Ingersoll-Rand (India) Ltd Company Summary

Ingersoll-Rand (India) Ltd Summary

Ingersoll-Rand India Ltd is a leading innovation and solutions provider with powerful brands and leading positions within their market. The Company has a solar manufacturing plant is located at Naroda, Ahmedabad. It is engaged in manufacturing and selling of industrial air compressors of various capacities and providing related services. The Company sells air compressors primarily in India and exports the products to American, Asian and European countries. It focus on Air Solution Segment. Ingersoll-Rand India Ltd was established in the year December, 1921 in Kolkata. The company is one of the first Indo-American ventures in India. Till 1965, the company is in the trading business. In the year 1965, they set up their first manufacturing plant for reciprocating compressors at Naroda in Gujarat. In the year 1978, the company commissioned their second manufacturing plant at Bangalore for the production of construction, mining and water well drilling equipment. The company started Rotary Screw Compressor assembly and Centac Compressor packaging at their Naroda plant in the year 1983 and 1989 respectively.In the year 1993, the company started production of soil & asphalt compactors at their Bangalore plant and in the year 1994, Ahmedabad plant was expanded for manufacturing gas compressors. In the year 1996, Bangalore plant was expanded for in-house fabrication facility. Also, the company acquired majority stake in Wadco Tools, Sahibabad.In the year 2000, the company sold their Process Gas Compressor division in keeping with Ingersoll Rand Companys worldwide decision. In the year 2001, they launched Hydraulic drifter drills, which was built indigenously. In the year 2002, PET packaging facility was shifted form Ingersoll Rands Davidson facility in USA to Ahmedabad plant. Also, they shifted Rotary Screw Compressor facility form their Bangalore plant to Ahmedabad Plant.In the year 2003, the company delivered the DM-H drill built to Northern Coal Fields, a subsidiary of Coal India Ltd. The company commenced their Climate Control business during the year 2002-03.During the year 2004-05, the company sold their Drilling Solutions Business to Atlas Copco India Ltd. However, the company continues to manufacture drills on behalf of Atlas Copco India Ltd. The company sold their Climate Control Business to Thermo King India Pvt Ltd, an associate company with effect from July 1, 2006 for a consideration of 33.40 crore.In May 2007, the company sold their Road Development Business to Volvo India Pvt Ltd for a consideration of Rs 231.82 crore. In November 2007, they sold Utility Equipment, Attachments and Bobcat Business to Doosan International India Pvt Ltd for a consideration of Rs 103.10 crore.In 2012, the Company acquired 10.75 acres of industrial land on lease from Mahindra World City Developers Limited for setting up a new green field manufacturing plant in Kancheepuram, Tamil Nadu and later on, March 20, 2013 opened a new manufacturing plant in Chennai, which commenced commercial production in May, 2013.On February 29, 2020, Gardner Denver and the Industrial Segment of Ingersoll Rand Plc merged and consequently, the two companies were combined and later on named as Ingersoll Rand Inc.During the year 2020-21, the Companys Ultimate Holding Company, Ingersoll Rand Inc. acquired 17,41,798 equity shares (equivalent to 5.52%) from the public shareholders of the Company. Consequently, the total shareholding of promoter and promoter group increased to 79.52% of the total equity share capital of the Company. Ingersoll Rand Inc. sold 14,25,798 equity shares through the stock exchanges on Offer for Sale of shares by Promoters, effective on November 24, 2020 and November 25, 2020 respectively and as a result of this, the total shareholding of promoter and promoter group stood at 75% of the total equity share capital of the Company.The Company launched Naroda Solar Plant at Gujarat in 2021-22.