Belding India is a holding company that builds the physical backbone of the digital and green-energy economy - data centres, battery storage, and specialised engineering - after a complete break with its past. Until early 2025, it was a small, listed aluminium-foil manufacturer called Synthiko Foils; a change in ownership and a series of acquisitions have turned it into an engineering and infrastructure group whose approach is to buy or create operating companies, give them the balance-sheet strength of a listed parent, and push them into sectors where demand is being pulled by electrification and data. # Business segments Five engines at different stages - a divested foil business that funded the reset, a data-centre EPC platform at national scale, two specialist manufacturing units, and a battery-storage joint venture under construction - each built with the cash flows or equity of the one before. ## 1. Data-centre and technology-infrastructure EPC: the group’s industrial core **DC&T Global designs and builds the secure, power-hungry shells that house the internet - and it is now moving from pure project execution into making the modular hardware that goes inside them.** - **End-to-end builder for the data age** - DC&T provides Engineering, Procurement and Construction (EPC) solutions that take a data centre from design through to operation, including advanced cooling, power backup, cybersecurity and disaster recovery, so a client gets a working facility, not just a shell. - **From site work to factory work** - the company is setting up a plant to manufacture and assemble Modular/EDGE (containerised) data-centre solutions, which means it will soon be able to deliver a pre-built data centre on a truck rather than only constructing one on a patch of land. - **Hardware, not just concrete** - alongside the containerised centres, DC&T has begun designing and assembling the technology infrastructure that fills them: storage racks, power distribution units, and AI-enabled products, turning the EPC contractor into a product supplier too. - **Acquired with the parent’s own stock** - Synthiko Foils Limited bought 100% of DC&T in December 2025 by issuing roughly 1.36 crore new shares to DC&T’s 194 investors, a share swap that made the target a wholly owned subsidiary without draining cash. ## 2. Specialised engineering products: precision manufacturing for aviation and defence **Metafin Technology makes the metalwork that airports, telecom towers and military sites cannot function without - and it came into the group through DC&T’s balance sheet, not the parent’s.** - **A catalogue of industrial necessities** - the company produces airport self-check-in kiosks, IT racks, truck-mounted racks, telecom tower racks and insulated fire doors, serving customers in aviation, defence, telecom and other industrial sectors. - **Bought by the subsidiary, not the parent** - DC&T Global acquired a 55% stake in Metafin in March 2026 by subscribing to fresh shares for a cash consideration of about Rs. 1.49 crore, making it a consolidated subsidiary one level down in the group structure. ## 3. Battery energy storage and renewable energy: a joint venture for the electrification wave **Belding HD India is a newly incorporated partnership that pairs the group’s project-execution muscle with a specialist’s market access to chase large-scale battery-storage and renewable-energy contracts.** - **Two partners, one purpose** - Belding India holds 55% and HD Fabcon Private Limited holds 45% of a joint venture formed in June 2026 to identify, secure, execute and manage projects in Battery Energy Storage Systems (BESS) and renewable energy. - **Execution meets origination** - the venture combines HD Fabcon’s ability to find projects and open doors with Belding India’s manufacturing, project-management and operational capabilities, so each partner brings what the other lacks. - **A licence to build the energy transition** - Belding India’s revised corporate charter explicitly authorises it to undertake turnkey EPC work for renewable-energy projects, battery storage and integrated energy solutions, and to manufacture batteries, battery packs and modules, giving the JV a wide remit from day one. # Group structure and partners **A listed holding company with a data-centre EPC subsidiary at its centre, two manufacturing and defence units beneath it, and a battery-storage joint venture alongside - all assembled since late 2025.** - **The listed parent** - Belding India Limited (formerly Synthiko Foils) trades on BSE under the scrip ID “BELDING” and operates from Pune, with an authorised share capital of Rs. 20 crore after an increase in December 2025. - **The core subsidiary** - DC&T Global Private Limited is wholly owned by Belding India and was acquired via a share swap that issued 1.36 crore equity shares to its former shareholders; it is the group’s EPC engine for data centres and technology infrastructure. - **The manufacturing layer** - DC&T Global holds a 55% stake in Metafin Technology Private Limited, a maker of airport kiosks, racks and fire doors, acquired for cash in March 2026. - **The defence vehicle** - DC&T Defence Limited was incorporated in February 2026 as a wholly owned subsidiary for defence manufacturing; it is yet to begin operations. - **The energy partnership** - Belding HD India Private Limited is a 55:45 joint venture with HD Fabcon, incorporated in June 2026 to pursue battery-storage and renewable-energy projects. - **The ownership reset** - the original Dadhia family promoters sold their entire 52.28% stake to Abhishek Narbaria and Umesh Kumar Sahay in May 2025, and the old aluminium-foil business was sold separately to a promoter-group entity for Rs. 9.51 crore, leaving the listed shell clean for its new engineering strategy.