Exedy India Ltd Company Summary

Exedy India Ltd Summary

Ceekay Daikin [CDL] is a leading manufacturer of clutches and a leading supplier to the original equipment market such as TELCO, Maruti, Mahindra, Eicher, Premier Auto etc. Exedy Corporation(formerly known as Daikin Manufacturing Co, Japan), the foreign collaborator, has a 25% stake in the company. CDL is Indias largest manufacturer of diaphragm-type clutches. To meet the growing demand, CDL expanded its CPA capacity to 10 lac units pa and the CCA capacity to 6 lac units pa. CDL exports its products to Indonesia, Singapore, Srilanka, Australia and the US. In 1989, it came out with a rights issue to part-finance its expansion. In Dec.97, The Company was awarded the ISO-9002 certification by M/s BVQI and the Company has also embarked on achieving the QS-9000 Certification.In 1998-99, the Joint Venture Company Exedy Ceekay Ltd (ECL) commenced commercial production. The collaborators have decided to merge ECL into the the Company and accordingly in 1999-2000, relevant applications have been made to both the Honable High Court of Mumbai and also Punjab and Haryana for the amalgamation scheme. As per the Scheme of Amalgamation 5,31,496 shares have been alloted to the shareholder of Exedy Ceekay Ltd,the amalgamating company in the exchange ratio of 1 equity share for every 2.4 equity shares held by them.