Advani Oerlikon has a 79 per cent stake in the company, which will be reduced to 40 per cent after the issue. The company was earlier a division of Advani Oerlikon but was hived-off to create a new company with focus on specialised products. APL chairman AT Mirchandani said, "Last year APL had incurred losses of Rs 51.92 lakh due to difficult market conditions and decreased sales realisations. However, during the first half of this financial year we have made a net profit of Rs 73.65 lakh." To expand its product range and access technology, APL has tied up with three overseas companies, Mirchandani said. An alliance with Firing Circuits Inc, USA will enable APL to get into battery formation and test equipment. For meeting the needs of the large battery manufacturers, it has a technological tie up with Digatron Industries, Germany. A tie-up with Gamatronics, Israel is for telecom power suppliers and online UPS.