Foseco India to Acquire 75 Per Cent Stake in Morganite Crucible
ECONOMY & POLICY

Foseco India to Acquire 75 Per Cent Stake in Morganite Crucible

Foseco India Limited (FIL), part of the Vesuvius Group of companies, has signed a definitive agreement to acquire a 75 per cent stake in Morganite Crucible (India) Limited (MCIL) from its current promoters, Morganite Crucible Limited and Morgan Terrassen B.V. of the Morgan Group. The move will expand FIL’s exposure to the foundry business in India, particularly in non-ferrous applications.
MCIL is the holding company for the Molten Metals Systems (MMS) business in India, a specialist in high-tech crucibles. FIL will acquire the stake by issuing and allotting 1,150,800 fresh equity shares through a swap ratio of 274 FIL shares for every 1,000 MCIL shares.
The deal will also trigger a mandatory open offer by FIL to acquire up to 25 per cent of MCIL’s shareholding from public shareholders, in line with SEBI’s takeover regulations. The acquisition remains subject to customary approvals from regulators, FIL shareholders, and fulfilment of pre-completion covenants, and is expected to close by October 2025.
The transaction aligns with the wider acquisition of the global MMS business by the Vesuvius Group from the Morgan Group. The acquisition will strengthen the Group’s presence in the fast-growing non-ferrous segment in India, while enhancing synergies across its global foundry operations.
Ravi Kirpalani, Chairman of Foseco India, said: “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 operations, leveraging combined R&D capability and enhanced customer reach.”
The acquisition is expected to deliver substantial cost synergies, creating long-term value for the Vesuvius Group while expanding its foothold in the Indian foundry sector.

Foseco India Limited (FIL), part of the Vesuvius Group of companies, has signed a definitive agreement to acquire a 75 per cent stake in Morganite Crucible (India) Limited (MCIL) from its current promoters, Morganite Crucible Limited and Morgan Terrassen B.V. of the Morgan Group. The move will expand FIL’s exposure to the foundry business in India, particularly in non-ferrous applications.MCIL is the holding company for the Molten Metals Systems (MMS) business in India, a specialist in high-tech crucibles. FIL will acquire the stake by issuing and allotting 1,150,800 fresh equity shares through a swap ratio of 274 FIL shares for every 1,000 MCIL shares.The deal will also trigger a mandatory open offer by FIL to acquire up to 25 per cent of MCIL’s shareholding from public shareholders, in line with SEBI’s takeover regulations. The acquisition remains subject to customary approvals from regulators, FIL shareholders, and fulfilment of pre-completion covenants, and is expected to close by October 2025.The transaction aligns with the wider acquisition of the global MMS business by the Vesuvius Group from the Morgan Group. The acquisition will strengthen the Group’s presence in the fast-growing non-ferrous segment in India, while enhancing synergies across its global foundry operations.Ravi Kirpalani, Chairman of Foseco India, said: “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 operations, leveraging combined R&D capability and enhanced customer reach.”The acquisition is expected to deliver substantial cost synergies, creating long-term value for the Vesuvius Group while expanding its foothold in the Indian foundry sector. 

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