Endurance Technologies Limited was originally incorporated as Private Company under the name 'Endurance Suspension Systems (India) Pvt Ltd' on 27th December 1999. Subsequently, the Company converted t
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o Public Limited and its name was changed to Endurance Suspension Systems (India) Limited on 1st July 2000. Further, it changed the names to Endurance Transmission Systems (India) Limited on December 6th 2000, Endurance Transmission Systems (India) Private Limited on January 27th 2001, Endurance Technologies Private Limited on August 11th 2006, Endurance Technologies Limited on July 9th 2010, Endurance Technologies Private Limited on January 18th 2012 and finally as Endurance Technologies Limited on May 31st 2016.
The Company is engaged in the business of manufacturing and selling of aluminium die casting (including alloy wheel), suspension, transmission and braking products with operations spread across India. The Company has emerged as the largest 2W and 3W auto component manufacturer and the largest aluminium die-casting company in India, coupled with a widespread global business in Europe through its overseas subsidiaries in Italy and Germany. It supplies a diverse range of technology-intensive products to 2W, 3W and 4W OEMs from strategically located facilities in multiple locations across India and Europe. It has 31 manufacturing plants.
The Company commenced operations as an aluminium die casting manufacturer in 1985.
Later in 2016, it collaborated with Grimeca Srl, Italy for manufacture of combined brake system for motorcycles.
On 19 October 2016, the Company's Shares got listed on the bourses. The stock debuted at Rs 570 on BSE against initial public offer (IPO) price of Rs 472.
On 10 January 2017, Endurance Technologies announced that its wholly owned subsidiary in Germany viz. Endurance Amann GmbH has commenced operations at its new machining plant from 10 January 2017. The plant is located at Massenbachhausen, Germany, in proximity to the existing two plants of Endurance Amann GmbH. The new plant admeasuring about 4,500 square meters will contain machining operations, warehouse and office facilities.
On 17 April 2017, Endurance Technologies announced that the company has entered into a License and Technical Assistance Agreement with BWI North America Inc., USA, on 15 April 2017, for joint development of ABS products for application in two and three wheelers. This would help the company cater to its OEM customers to comply with new regulations that would require all existing two-wheeler models to be fitted with ABS by April 2019.
On 19 May 2017, Endurance Technologies announced that it has completed acquisition of a leasehold plot of land admeasuring about 7.4 acre in Halol Industrial Estate of Gujarat Industrial Development Corporation, Tal. Kalol, Dist. Panchmahal, Gujarat. The company shall set up a plant to manufacture front forks and shock absorbers on the acquired leasehold plot of land. The plant will cater to the requirement of one of the company's leading OEM customers in Halol, Gujarat.
On 7 June 2017, Endurance Technologies announced the initiation of expansion of installed capacity for manufacture of aluminium diecasting (high pressure) and machining components/parts at its plant in Chennai. The installed capacity will be enhanced from 8,161 M. Tonnes to 12,250 M. Tonnes in a phased manner over a period of four to six quarters. The estimated cost of the expansion is Rs 9.12 crore to be funded through internal accruals.
On 1 January 2018, Endurance Technologies announced the completion of consolidation of plant operations in Pune region. The operations at the company's plant located at Takve, Taluka Vadgaon Maval, and Dist. Pune have been discontinued effective 1 January 2018 and the manufacturing activities have been consolidated with the company's other plants in the Pune region. This consolidation exercise is expected to improve operating efficiencies of plants and shall prove beneficial in the long term, as inter alia overhead costs will also reduce. The discontinuation of operations at Takve plant shall not have any loss of turnover/revenue, as the manufacturing activities have been shifted to other plants in a phased manner. The company has initiated Voluntary Separation Scheme (VSS) during the period to achieve this consolidation. The last VSS saw 158 workmen exercising this option at the plant located in Takve, which led to a payout of Rs 26.87 crore.
On 5 February 2018, Endurance Technologies announced that the company has initiated setting up of a plant at its plot of land admeasuring over 7 acre at Karinayakanahalli Village, Kasaba Hobli, Malur Taluka, Kolar District, taken on lease-cum-sale basis from Karnataka Industrial Areas Development Board (KIADB). The company shall manufacture its suspension product range at the new plant from the third quarter of 2018-19, to cater predominantly to one of its leading OEM customers' situated in the vicinity.
On 18 May 2018, Endurance Technologies announced that the Directorate of Industries, Government of Maharashtra has issued an Eligibility Certificate dated 15 May 2018 to the company for Expansion under Mega Projects - Investment Based under the Package Scheme of Incentives - 2013 (the Scheme). Under the Scheme, the company is eligible for incentives for addition in fixed assets in eligible units during the period 1 April 2013 to 31 March 2018. Based on the Eligibility Certificate, and subject to certain conditions and compliances, the Company is entitled to incentive to the extent of Rs 283.11 crore on the investments made in fixed assets during the period from 1 April 2013 to 30 September 2017. The company intends to avail this incentive as Industrial Promotion Subsidy (IPS) by way of SGST refund, payable by the eligible units of the company during the period from 1 August 2017 to 31 July 2024. The total admissible incentive for each year is up to Rs 40.44 crore based on investment in fixed assets up to 30 September 2017. For the remainder period from 1 October 2017 to 31 March 2018, the company expects to receive Eligibility Certificate in due course.
The Board of Directors, at its meeting held on 14th February 2018, approved shifting of the registered office of the Company to E-92, MIDC Industrial Area, Waluj, Aurangabad - 431136 (Maharashtra) from K-228, MIDC Industrial Area, Waluj, Aurangabad - 431136 (Maharashtra). The change in address of registered office was effective 15th February 2018.
As at 31st March 2018, the Company had five subsidiaries, mainly comprising of Endurance Overseas Srl, Italy (Direct subsidiary); Endurance Fondalmec SpA, Italy (Indirect subsidiary); Endurance FOA SpA, Italy (Indirect subsidiary); Endurance Engineering Srl, Italy (Indirect subsidiary); and Endurance Amann GmbH, Germany (Direct subsidiary).
During the year 2019, the Company acquired an Italian aluminium die casting firm, Fonpresmetal Gap SpA with a capacity of 6,500 metric tonnes per annum, through an Italian subsidiary Endurance Overseas Srl. EoSrL acquired the entire equity stake of Fonpresmetal GAP S.p.A., (Fonpresmetal) an aluminium die casting company based in Bione, Italy, effective 7th January, 2019.
Effective 1st January, 2019, Endurance Fondalmec SpA (EF SpA) merged with Endurance FOA SpA (EFOA SpA), two wholly-owned operating subsidiaries of Endurance Overseas Srl (EOSrl) and step-down subsidiaries of the Company. Upon the merger, EF SpA ceased to exist and the name of EFOA SpA was changed to Endurance SpA.
As at 31st March, 2020, the Company had 5 subsidiaries.
In May 2020, Endurance Adler SpA acquired the two-wheeler brake company, Grimeca Srl, Italy, through Endurance Adler SpA., which specialises in designing of brake systems for motorcycle applications. In January 2020, EoSrl entered into a license agreement with Adler SpA (Adler) for exclusive use of patents and know-how for the production of clutch systems for motorcycles applications. This strategic arrangement with Adler was an Endurance Group initiative to create a European hub for advanced motorcycle components.
The Company started supply of aluminium LPDC cylinder head low pressure die-castings plant, with capacity of 720,000, at Pantnagar, Uttarakhand in September 2021. In December 2021, the Company doubled its disc brake assembly capacity to 570,000 per month, through its Pantnagar project as well as commissioned a large project in the form of second brakes plant in Waluj, Aurangabad. It acquired EUR 71.4 million with esteemed OEMs in Europe, which includes EUR 40 million for hybrid cars. It launched an integration project for aluminium forging axle clamps, which are required for the growing business of inverted front forks. It added new products, like tyres for 2-Wheelers, 3-Wheelers, e-rickshaws, wheel rims and 2-Wheeler brake shoes. It commenced production of two import substitutes - steel braided hoses and aluminium forgings during the year. Supplies from the new forging plant started in Q3 FY 2021-22 while wire braided hoses plant began operations in June 2021, from the Aurangabad plant.
During FY 2020-21, Endurance Overseas Srl, Italy (EOSrl), a direct subsidiary of the Company purchased controlling equity stake of 99% in in two-wheeler clutch company, Adler SpA, Italy and the name of the entity was subsequently changed to Endurance Adler SpA (EA SpA). The effective date of acquisition was 15th April, 2020. At the time of acquisition, EA SpA had two wholly-owned subsidiaries, viz. Adler RE Srl, Italy and VS San Marino Srl, San Marino. The Company's two step down subsidiaries in Italy, viz. Adler RE Srl and Grimeca Srl merged with and into Endurance Adler SpA with effect from 1st January, 2021.
The Company has 7 subsidiaries as on 31st March, 2022.
During the year 2022, the Company added a new product vertical - driveshaft, which is a high technology proprietary product in an automotive application. It launched ABS for 150cc plus motorcycles, in collaboration with its technology partner, BWI North America Inc. In Europe, it recently won a EUR 40.5 million order for transmission housings for hybrid applications. It won new business of Rs 1,595 million in India from reputed OEMs, including orders for suspensions and brakes. It won new orders from different car makers, particularly powertrain components, for about EUR 60 million with start of production in FY 2023-24. It won new orders from German OEMs, for about EUR 7 million with start of production in 2022.
In 2022, the Company expanded supplies of fully finished castings including for EVs; it commenced in-house manufacturing of Aluminium forged axle clamps and supplies of Anti-lock Braking Systems (ABS); it focused on Inverted Front Forks and mono shock absorbers and emulsion-based shock absorbers for high end motorcycles and also for EVs; it developed new generation clutch assemblies, APTC EVO for 3W, APTC ANS & APTC for high end motorcycles with technology from Endurance Adler SpA.
During FY 2022-23, the Company acquired 51% share capital of Maxwell Energy Systems Private Limited effective on 1st July, 2022 and accordingly, Maxwell became a subsidiary of the Company. Besides, two Italian companies were acquired, Frenotecnica Srl and New Fren Srl to help the overseas operations and strengthen their aftermarket business agility. Front fork business costing Rs 139.8 Crore was acquired from a reputed scooter manufacturing company in FY 2022-23. The Company commenced production of aluminium forgings, in 2022.
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