Banco Products began six decades ago solving a single problem - how to stop an engine from overheating - and has since turned that expertise into a family of businesses that cool, seal and protect the powertrains of cars, trucks, tractors, trains and now electric vehicles. The company was built by embedding itself inside its customers’ design process, co-creating bespoke cooling and sealing systems rather than selling off-the-shelf parts, a philosophy it calls “bespoke engineering”. That approach, combined with a habit of using the cash from one mature engine to fund the next - first a domestic OEM business, then a European aftermarket acquisition, then a gasket subsidiary, and most recently a green-energy venture - explains how a radiator maker from Vadodara became a multinational group with virtually no debt on its books. # Business segments Four engines at different stages - a domestic OEM and aftermarket cash cow, a European distribution platform at continental scale, a specialised sealing subsidiary, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Engine cooling and thermal systems: where the group’s cash comes from **Banco designs and manufactures bespoke cooling modules for virtually every type of engine in India - from tractors to data-centre gensets - and sells them through three channels: directly to OEMs as a development partner, through a 9,000-strong aftermarket network, and via export contracts.** - **Proprietary-partner status with OEMs** - the company is often the named development partner for cooling modules on an OEM’s new vehicle programme, which means its parts are designed into the vehicle from the start and are hard for competitors to displace later. - **A pan-India aftermarket engine** - branded AMD 2.0, the aftermarket channel reaches over 700 primary distributors in more than 230 locations and over 9,000 secondary partners, supported by dealer summits, technical training and loyalty programmes that keep the brand sticky with mechanics. - **One plant, many end-markets** - the same flexible production lines make radiators, charge air coolers, oil coolers and AC condensers in both aluminium and copper-brass for passenger cars, commercial vehicles, tractors, mining machinery, rail locomotives, industrial compressors and backup power systems for data centres, so the business is not tied to any single vehicle cycle. - **Emission norms as a tailwind** - every tightening of emission rules forces OEMs to redesign their cooling systems; Banco has already developed solutions for BS-VI automotive, BS-IV/Trem V off-highway and CPCB 4 genset norms, and the coming shift to Bharat Stage V for off-highway machinery plus mandatory air-conditioned cabins in trucks creates a pipeline of new work. - **In-house coating, bought not just built** - the February 2025 acquisition of Padra Coating Works’ business on a slump-sale basis brought the coating of gasket and radiator components inside the company, cutting out a supplier step and tightening control over quality and cost. ## 2. NRF: a European aftermarket platform built by acquisition **NRF is a Dutch-born, Indian-owned distributor and manufacturer that supplies more than 13,000 cooling, climate and sensor parts to independent garages across Europe, with product coverage exceeding 90% of the car parc in its core categories.** - **A radiator specialist turned broad-line supplier** - founded in 1927 in Amsterdam and acquired by Banco in 2010, NRF has expanded from radiators into intercoolers, oil coolers, HVAC compressors, condensers, engine sensors and emission components, so a workshop can source most of its thermal and climate parts from a single brand. - **Nineteen warehouses, one promise** - distribution centres in Poland, Spain, the Netherlands, France, Germany, Italy and Romania, plus multilingual customer service, mean a garage in most of Europe can get a part delivered quickly; a fire at the French warehouse in August 2025 was absorbed by routing orders through other sites. - **Three factories keep the range alive** - a plant in Poland manufactures the parts, while warehouses in the Netherlands and Spain support distribution, and R&D centres in Poland and Spain test and introduce new products, including cooling and air-conditioning parts for electric vehicles. - **Turbochargers added via asset deal** - in April 2025 NRF entered the turbocharger market by acquiring the brand, product data and stock of Germany’s Alanko GmbH, keeping the existing management team to retain the know-how. - **Still building out the footprint** - a new 11,900 m² production facility in Poland is scheduled to open by end-February 2026, and a larger Italian warehouse with a technical centre in Quarrata is planned for early 2026, replacing the previous Prato site with roughly 9,000 m² of extra space. ## 3. Banco Gaskets: the sealing specialist carved out to focus **Banco Gaskets makes the precision-engineered seals that sit between engine components - cylinder-head gaskets, exhaust gaskets, oil-pan gaskets and more - using materials from multi-layered steel to rubber-cork, for OEMs and the aftermarket.** - **A division that became a company** - the gasket business was transferred from the parent to this wholly owned subsidiary in March 2012, giving it dedicated management and a focused factory so it could deepen its material science without competing for attention inside the larger cooling business. - **Every gasket technology under one roof** - the Ankhi plant works with multi-layered steel, graphite composites, compressed fibre jointing sheets, rubber pre-coated beaded gaskets, rubber cork, and copper and aluminium edge-moulded gaskets, which means it can supply the right seal for everything from a motorcycle engine to a heavy-duty industrial joint. - **Same bespoke model, different component** - like the parent, BGIL designs seals by understanding the whole engine architecture, not just the gasket’s dimensions, so its parts are co-developed with OEMs rather than copied from a catalogue. ## 4. Banco New Energy Cooling: the green bet under construction **This subsidiary was incorporated in 2021 to design heat exchangers for electric vehicles and alternative-fuel platforms, and began commercial production in October 2023 with locomotive heat exchangers as its first paying product.** - **A plant built for the future, starting with rail** - the Ankhi facility began with an initial capacity of 50 locomotive heat-exchanger units per month, expandable to 100, funded by a Rs. 19.90 crore mix of equity and debt. - **EV development projects are underway** - the company is collaborating with OEMs on customised cooling solutions for electric and alternative-fuel vehicles, drawing on the group’s six decades of thermal know-how rather than starting from scratch. # Group structure and partners **Banco Products (India) Limited is the listed flagship, with three wholly owned operating subsidiaries beneath it - one in Europe and two in India - each focused on a distinct technology, while the promoter group holds a 67.88% stake.** - **NRF Holding B.V.** - the Dutch holding company acquired in 2010 sits at the top of a European network of country-level subsidiaries handling manufacturing, distribution and sales; three new Dutch entities were incorporated in February 2024 for operational ease, and new subsidiaries in Romania and Turkey were added in 2025 to support warehouse expansion and serve growing local demand. - **Banco Gaskets (India) Limited** - created by the transfer of the gasket division effective March 2012, operating a plant in Ankhi, Gujarat. - **Banco New Energy Cooling Systems Limited** - incorporated in May 2021, operating a plant in Ankhi, Gujarat, with commercial production from October 2023. - **Promoter and industry ties** - the promoter group led by Mehul Kanubhai Patel held 67.88% as of March 2026; the company is affiliated with ACMA and the Federation of Gujarat Industries, and signed an MoU with the Automotive Skills Development Council under the Skill India initiative to upskill its workforce and channel partners.