|Elpro International, incorporated in 1962 as an engineering company, was originally formed with 50% financial participation from the General Electric Company, US. Later on, to get the company out of FERA`s clutches. GEC, US, reduced its shareholding by transferring a small percentage to an Indian company. Originally, Investment Corporation of India, a Tata affiliate, was the largest single Indian shareholder but at present its holding is just 4.5% of the total equity capital of Elpro.
Elpro`s main operations are in lightning arresters, pellet and thyrite types and X-ray equipment for medical and industrial applications. They also manufacture alnico magnets for domestic and industrial applications, calrod heating elements for domestic, industrial and medical applications and other electrical apparatus. The company has entered into a technical collaboration with the GEC, US.
In 1983, it entered into a technical collaboration agreement with Matsushita Electric Industrial Company, Japan, to manufacture the most important basic component required to manufacture gapless lightning arresters. The company obtained an industrial license and manufactured and sold the first unit of electrostatic precipitators and control with DC power supply.
Elpro, commenced production of two new high-tech products in 1987 -- computerised numerical control (CNC) systems with servo drives and metal oxide variators (MOV). The CNC systems are manufactured in collaboration with GEC, US, while the MOV is developed by the R&D cell of Elpro itself.
Elpro`s major clients for lightning arrestors are the state electricity boards, private contractors executing power projects, consultants, etc. As far as X-ray equipments are concerned, major end-users are private radiologists, clinics and large hospitals in the government and private sectors.
In the year 1994-95 the company has undertaken restructuring programme and promoted four new companies to takeover the divested operations or to carry on a new line of business.
The Jointventure with GE namely GE-Elpro Medical Systems Ltd., has started assembly and development operations relating to X-ray product during the year 1994-95.
The company has entered into an JV agreement with Control Technique Plc, a subsidiary of US based Emerson Electric, by which the entire CNC manufacturing operations including plant and equipment, raw material, work in progress, goodwill etc. relating thereto to a new company(Control Technique Elpro Automation). In the new JV company Elpro would subscribe for 49% share capital and the remaining 51% by the control Technique Plc.
The company has decided to form a JV with Sunpower Inc, a USA based R & D company to produce pumps running on biomass as part of diversification programme. In the proposed JV company Elpro will hols 85% equity and Sunpower will hold 15% of the equity.
The comapny has promoted Elpro Finance Ltd in the year 1995 with the object of undertaing financial transactions like lease, hire-purchase, investments, inter-corporate deposits etc. to avail then available tax and other benefits. With the changing conditions the company is engaged in review and restucture of operations during the year 2001-02.
Elpro has diversified into flexible packaging by acquiring erstwhile Mukund Flexpack Ltd.(presently Elpro Packaging) in 1998.
Elpro`s software ventures promoted to undertake development of various dot com portals could not reap benefit from the shortlived dot com boom. These companies are now concentrating on developing software for insurance business and rendering services relating thereto.
The switchgear division received ISO-9001 Certification during the year 1990-2000.|