Vesuvius India Share price

The Company which is a subsidiary of Vesuvius Group Ltd.U.K. (VGL) was originally incorporated as VesuviusRefractories Ltd. on September 6 1991 and obtained theCertificate of Commencement of Business on November 271991 from Registrar of Companies (ROC) West Bengal atCalcutta. The name of the Company was subsequently changedto Vesuvius India Limited on November 6 1992. The Companypromoted by VGL (U.K.) in association with localCo-promoters had entered into agreements effectiveNovember 1 1992 with other Vesuvius Group Companies inSwitzerland France and U.S.A.to carry on agency businessrelated to the sale of the Group''s products viz. AdvancedRefractories and other Industrial Ceramics in India.During Calendar Year 1992 the Company as agents of itsgroup companies worldwide had sold such refractories worthover US$ 6.5 million.In order to set up a domestic manufacturing base VesuviusGroup Limited (U.K.) made a direct investment in theCompany vide an initial Public Offer of Equity in September1993. The capitalization was utilized to partly fund amanufacturing unit of 135000 refractory pieces per annumcapacity at an estimated project cost of Rs.2950 lakhs.VIL started commercial production in July 1994 by importingfinished mix from the Group''s U.K. Plant and moulding andfinishing various products to customers requirements.However delays in implementation subsequent reduction inImport Tariffs on CCR products and successiverupee-depreciations have led to operating losses for theCompany in its initial history.