Automobile Corporation Of Goa Ltd Share Price

History of Automobile Corporation Of Goa Ltd

Automobile Corporation of Goa Limited (ACGL) was incorporated on 1 September 1980 as a Public Limited Company. Company was jointly promoted by Economic Development Corporation of Goa Limited (EDC) a Government of Goa Undertaking and Tata Motors Limited. The Company is engaged in manufacture of pressed parts, components, sub assemblies for various range of automobiles and manufacture Bus bodies and components. In 1984-85, demand picked up, resulting in higher capacity utilisation and the company turned around, netting a profit of slightly over Rs 1 cr. Continuing the process, it added new components for various models of Tata vehicles. Its present products have also been improved through the value-addition, resulting in a noticeable improvement. With the automobile industry maintaini ...ng the tempo, ACGL is poised for better days. In fact, with Telco projecting a significant increase in production over the next five years, ACGL is gearing up to meet this increased demand. Further, the growing prosperity of potential consumers and the increasing number of comfort-seeking travellers augurs well for the bus body division. In future, Tata vehicles will also be fitted with Cummins engines, to meet international regulations, boosting the company's export potential. So, with improved prospects on both domestic and the export fronts, ACGL can look forward to improved capacity utilisation in the bus division. Last but not the least, ACGL's ownership pattern witnessed certain major changes recently. Tata Exports bought a significant portion of the equity stake (around 21%) from EDC and is now he single largest shareholder. Together with the 10% holding of TELCO, the Tata group companies now have nearly a 31% stake in the company. The company plans to introduce the monocoque bus project, which is expected to be commissioned over the next two years. The company has received GOI approval for a technical collaboration agreement with Neway Anchorlok International Inc, Muskegon , USA to manufacture the NAI branded Air Suspension Systems in India. The company also entered into an Memorandum of Understanding with Piaggio Greaves Vehicles Ltd to fabricate and supply complete delivery cab for their modern range of three wheeler delivery vehicle. During the year 2006-07, a Proto-type shop was established exclusively for this purpose and was equipped with all necessary facilities including manpower. During the year 2011-12, a few employees from Goa Unit were relocated at Jejuri Plant consequent to shifting of Pressings business there. In 2013-14, Ashiyana Autobodies Private Limited has ceased to be an associate of the Company effective December 5, 2014.