Foseco India Limited has signed an agreement to acquire a 75 percent stake in Morganite Crucible (India) Limited from its current promoters, Morganite Crucible Limited and Morgan Terrassen B.V., part of the Morgan Group of companies. The transaction involves the issue and allotment of 1,150,800 fresh equity shares of Foseco India using a swap ratio of 274 Foseco shares for every 1,000 Morganite Crucible shares.
As part of the deal, Foseco India will also make a mandatory open offer to acquire up to 25 percent of Morganite Crucible India from public shareholders in line with SEBI regulations. The acquisition is subject to regulatory and shareholder approvals, along with other conditions, and is expected to be completed by early October 2025.
Morganite Crucible India is the holding company for the Molten Metals Systems business in India, which manufactures crucibles primarily for non-ferrous applications. The acquisition follows Vesuvius Group’s global purchase of the Molten Metals Systems business from the Morgan Group.
“This transaction will strengthen our business through offering the high-tech solutions that MMS brings. The expanded business will benefit from being part of the Group’s global Foundry business, enabling it to benefit from combined R&D capability and enhanced customer reach,” said Ravi Kirpalani, Chairman of Foseco India Limited.
JM Financial Limited acted as exclusive financial advisor to Foseco India, with Trilegal as legal counsel, Deloitte as tax advisor, and BDO and GT as independent valuers.
Foseco India Limited, part of the Vesuvius Group, supplies foundry consumables and operates two manufacturing sites in Pune and Puducherry, along with an R&D facility. Established in India in 1958, the company provides products and solutions for the foundry industry.
