IFB Industries Ltd Summary

IFB Industries Ltd is an India-based company. The company is engaged in the business of manufacturing of fine blanked components, trading of home appliances and steel products. They operate in three segments, namely engineering, home appliance and others. The engineering divisions are located at Kolkata and Bangalore. The companys product range includes fine blanked components, tools and related machines tools, such straighteners, decoilers, strip loaders and others. They also provide household appliances, including washing machines, dryers, microwave ovens, and dishwashers. In addition, they manufacture motors for white goods and automotive applications. The Company is at present engaged in the business of manufacturing of diverse parts and accessories for motor vehicles etc. and manufacture and trading of Home Appliances Products.IFB Industries Ltd was incorporated in the year September 12th, 1974 as Indian Fine Blanks Ltd in collaboration with Hienrich Schmid AG of Switzerland. The company was established with the objective of manufacturing fine blanking tools press tools and fine blanked components used in a wide range of precision engineering industries. In the year 1985, the company took 4.84 acres of land on lease at Gangarampur in West Bengal for the manufacture of high technology machines as well as for future expansion-cum-diversification programmes. In the year 1988, the company set up a new division, namely Project and Construction division to take up projects abroad as well as in India. In addition, the company in association with P A Rentrop Hubert and Wagner GmbH & Co KG West Germany set up a joint venture company called RHW India Pvt Ltd in India for the manufacture of automatic seat adjustment mechanism.In the year 1989, the company entered into collaboration with Bosch-Siemens Hausgerate GmbH, Germany for production of fully automatic washing machines and for the manufacture of the state-of-the-art domestic appliances. The company changed their name from Indian Fine Blank Ltd to IFB Industries Ltd with effect from July 19, 1989. The company set up a company called European Fine Blanking Ltd at Wrexham in North Wales, UK with their European partners for the manufacture of fine blanking tools and components for the UK and other European markets. In the same year, RHW India Pvt Ltd became subsidiary of the company and the name was changed to RHW India Ltd. RHW India Ltd entered in a joint venture agreement with Electrolux Autoliv AB (Sweden) for setting up a joint venture company for the manufacture sale and export of automotive safety belts and accessories.In the year 2000, the company launched their new fully automatic washing machine Senator in the Kerala market. During the year 2002-03, the company launched a highly sophisticated washing machine IFB Digital with advanced features in line with the latest international models. In addition, they introduced a new range of Microwave Ovens. The company added 250 Nos of retail outlets in different parts of the country. During the year 2003-04, the company launched the new model washing machines Elena and new model dryer Easy Drier. In addition, the engineering factories at Kolkata & Bangalore have been certified as QS9000 by DNV. During the year 2005-06, the company launched the new economy model washing machine DIVA and high-end model DIGITAL 7 kg. During the year 2006-07, the company introduced two new models of microwave ovens and started souring of industrial dishwasher. During the year 2007-08, they introduced Top loaders and one new model microwave oven.During the year 2017, the company invested in its subsidiary, Trishan Metals Private Ltd and acquired 51.12% equity shares of the same. Global Appliances & Automotive Ltd. (GAAL), a wholly owned subsidiary company acquired during 2017-18 and step down subsidiary, Thai Automotive and Appliances Ltd. (TAAL).On 1 October 2019, the Company aoquired on a going concem, the Stamping business on a slump sale basis from IFB Automotive Private Limited (a related party) for a consideration of Rs. 3,500 lacs.Pursuant to the imposition of National Lockdown, the Company had suspended operations from 25th March, 2020. However partial operations have resumed since mid of May, 2020. On 31 October 2020,the company has acquired the balance 48.88% (11474020 shares) equity shares from the other shareholders of Trishan Metals Pvt Ltd at a consideration of Rs. 1430 lacs, thereby making Trishan Metals Private Limited as its wholly owned subsidiary.The Board of Directors at their meeting held on 30 December 2020,approved the amalgamation of its wholly owned subsidiary,Trishan Metals Pvt Ltd with IFB Industries Ltd. The merger application was submitted between the transferor company (TMPL) and transferee company (IFBIL) on 6th February, 2021 to National Company Law Tribunal, Kolkata Bench with appointed date considered as 1st April, 2021.During year 2022, IFB Industries Ltd. acquired 51.12% equity shares of TMPL. Further, the Company (IFBIL) acquired the balance 48.88% (1,14,74,020 nos. equity shares) equity shares from the other shareholders of Trishan Metals Private Limited (TMPL) at a consideration of Rs. 1430 lacs, thereby making TMPL as its wholly owned subsidiary.