AIA Engineering began as a family-run alloy shop in Ahmedabad and grew into the only company in the world that designs, makes and services a complete set of high-chromium wear parts for grinding mills - grinding media, liners and a proprietary discharge system - under one roof. Its entire history runs on a single, recurring logic: find an industrial process where a consumable part wears out, engineer a longer-lasting replacement that cuts the customer’s total cost, and then lock in the relationship through on-site technical service that makes the product sticky. That approach has taken the company from supplying cement plants in India to serving gold, copper and iron-ore mines across more than 120 countries, with a vast conversion opportunity still ahead - less than a quarter of the world’s grinding mills have switched from traditional forged steel to the high-chrome media it sells. # Business segments A single engine, sold as a bundled solution - high-chromium consumable wear parts for grinding mills, designed, cast and serviced for mines, cement plants and thermal power stations worldwide. ## 1. Mill-internals solutions: the consumable that keeps the world’s grinding mills running **The company sells a complete kit of high-chrome wear parts that grind ore into powder inside a ball mill - and because those parts wear out, every sale creates a built-in repeat order.** - **A bundled solution, not a parts catalogue** - it supplies grinding media (balls and cylpebs), protective mill liners and a new-generation discharge system as one engineered package, which management says no other competitor offers together. Profitability is managed across the whole pool rather than product by product, because liner sales must move in step with grinding-media consumption. - **Conversion is the core pitch** - most mines still use forged steel grinding media; the company’s high-chrome cast alternative lasts longer, cuts power costs, reduces expensive reagent consumption and improves metal recovery in gold and copper processing, so the customer’s total cost falls even if the per-tonne price is higher. - **Deep technical engagement creates stickiness** - winning a mining customer takes 18 to 24 months of trials to dial in the right chrome alloy for that specific ore body and operating conditions. After installation, the company stays on site with routine mill audits, wear-profile scanning and liner-condition monitoring that help the customer plan maintenance and spot inefficiencies. - **India is the low-cost production backbone** - five manufacturing clusters across Ahmedabad, Nagpur, Bengaluru and Trichy give it access to cheap power, skilled labour and a complete in-house value chain from pattern-making to metallurgy, while Western competitors struggle with shop-floor labour and basic delivery. Over 65% of raw material is scrap sourced within a 250 km radius, keeping input costs down. - **The addressable prize is still largely untapped** - global grinding-media consumption in mining is around 3 million tonnes a year, with high-chrome penetration below 25% of the roughly 2 to 2.5 million tonnes consumed in gold, copper and iron ore. Management points to a structural bull run in copper, noting that the world will need to mine as much copper in the next 20 years as in all of human history just to sustain 3% growth. # Group structure and partners **A tightly controlled global network where a UAE-based distribution subsidiary owns the customer-facing units in every major mining region, while the Indian parent concentrates on manufacturing and technology.** - **Vega Industries (Middle East) FZC** - the wholly-owned UAE subsidiary that acts as the global distributor, developing market strategy, tracking customer leads, converting them into orders and coordinating delivery and inventory for all international markets. It directly or indirectly owns sales and trading subsidiaries in the UK, USA, South Africa, China and Indonesia. - **VEGA MPS (Australia)** - a 70%-held mill-liner design and process-engineering house acquired in stages between October 2023 and December 2025, bringing specialised liner-design capability that complements the group’s manufacturing scale and supports the complete mill-internals solution. - **Welcast Steels** - a 74.85%-held Indian subsidiary that historically made grinding media for the group, but whose manufacturing role has shrunk as the parent built its own large-scale plants in Gujarat; its Bengaluru facility was permanently closed in October 2025 and the company is being delisted. - **Captive power partnerships** - the group holds 26% stakes in two hybrid solar-and-wind special-purpose vehicles (Clean Max Meridius and Torrent Urja 16) and a 24% stake in a green-power generator (Green Shift), all structured to supply captive renewable electricity to its Gujarat and Trichy plants and lower energy costs.