Harig Crankshafts Ltd Share Price

History of Harig Crankshafts Ltd

Harig Crankshafts Limited (HCL) was promoted in the joint sector by Pradeshiya Industrial Corporation of Uttar Pradesh along with Haring India and Deshbir Singh in collaboration with Wilbelmus Import and Export Establishment, Germany. The Company was incorporated in April, 1983 and set up a project to manufacture automotive crankshafts at Noida, Uttar Pradesh. Company was primarily involved in the business of high-quality automotive crankshafts designed for a variety of vehicles, including cars, light commercial vehicles, trucks, and earthmoving equipment. Since the operations of the company was shut from FY 2011. The setup of HCL was strategically planned and executed in phases. The initial phase involved the installation of a cutting-edge crankshaft machining line, which began it ...s commercial operations in January. This phased approach ensured a gradual and efficient ramp-up of production capabilities. HCL was recognized as a prominent player in the auto ancillary sector, specializing in the manufacture of both forged and machined crankshafts. Additionally, the company produces stub axles and other essential automotive components. The product includes crankshafts for cars, light commercial vehicles, trucks and earth moving equipment. The company commissioned in Mar.'95 a forging press and a machine line to manufacture additional crankshafts to increase the total capacity to 89,000 pa. HCL offered rights in May '95 (premium : Rs 12) to raise funds to pay the interest owed to various financial institutions and to meet additional working capital requirements. It came out of the red in 1994-95. With the accumulated losses exceeded the total net worth the company has been referred to BIFR and the Board has declared the company as Sick. As a part of diversification the company has entered into the field of Foring Valve Bodies and Flenges of all sizes,thus reducing its dependence on the Automotive Industry. Pursuant to the Resolution Plan submitted by the Palika Towns LLP was approved by the majority members of Committee of creditors and Hon'ble NCLT, Allahabad Bench, on October 20, 2023 and April 17, 2024 respectively. Further the Approval of Members were received in the Extraordinary General meeting of the Company held on 7th December, 2024 to sell the undertaking of the Company comprising of land and building situated at C49,Noida Phase-II, Noida, Uttar Pradesh over a total area of 22,343.10 sq. meter along with Plant & machinery situated thereat. After the closure of financial year 2024-25, Company has changed its Main Objects to real estate developer and civil engineering related services.