2015, commenced manufacturing activities ASK-11 situated in Ahmedabad, Gujarat and thereafter had ventured into the aftermarket for safety control cables and others with clutch cables, front brake cables, throttle cables and speedometer cables.The Company in 2017 formed a Joint Venture with Fras-Le S.A., Brazil, through which ASK FrasLe Friction Private Limited was incorporated as the Joint Venture. In 2018, the Company through a business purchase agreement dated March 26, 2018 with AK Auto Industries and Aman Rathee, acquired the entire business of independent aftermarket sale of two wheeler/three wheeler brake products of AK Auto Industries, including, the manufacturing facility, ASK-14 on a slump sale basis and resultant, the ASK-14 manufacturing plant was transferred to Company by AK Auto Industries. The Company through a business purchase agreement dated March 26, 2018 with APK Automotive and Prashant Rathe, acquired the entire business of independent aftermarket sale of two wheeler/three wheeler brake products of APK Automotive, including, the manufacturing facility, ASK-15 on a slump sale basis and resultant, the ASK-15 manufacturing plant was transferred to Company by APK Automotive, which became effective on April 1, 2018.In year 2019, the Company resumed manufacturing activities at plant ASK-12 situated in IMT, Manesar. Therafter on May 3, 2019, through composite scheme of arrangement/amalgamation and demerger between the Company, A.A. Autotech Private Limited and Vijaylaxmi Infra Projects Private Limited, A.A. Autotech Private Limited amalgamated into the Company and the erstwhile real estate and project management consultancy business of Company demerged into Vijaylaxmi Infra Projects Private Limited consequently, the ASK-16 and ASK-17 manufacturing facilities, both situated in IMT Manesar, Haryana got transferred to the Company from A.A. Autotech Private Limited as a going concern effective from June 3, 2019.The Company is proposing an Initial Public Offering of upto 29,571,390 Equity Shares for cash through Offer for Sale.