Miven Machine Tools Ltd Share Price Capital Goods-Non Electrical Equipment
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Miven Machine Tools Ltd(formerly Giddings & Lewis India Ltd) originally promoted by Mysore Kirloskar in 1985 in technical Collaboration with The Warner and Swasey Company, a Subsidiary of Giddings & Lewis Inc. USA to manufacture turning machines has completely came into the fold of Foreign partner by buying out the 38% equity stake of Mysore Kirloskars, the Indian Promoters. Subsequent to increasing the stake to 76% by foreign promoters the name of the company was changed to Giddings & Lewis India Ltd from Kirloskar Waner Swasey in July 23, 1999. Latter N A Sirur(Hubli) Pvt Ltd has acquired 86% equity stake of the company and the name of the company has also changed to the present one w.e.f July 23, 2002. The company came out with a public issue in Nov.'86 to set up a machine tool unit in Karnataka to manufacture 62 computer numerically controlled (CNC) turning machines pa. Due to accumulated losses, the company's debt-equity ratio was 5.4:1 in Mar.'89. To defuse the crisis, the company came out with a liberal rights issue in the ratio of 1:1 to raise the equity. The company's clientele includes Bharat Forge, Premier Automobiles, Escorts Tractors, BEML, Hindustan Motors, Audco (I), the ordnance factory project, heavy vehicle factories, etc. The company proposes to diversfy into the manufacture of co-ordinate measuring machines (CMM) with Giddings & Lewis as a joint partner, with a 100% buy-back arrangement to sell this product in the global market. The company has developed a new CNC chucker called 'ORION' series, it is also developing a cost effective vertical axis turning machine. Company has deputed its engineers to Fadal Engineering Company, USA for technical training on vertical machining centre (VMC). Company will take up manufacture of these machines in the near future. Company has been looking for a dynamic firm/ Company to represent Company's Sales/Service & after Sales activities in the domestic market.