Foseco India Limited (FIL), a member of the Vesuvius Group, has signed a definitive agreement to acquire a 75% equity stake in Morganite Crucible (India) Limited (MCIL). The shares are being purchased from existing promoters Morganite Crucible Limited and Morgan Terrassen BV both part of the Morgan Group. This strategic move aims to broaden FIL’s footprint in the Indian Foundry sector, particularly in the fast-growing non-ferrous segment.
MCIL is the parent entity of the Molten Metal Systems (MMS) business in India, which specializes in advanced crucible technologies for non-ferrous metal applications. The acquisition strengthens FIL’s offerings by integrating MMS’s expertise with Foseco’s existing product lines.
Under the terms of the agreement, FIL will issue 1,150,800 new equity shares in exchange for the 75% stake, based on a share swap ratio of 274 FIL shares for every 1,000 MCIL shares. Following this acquisition, FIL will make a mandatory open offer to acquire up to 25% of MCIL’s shares from public shareholders, as per SEBI’s takeover regulations.
Completion of the transaction is subject to regulatory approvals, shareholder consent, and other pre-agreed conditions. The deal is expected to close by early October 2025. This development forms part of the broader acquisition of the global MMS business by the Vesuvius Group from the Morgan Group. By integrating the MMS product line, Vesuvius aims to accelerate its growth in non-ferrous markets and strengthen its position in India—one of the most dynamic foundry markets globally.
“This acquisition enhances our capabilities by bringing in MMS’s high-tech product range,” said Ravi Kirpalani, Chairman of Foseco India Limited. “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.”
Foseco India Limited is a recognized leader in delivering high-performance consumables and technical solutions for foundries. With manufacturing facilities in Pune and Puducherry, and a dedicated R&D center, the company offers innovative tools and processes that reduce casting defects and improve overall production quality. Serving the Indian foundry industry since 1958, FIL is known for its customer-focused approach, engineering excellence, and strong commitment to sustainability and workplace safety.
