Morganite takes the consolidation path
MORGANITE CRUCIBLE (INDIA) LIMITED (MCIL) is engaged in business of manufacturing and selling of silicon carbide and clay graphite and its accessories. Silicon carbide and clay graphite crucibles are used primarily as consumables in the manufacture of non-ferroalloys industries. Crucible is manufactured at Aurangabad in Maharashtra. The Aurangabad plant is certified under ISO 9001:2008. MCIL was a joint venture between Cotton Greaves and Morgan group. However, in 2006 it was acquired by Morgan group. In the same year Morganite had made investment in Diamond Crucible company Limited (DCCL) of Rs 4.96 crore for 51% and, in July 2017 had acquired the remaining stake for Rs 16 crore. The transaction is to consolidate entities under same control, however, there is no immediate gain for minority shareholders. DIAMOND CRUCIBLE COMPANY LIMITED (DCCL) is primarily engaged in manufacture and sale of crucibles and allied refractory products for industrial use having its manufa...