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Eicher Motors Ltd share price today (on 24 March 2023).
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BSE: 505200 | NSE: EICHERMOT | ISIN: INE066A01013 Market Cap: [Rs.Cr.] 5,621 | Face Value: [Rs.] 10 Industry: Automobiles - LCVs / HCVs
Eicher Motors Ltd is one of the leading manufacturers of commercial vehicles in India. Their principal activity is manufacturing and selling of commercial vehicles, two wheelers and gears. They are having their manufacturing facilities at Pithampur and Dewas in Madhya Pradesh, Chennai in Tamil Nadu, Thane in Maharashtra and Gurgaon in Haryana. Eicher Motors Ltd was incorporated in the year 1982. The company in technical collaboration agreement with Mitsubishi Motor Corporation of Japan produced the Light Commercial Vehicle in India. The commercial production was commenced in their plant at Pithampur in Madhya Pradesh, with the launch of Canter truck in June 1986. The agreement with Mitsubishi ended in March 1994 after successful transfer of technology and achieving total Indigenization. The demerger of Tractors, Two-Wheelers, Engines and Gears businesses from Eicher Ltd was transferred to the company with effect from April 1, 2003. In May 25, 2005, the company acquired 100% of the shares of Design Intent Engineering Inc, USA, which is engaged in the business of providing computer aided engineering & design services for a consideration of USD 2.5 million. The company's Tractor division at Mandideep, Gears division at Parwanoo and Engines division at Alwar had been sold to TAFE Motors and Tractors Ltd, a wholly owned subsidiary of Tractors and Farm Equipment Ltd, for a consideration of Rs. 310 crore with effect from June 1, 2005. The company acquired a transmission gear manufacturing plant at Dewas having a gear cutting capacity of 5 lacs gears per annum with effect form November 1, 2006. During the year 2006-07, the company acquired the 100% equity shares of Hoff and Associates (Hoff), Plymouth, Michigan (USA) along with Hoff's two wholly owned subsidiaries in Beijing and Shanghai, China for a consideration of USD 3.5 million. In order to synergize the activities between the two subsidiary companies in USA, Hoff and Associates merged with Design Intent Engineering Inc with effect from January 1, 2008 and the name of Design Intent Engineering Inc was changed to Eicher Engineering Solutions Inc. In May 2008, the company signed a definitive agreement with Aktiebolaget Volvo, Sweden for a formation of a joint venture company through transfer of the existing Commercial Vehicle Business along with related Components and Design Services Business. In August 2008, they transferred the Components and Design Services Business to VECV, the joint venture company with effect from July 01, 2008.
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