The shares are being acquired from the previous owners Morganite Crucible Limited and Morgan Terrassen BV, both part of the Morgan Group. With this strategic move, FIL is strengthening its presence in the Indian foundry sector, particularly in the dynamically growing non-ferrous metals segment.
MCIL is the parent company of the Molten Metal Systems (MMS) business unit in India, which specialises in innovative crucible technologies for non-ferrous metal applications. By integrating MMS's expertise into its existing product lines, FIL is significantly expanding its portfolio and market offering.
Under the terms of the agreement, FIL will issue 1,150,800 new shares in exchange for the 75 per cent stake. The share exchange ratio is 274 FIL shares for every 1,000 MCIL shares. FIL will then make a mandatory public offer to acquire up to 25% of MCIL shares from public shareholders in accordance with SEBI takeover regulations.
The transaction is subject to regulatory approvals, shareholder approval and other conditions and is expected to close in early October 2025. The acquisition is part of the Vesuvius Group's global acquisition of the Morgan Group's MMS business. With the integration of the MMS product line, Vesuvius aims to accelerate its growth in the non-ferrous metals market and further consolidate its position in India, one of the world's most dynamic foundry markets.
‘This acquisition expands our capabilities by adding MMS's high-tech product range,’ said Ravi Kirpalani, Chairman of Foseco India Limited. ‘The combined company will benefit from global R&D synergies, greater customer proximity and a broader product offering, further strengthening our leadership position in the foundry industry.’
Foseco India Limited is recognised as a market leader in high-performance consumables and technical solutions for foundries. With production facilities in Pune and Puducherry and its own research and development centre, the company offers innovative processes and tools that reduce casting defects and improve production quality. FIL has been supporting the Indian foundry industry since 1958 and is known for its technical excellence, customer focus and consistent commitment to sustainability and occupational safety.
