ESAB INDIA LTD

ESAB India Limited is a world leader in fabrication and specialty gas control technology, providing its partners with advanced equipment, consumables, automation, robotics, and digital solutions. Incorporated in November, 1987, Company is engaged in complete line of fabrication technology for virtually every application. It operate significantly into domestic and international markets. The company products became an integral part of industries like Shipbuilding, Petrochemical, Construction, Transport, Offshore, Energy and Repair and Maintenance. Their product range cover welding consumables, reclamation consumables, arc equipment, industrial gas equipment, cutting machines and working environment products for specialized welding, cutting and allied needs. They are having their manufacturing facilities located at Kolkata, Chennai and Nagpur. Colfax Corporation is a Delaware, USA based industrial group with existing global business interests in, medical devices, fabrication technology products and services. ESAB Corporation, Delaware, USA, is the ultimate parent company of the Company. ESAB Corporation, the ultimate parent company holds 73.72% of equity shares of the Company through ESAB Holdings Limited, UK and Exelvia Group India BV, Netherlands which are its indirect wholly-owned subsidiaries. In July 1988, the company commenced their business operation with the acquisition of the welding division of Peico Electronics & Electricals Ltd (now Philips India Ltd) located at Kalwa in Maharashtra. In the year 1991, the company acquired the entire welding division of Indian Oxygen Ltd (now known as BOC India Ltd) with three manufacturing units; two at Kolkata and one at Chennai. In the year 1992, the company acquired the controlling interest in Flotech Welding & Cutting Systems Ltd, which was engaged in the manufacture of Cutting Machines in Pune and in the year1994, Maharashtra Weldaids Ltd merged with the company that had a manufacturing unit at Nagpur. In the year 2003, Flotech Welding & Cutting Systems Ltd changed their name to Esab Welding & Cutting Systems Ltd in order to make appropriate use of Esab's brand name for the effective marketing of their products and in June 2004, Esab Welding & Cutting Systems Ltd ceased operations pursuant to the transfer of their operations to the company's equipment factory at Taratala. In the year 2005, the company launched a project for commissioning a new manufacturing facility at Irungattukottai near Chennai for the manufacture of Welding and Cutting Equipment and project into commercial production during the year 2006. During the year 2007, Exelvia Group India BV acquired 18.25% of the company's shares from the public. With this acquisition, together with the existing holding of 7.31% of the company's shares by Esab Holdings Le, both being the significant shareholders and indirect subsidiaries of Charter Plc, the company became the subsidiary of Charter Plc. Also, the company acquired the remaining equity share capital of their subsidiary company, Esab Welding and Cutting Systems Ltd from Esab Cutting Systems, GmbH, Germany thereby making Esab Welding & Cutting Systems Ltd a 100% subsidiary. In the year 2007, the company set up a new facility for manufacture of Flux Cored Wires and Stick Electrodes at their site in Irungattukottai. Also, they are undertaking significant expansion of capacities at their Nagpur and Khardah plants for Wires and Electrodes and the additional capacities are expected to be in place during the financial year 2008. In July 2008, ESAB Welding & Cutting Systems Ltd, a wholly owned subsidiary company amalgamated with the company. Also, the company proposed to expand their capacity at Nagpur plant for the production of MIG/MAG wires at a total outlay of Rs 30 crore. This expansion will be carried out in phases spreading over 3 years. A Scheme of Amalgamation (the Scheme') of Transferor Company viz, ESAB Engineering Services Limited ('EESL') with ESAB India Limited ('the Company' or Transferee Company') was sanctioned by the Honorable High Court of Judicature at Madras vide their order dated 9 December 2010 issued on 29 December 2010. Pursuant to this Scheme, the assets and liabilities of the Transferor Companies were transferred to and vested in the transferee company with effect from 1 April 2010 (Appointed Date). During the FY2011, the company spent towards capital expenditure for the amount of Rs.92 million, which represents about a 60% reduction as compared to previous year. During the FY2013,the company's Capital Expenditure was about Rs.1,176 Lakhs and projects with productivity enhancements and Quality improvements were prioritized to conserve resources. The outbreak of COVID-19 pandemic and the resulting lockdown enforced from March 25, 2020 has affected the Company's regular operations. When the world stopped during the COVID-19 pandemic, the industry kept moving forward. ESAB adjusted to the unprecedented times and continued to supply fabricators with innovative solutions while protecting the health and safety of employees. In FY 2021, ESAB made its Netflix debut in the reality competition series 'Metal Shop Masters' as the sole provider of welding equipment. During 2021-22, Colfax Corporation had incorporated a wholly owned subsidiary in the name of ESAB Corporation, Delaware, USA and made ESAB Corp., Delaware as the holding company of ESAB Holdings Limited, UK and Exelvia Group India B.V., Netherlands. Further, Colfax Corporation had separated itself from ESAB Corporation, Delaware, USA by selling 90% of the equity shares held in ESAB Corporation, Delaware, USA to the general public shareholders of Colfax Corporation thereby reducing its equity stake in ESAB Corporation, Delaware, USA to 10% with effect from April 4, 2022.