Foseco India Limited (FIL), a leading player in the foundry sector and part of the global Vesuvius Group, has announced the signing of a definitive agreement to acquire a 75% equity stake in Morganite Crucible (India) Limited (MCIL). The stake will be purchased from existing promoters Morganite Crucible Limited and Morgan Terrassen BV, both part of the Morgan Group. This acquisition represents a strategic expansion for Foseco India as it seeks to strengthen its position in the fast-growing non-ferrous segment of the Indian foundry industry.
MCIL is the parent company of the Molten Metal Systems (MMS) business in India, which is widely recognised for its advanced crucible technologies catering to non-ferrous metal applications. By integrating MMS’s specialised product range with Foseco India’s established offerings, the acquisition will significantly enhance FIL’s ability to serve customers with a comprehensive suite of solutions. The move also aligns with the larger vision of the Vesuvius Group, which recently announced the acquisition of the global MMS business from the Morgan Group to accelerate its global growth strategy.
Through this acquisition, Foseco India is not only broadening its product portfolio but also strengthening its role in India’s rapidly evolving foundry ecosystem. Picture ScanX
The acquisition will be executed through a share-swap arrangement. FIL will issue 1 150 800 new equity shares to acquire the 75% stake in MCIL, based on a swap ratio of 274 FIL shares for every 1 000 MCIL shares. In compliance with SEBI’s takeover regulations, FIL will subsequently make a mandatory open offer to acquire up to 25% of MCIL’s equity shares from public shareholders. Upon completion of this process, FIL will hold a controlling interest in MCIL, making the MMS business an integral part of its operations.
The deal, which is subject to shareholder approval, regulatory clearances, and other customary conditions, is expected to close by early October 2025. Once finalised, the acquisition will strengthen Foseco India’s leadership position in India’s foundry sector, particularly in non-ferrous metal processing – a segment that is witnessing rapid growth due to rising demand in automotive, aerospace, and industrial applications.
Commenting on the acquisition, Ravi Kirpalani, Chairman of Foseco India Limited, said: “This acquisition enhances our capabilities by bringing in MMS’s high-tech product range. The combined business will benefit from global R&D synergies, increased customer reach, and a broader product offering – further reinforcing our leadership in the foundry industry.”
The integration of MMS’s crucible technologies with Foseco’s product portfolio is expected to deliver substantial value to customers by improving efficiency, reducing production costs, and enhancing sustainability in foundry operations. Crucibles and related solutions are critical in non-ferrous metal applications such as aluminium and copper melting, where performance, reliability, and durability directly impact overall productivity. By combining these capabilities, Foseco India will be able to offer foundries in India and beyond advanced solutions tailored to modern industrial demands.
For the Vesuvius Group, this transaction represents another step in its global strategy to expand in high-growth markets and reinforce its position as a technology leader in metallurgy and foundry solutions. India, with its expanding industrial base and increasing demand for non-ferrous materials, represents a strategic priority in this growth journey.
Through this acquisition, Foseco India is not only broadening its product portfolio but also strengthening its role in India’s rapidly evolving foundry ecosystem. By leveraging global R&D resources, local manufacturing expertise, and an expanded customer network, the company is well positioned to drive innovation, efficiency, and growth across the sector.
For more information contact Foseco South Africa on TEL: 011 903 9500 or visit www.foseco.com
