Fenner India completes restructuring

Mumbai: Fenner India has announced the completion of the business restructuring of the company with the hiving-off of its conveyor belt division into a new company — Fenner Conveyor Belting Private Limited. Raghupati Singhania, chairman, Fenner India Ltd, and Mark Abrahams, chief executive officer of Fenner PLC, UK — the global leader in conveyor belting business, made the announcement today.Fenner India will continue to market its products under the present brand names.

The manufacturing facility was formally inaugurated today at a new location near Madurai. Fenner India Ltd manufactures V belts, power transmission systems, oil seals and has several plants in southern India and branches all over the country.

The Hari Shankar Singhania group of the JK Group acquired equity holding in Fenner India in 1987 and has been managing its affairs since then with Raghupati Singhania as chairman. Since then the company's turnover has grown from Rs 35 crore to about Rs 300 crore. The company has posted profit before tax of about Rs 27 crore for the year ended March 31, 2004. With this restructuring, the JK Group has acquired majority holding in Fenner India Ltd, which is in the process of substantially expanding its business of V belts including power transmission systems and oilseals.

Fenner PLC, UK, has acquired Fenner Conveyor Belting Pvt. Ltd, as its wholly-owned subsidiary and has significant growth plans for this business. Richard Wilkinson will run the business.