A founder driven to succeed
Mr. Shetty’s story, alone, is inspirational. After losing his father at a young age, he moved to Mumbai, dreaming of success. Mr. Shetty earned a law degree from Bombay University and an MBA degree in the US, and embarked on a career with a large multinational company. But Mr. Shetty’s desire to be an entrepreneur gave him the courage to leave corporate comfort and security and, with his wife, establish Fouress.
From trading, the company graduated to manufacturing valves, and by the early 1970s, Fouress was a well-established manufacturing business.
A major relationship—sealed with a handshake
The next leap forward happened in 1972. Fouress executed the challenging task of manufacturing 72 valves for Mumbai's water supply system, collaborating with Boving & Co. in the UK. With just a handshake, the two companies agreed to form a strategic partnership. This relationship catalyzed Fouress' growth, and led to the diversification of our manufacturing capabilities.
Fouress' relationship with Boving led to a formal joint venture in 1986. The terms of this equity partnership included the transfer of technology used to design, manufacture and install small hydropower plants. By 1989, BFL established a manufacturing facility in Hoskote, near Bangalore.
Over the next few years, more ownership changes would occur. Boving & Co. U.K. changed hands several times, first through acquisition by the Norwegian conglomerate Kvaerner, and then the purchase of Kvaerner Boving by General Electric (GE). At every step, BFL gained invaluable access to new intellectual and technologic capital, using this knowledge to exponentially enhance our in-house capabilities.
Our revenues accelerate
BFL's dedication to serving our customers and making the most of our partnerships paid off. The company sold more turbines between1997 and 2002 than we had in the previous 11 years. With a focus on small hydroelectric plants up to 25 megawatts per turbine, BFL quickly became one the largest companies in this worldwide industry.
In 2008, our parent company, the Fouress Group, bought out GE's stake in BFL, making it a fully owned subsidiary of the Fouress Group.
Today, we are more committed than ever to make BFL the largest small hydroelectric solution provider in the world—with the happiest customers.