|Innoventive Industries Ltd is a multi-product company catering to applications in diverse sectors such as automobile, boiler & heat exchangers, energy, oil and general engineering. The company specializes in processing various types of steel, faster development cycles, flexible production systems, effective supply chain management for efficient delivery and capability to make tubular transformations. They have six manufacturing facilities located across Pune and Silvassa.
The company operates in three divisions, namely Tube, Sheet and Auto Products with manufacturing facilities and warehouses at strategic locations. They offer wide portfolio of products such as Electric Resistance Welded tubes (ERW)and Cold Drawn Electric Welded Tubes (CEW), also known as Drawn over Mandrel (DOM) tubes, strips and auto assemblies.
The company has five subsidiaries, namely, Arihant Auto Components Pvt Ltd, Arihant Steel and Metal Wires Pvt Ltd, Saicon Steels Pvt Ltd, Sankalp Forgings Private Ltd and Seven Star Electrodes Pvt Ltd.
The company market their products domestically and also exported to 10 countries across the globe. In USA, they sell their CEW tubes under the brand of ARIDOM through a long term arrangement with Salem Steel North America, LLC. The company`s major customers include Bajaj Auto Ltd, Bharat Heavy Electricals Ltd, Thermax Ltd, John Deere India, Sundram Industries Ltd, Gabriel India Ltd and Alstom Projects Ltd.
Innoventive Industries Ltd was incorporated on August 22, 1991 as a private limited company with the name Arihant Domestic Appliances Pvt Ltd. The company was originally promoted by Pravin Oswal, Manoj Oswal, Sachin Mehta and Mahendra Deval. Initially, the company was engaged in the manufacture and assembly of mixer, grinder, emergency lights and other domestic appliances.
In the year 2002, Chandu Chavan acquired 10,620 equity shares representing 90.76% of the then paid-up share capital of the company. From then, the company stopped manufacturing of consumer durable appliances and commenced manufacturing of ERW and CEW tubes. In the year 2006, the company commenced manufacturing of auto components.
In the year 2007, Arihant Auto Components Pvt Ltd and Arihant Steel Products and Services Pvt Ltd became the subsidiaries of the company. The company achieved the forward integration by investing in Seven Star Electrodes Pvt Ltd, a company manufacturing auto components. They ventured into a new line of business by acquiring 26% equity stakes in Sankalp Forgings Pvt Ltd, a company manufacturing oil well drilling couplings and other ancillary activities.
During the year, the company entered into new line of business by making investments in Arihant Steel and Metal Wires Pvt Ltd, a steel wires manufacturing concern. Also, they acquired 51% of the equity of Saicon Steels Pvt Ltd, a company involved in the conversion of hot rolled coils to cold rolled coils to achieve backward integration.
In the year 2008, the company received "Mega Project" status from the Government of Maharashtra, for the proposed project at Pimple Jagtap. They increased their equity stake in Sankalp Forgings Private Limited from 26% to 51%. Also, Kavos Capital Ltd acquired 5% stake in the company, from Chandu Chavan.
In January 9, 2009, the company was converted into a public limited company and the name was changed to Arihant Domestic Appliances Ltd. In March 24, 2010, the name of the company was changed from Arihant Domestic Appliances Ltd to Innoventive Industries Ltd.
The company intends to expand the capacity of their manufacturing facility at Pimple Jagtap by procuring new equipments like pilger machines and other balancing equipments for manufacturing CEW precision tubes. Also, they intend to expand into various geographies such as North America, Europe, Middle East and Latin America apart from the domestic market.|