Automotive Stampings & Assemblies Ltd Company Summary

Automotive Stampings & Assemblies Ltd Summary

Automotive Stampings and Assemblies Limited (ASAL), a TATA AutoComp Systems Limited, subsidiary and a part of TATA Enterprise was incorporated in March, 1990 as JBM Tools Ltd and subsequently, on August 1, 2003, the name of the Company was changed to Automotive Stampings and Assemblies Limited. The Company is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry. They are having four manufacturing facilities located at Bhosari (Maharashtra), Chakan (Maharashtra), Halol (Gujarat) and Pantnagar (Uttarakhand).Initially, the Company was promoted by the SK Arya group and Haryana State Industrial & Infrastructure Development Corporation. In October 1990, they commenced operations at Faridabad by developing dies, moulds & tools for various Original Equipment Manufacturers (OEM) of Automobiles.In January 1994, the company commenced operations for manufacture of sheet metal components Project for manufacture of 3500 tpa of sheet metal components. In March 1994, they came out with their maiden initial public offer and in May 1994, their shares were listed on Bombay Stock Exchange. In December 1995, the company set up a new manufacturing plant at Bhosari. In February 1997, they started manufacturing operations at their new plant at Halol.In July 1997, Tata Group companies, namely Tata AutoComp Systems Ltd (TACO) & Tata Industries Ltd (TIL) entered into a 50:50 Joint Venture with the then promoter, SKA. In August 1997, the company entered into a joint venture agreement with Sung Woo Metal Co Ltd, South Korea & Mitsubishi Corporation, Japan to promote JBM Sung Woo Pvt Ltd at Chennai. In December 1997, the company entered into a joint venture agreement with Krupp Camford Ltd, UK, to promote Krupp JBM Pvt Ltd at Chennai. In January 1998, the company set up a new manufacturing plant at Chakan and commenced commercial operations. In June 2001, as per the scheme of arrangement, the Faridabad undertaking of the company was transferred to Precious Estates Pvt Ltd. In April 2002, TACO and TIL bought over SKAs holding in the company to increase their combined shareholding to 81.35%. In the year 2004, TIL transferred their shares in the company (except 100 shares) to TACO. Also, they received ISO 9001 for their Bhosari plant and Chakan plant.In February 2007, the company entered a share purchase agreement with Gestamp Servicios, S.L. whereby Gestamp Servicios, S.L. in order to benefit from Spanish group Gestamps technological expertise. Subsequently, in August, 2007, Gestamp Servicios, S.L. became the joint promoter of the company by acquiring 37.49% stake from TACO and 0.01% from public through an open offer. In May 2008, the company set up a new plant for manufacture of sheet metal components with a capacity of 17,000 tpa at Pantnagar at Uttarakhand. In January 27, 2010, TIL sold their balance shareholding of one hundred shares in the open market. In December 10, 2010, as per share purchase agreement between TACO and Gestamp Servicios, S. L., TACO acquired entire stake of Gestamp in the company and thus the company Gestamp ceased to be one of the promoters of the company and the company became a subsidiary of TACO. In December 2010, the company completed the capacity expansion for 1 ton goods and passenger carrier programme of the customer at PantnagarThe capacity expansion at Pantnagar Plant for 1 ton goods and passenger carrier programme of the customer was completed in December, 2010. On December 10, 2010, in terms of the Share Purchase Agreement between Tata AutoComp Systems Limited (TACO) and Gestamp Servicios, S. L. (Gestamp), TACO acquired the entire stake of Gestamp in the Company by way of inter-se transfer of shares amongst qualifying promoters in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Post the above acquisition, Gestamp ceased to be one of the promoters of the Company and the Company became a subsidiary of TACO.The expansion of first phase at Halol Plant was completed in 2013.During the year 2022-23, the Company started manufacturing of Battery Tray and Aluminium Cooling Tube as part of Govts AtmaNirbhar Bharat initiatives.