Foseco India Limited has entered into a share purchase agreement with Morganite Crucible Limited (UK) and Morgan Terrassen B.V. (Netherlands), the promoter shareholders of Morganite Crucible (India) Limited (MCIL), to acquire a 75% stake in MCIL for an aggregate consideration of ₹653.94 crore. MCIL, part of the Molten Metal Systems (MMS) business owned by Morgan Advanced Materials Plc, is a leading supplier of crucibles for non-ferrous applications in India.
Under the agreement, Foseco India will issue and allot 11,50,800 equity shares, representing 15.27% of its share capital, to the promoters of MCIL as consideration. Following the allotment, Morganite Crucible Limited and Morgan Terrassen B.V. will be classified as public shareholders with no special rights, and there will be no change in the management or control of Foseco India.
The acquisition forms part of a broader takeover of the global MMS business by Vesuvius Plc and its group companies, the majority shareholders in Foseco India, from Morgan Advanced Materials. The MMS business, which manufactures silicon carbide and clay graphite crucibles and other foundry consumables, is expected to complement Vesuvius Group’s foundry operations and expand its footprint in the faster-growing non-ferrous segment, particularly in India.
Foseco India anticipates completing the acquisition by early October 2025, subject to approvals from the BSE and NSE. With the acquisition, the company will hold over 25% of MCIL, prompting the launch of a mandatory open offer to acquire up to 25% additional shareholding from public shareholders of MCIL.