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Akzo Nobel India Ltd. Company History and Annual Growth Details


- On 5th November, a Declaration of Intention was signed by the
Government of India, Imperial Chemical Industries Ltd., U.K. and I.C.I.
(India) Pvt. Ltd., to form a company for the manufacture of commercial
blasting explosives, safety fuses, etc.


- The Company was incorporated as a public limited company in the State
of West Bengal to implement the agreement and the Certificate of
Commencement of Business was obtained on 19th August. The Company
manufacture explosives and accessories of all kinds, blasting
equipment, chemicals, Industrial and other preparation and fertilisers.


- A technical collaboration agreement was executed between the Company
and Imperial Chemical Industries Ltd., who agreed to act as consultants
to the Company and provide the Company with the necessary technical


- 24,00,000 shares held by ICI Ltd., U.K. and 6,00,000 shares by the
President of India.


- 4,30,000 shares issued at a premium of Rs 12 per share; 57,000 shares
reserved for allotment to the resident directors and employees and
3,73,000 shares offered to public. 13,73,000 shares offered to public.
13,72,000 Bonus shares issued in prop. 2:5.


- In Oct/Nov. 16,80,000 'A' series No. of Equity shares issued at par:
(i) 76,00,000 shares to ICI Ltd., U.K.; (ii) 21,50,000 shares to IFCW;
(iii) 19,00,000 shares to the President of India; (iv) 21,67,200 shares
to members of the company other than the President of India and ICI
Ltd., U.K. and (v) 28,62,800 shares to public. 'A' Series shares
became pari pasu with the existing shares from 1.10.1970.


- Industrial licence was received for the manufacture of 1,000 tonnes
per annum of nitrocellulose, both blasting soluble and industrial
grade. This plant was commissioned in August 1978.


- Industrial licence was received, Collaboration agreements were signed
with Imperial Chemical Industries Ltd., U.K., Benfield Corporation,
U.S.A. and Toyo Engineering Corporation, Japan.

- During Jan./Feb. 71,60,667 Bonus shares issued in prop. 1:3. After
the bonus issue, 3,41,000 shares issued as rights (prem. of Rs 5 per
share; prop. 1:34) to resident Indian shareholders.


- The Company offered 5,00,000 redeemable partially convertible secured
debentures of Rs 500 each for cash at par as rights to equity
shareholders in the proportion 1:58. These debentures carry interest
at the rate of 10 1/2% payable half-yearly on 31st March and 30th


- The Company received a letter of intent for the manufacture of 100
tonnes of primary reforming catalyst at Panki, in collaboration with
Imperial Chemical Industries PLC The boilers were commissioned in
April/May 1983 and generation of steam commenced. Letters of intent
were in hand for the manufacture of 100 tonnes per annum of
permethrin/cypermethrin for application as a cotton pesticide and for
the manufacture of methyl chlorosilanes.


- With effect from 1st October, the Alkali & Chemical Corporation of
India Ltd. (ACCI), Chemicals & Fibres India Ltd. (CAFI) and Crescent
Dyes & Chemicals Ltd. (CDC) were amalgamated with the company.

- In terms of the Scheme of Amalgamation, the Company issued and
allotted to the members of the merged companies without payment in cash
31,000-11% cumulative preference shares of Rs 100 each and 89,18,121
No. of equity shares of Rs 10 each as follows:

- (i) 31,000-11% preference shares of 12,51,213 No. of Equity shares of
Rs 10 each to members of ACCI in proportion of 1 Pref.: 1 Pref. and 2
equity: 7 equity respectively,

- (ii) 59,86,908 No. of equity shares of Rs 10 each to members of CAFI
in the proportion 4:5, fractional entitlement being sold and
distributed at pro rata basis, and

- (iii) 16,80,000 No. of equity shares of Rs 10 each to members of CDC
in the proportion of 7:10.

- At the option of the holder of any debentures, 20% of the face value
of each debenture i.e. Rs. 100 out of Rs 500 held by him is convertible
into six equity shares of Rs 10 each of the Company at a premium of Rs
62/3 per shares on 1st October.

- If the Company makes a bonus issue of equity shares before 30th June,
the entitlement to equity shares of the debentureholder shall stand
augmented in the same proportion in which augmentation took place in
the issued equity shares capital of the Company consequent upon the
bonus issue.

- Debentureholders not exercising the option will be paid Rs 100 per
debenture on 1st October, and the balance Rs 400 in 5 annual
instalments of Rs 80 each on 30th September commencing from 1983
together with the interest accrued thereon.

- 29,68,824 No. of equity shares of Rs 10 each were issued at a prem.
of Rs 5 2/3 per share in conversion of debentures and were allotted on


- The Company issued 15% non-convertible debenture of Rs 100 each for
Rs 1,500 lakhs as rights to meet the requirements of working capital
and also the normal capital expenditure.


- The turbo generator for the captive power plant at Panki was
commissioned on 16th July. The project for the primary reformer
catalyst at Panki was commissioned in September.

- A letter of intent was received for the manufacture of 3 tonnes per
annum of uinapyramine salts.

- Industrial licences were received for expanding the paint
manufacturing capacity at Rishra and for the Quinapyramine salts

- The name of the Company was changed from Indian Explosives Ltd., to
IEL Ltd. Effective from 25th May, 1989, the name was again changed to
ICI India Ltd.


- A modified letter of intent was received for the manufacture of
certain new drug items and for production of membrane cells for use in
caustic chlorine manufacture. Another application was made for
installation of an additional 450 tonnes per day ammonia stream with
matching urea capacity of the Panki factory. This project was proposed
to be set up based on the lattest energy efficient technology of ICI
plc. U.K.

- Pref. shares redeemed on 31.7.1986.


- The letter of intent for expanding polyester staple capacity to
30,000 tonnes per annum was converted into an industrial licence.


- New products such as Maxilite gloss and emulsion and a masonry paint
were added to the existing range. Dulux colour centres were set up at
major centres to provide advice in areas of home decoration.

- The Company awaited Government clearance for production of membrane
cells and coating of electrodes for use in caustic chlorine
manufacture. Approvals were awaited for polyurethanes, toner resins
projects and the fourth ammonia - urea stream project at Panki. The
Company also proposed to apply for letters of intent seeking investment
opportunities in other speciality and effects chemicals.


- The Company introduced in the market new coil coating paint.

- The foreign collaboration application for the manufacture of Accinox
ZC, a rubber chemical was approved by Government. Application was made
for a Letter of Intent for the manufacture of Methyl methacrylate and
the related Polymers, dispersions and sheets, Government approval was
also sought for introducing in India the latest generation synthetic
pyrethroid, lambdacyhalothrin, with the existing licensed capacity for
cypermetrin. Approval from Government was received for production of
FM-21 membrane cells and coating of electrodes.


- MRTP approval was received for the manufacture of high quality, high
yielding hybrid seeds for cereals and oil seeds.


- The antiozonant 'Accinox Zc' plant at Rishra commissioned. A letter
of intent for methane diphenyl di-isocyanate was received.


- With a view to reinforce a competitive edge, the range of bulk
products was extended by the introduction of 'Poweran' series.

- Never decorative and refinish paints were launched thereby improving
the operating efficiencies.

- High quality hybrid seeds of sunflower and maize were launched.

- A Memorandum of Understanding was entered into between the Company
and Nalco Chemicals Company, U.S.A. (Nalco) for the manufacture of
speciality chemicals and industrial application.

- The Company and Nalco would each subscribe for upto a maximum of 40%
in the equity capital of the joint venture company and the remaining
shares accounting for 20% of the total equity would be offered either
to Indian public and/or to financial institutions, depending upon the
final scheme of finance to be approved by Govt.

- The Company made an application for a letter of intent for the
manufacture of 12,000 tonnes per annum of speciality chemicals. The
new Company's factory was proposed to be set up at the Rishra, West


- New products in the growing segment of decorative paints were
introduced. The introduction of 'Dulux', 'Maxilite' and 'Cobra' brands
increased the growth in paints volume.

- The Company introduced 'Tenoclor' - a fixed dose cardiovascular
combination with diuretic in 1994-95.


- Agrochemicals were transferred to a joint venture with Zeneca plc
U.K. to ensure a strong market position through continued introduction
of new products and technologies.

- The Company was progressively replacing Nitroglycerine based packaged
explosives with emulsion and for the purpose a new small diameter
emulsion manufacturing facility was commissioned at Gomia. Formation
of joint venture for initiating explosives with the Emign Bickford
Company USA was being implemented.

- The launch of international ICI brands 'Weathershield' and 'Duette'
added strength to the production fortfolio.


- A Joint venture with The Ensign Bickford Company, USA initiating
Explosives Systems India Ltd. was formed.

- A new paints plant at Thane was commissioned in December.


- The new state-of-the-art 20 million litres per annum automotive
refinish and decorative paint manufacturing facility was commissioned
in March 1998 at Mohali near Chandigarh.

- New products like Lignocaine Buprenorphine, Neostignine, Maxigard and
ICIDIL were launched.

- Imperial Chemical Industries plc., U.K. the holding Company, holds
2,07,76,213 No. of equity shares of the Company.


- ICI (India) Limited is set to form a joint venture company with
Herberts of Germany for manufacturing and marketing automotive paints
in India and the Asia Pacific regions. The two companies have already
entered into a technical tie-up for manufacturing and marketing
automotive coating in India and Asia.

- ICI India, a subsidiary of Imperial Chemical Industries Plc of UK,
signed a joint venture with Gujarat State Fertilisers and Chemicals
(GSFC) to market acrylics products of GSFC.

- ICI India Ltd. a partly owned subsidiary of ICI plc of the UK, has
acquired the nitrocellulose business of Asha Nitrochem Industries Ltd.
at Valsad in Gujarat.

- ICI which has set up new paint factories at Thane, and Mohali in
Maharashtra is slated to commission another plant at Chennai.

- An agreement has been entered into with Zeneca Ltd. of UK for the
sale of ICI India's 49 per cent shareholding in Zeneca ICI
Agrochemicals Ltd.

- The company has also entered into an agreement with Nalco Chemicals,
USA, for the sale of its 40 per cent shareholding Nalco Chemicals India


- Initiating Explosive Systems India Ltd, ICI India's joint venture
with The Ensign Bickford Company (EBCo) of the US, is all set to
introduce the EXEL, Handide range of detonators in the country.

- The company has signed an agreement with Orica Investment Pvt. Ltd.,
Australia, a subsidiary of Orica Ltd for transfer of its explosives
business, including its shareholding in the share capital of IES India
Ltd., to Indian Explosive Ltd., a joint venture to be established with
orica Ltd. The company will hold 51 per cent of the issued share
capital of Indian Explosives Ltd. and the balance 49 per cent will be
held by Orica Ltd.


- ICI India Ltd, subsidiary of ICI Plc of the UK, has embarked on a
restructuring drive to focus on specialty products and paints to align
businesses in line with the global parent.

- ICI India Ltd, a subsidiary of British multinational ICI Plc, is open
to acquisitions of brands and companies that synergise with its core
competency and portfolio.

- ICI India is exiting from the polyurethane business by selling off
the business to Huntsman Corporation of US. The Company is also hiving
off its motor and industry paint business into a 50:50 joint venture
with Berger Paints.


- ICI India is set to enter the flavours & fragrances business, and has
commissioned an in-house study of the market.

- ICI India Ltd has decided to redesignate the following Wholetime
Directors with effect from April 01, 2002. 1. Mr R L Jain whose current
designation is Wholetime Director and Chief Operating Officer will be
designated Wholetime Director and Chief Executive Officer, Paints. 2.
Mr M R Rajaram whose current designation is Wholetime Director will be
designated Whole Director and Chief Financial Officer.

-ICI India transfers pharmaceuticals business to Nicholas Piramal.

-ICI India Ltd has informed BSE that Mr Suresh Chandra, a nominee of the Government of India, has resigned and ceased to be a Director of the Company w e f July 05, 2002.

-Sudhir Krishna appointed as Director of ICI India.


-ICI India announces change in the management
1. Mr Ashok Ganguly, Chairman has decided to retire
2. Mr Aditya Narayan, MD has decided to resign
3. Mr Rajiv Jain has been appointed as MD along with current role as CEO.

-ICI India has reported a 34% growth in the net profit at Rs. 107.7cr.

-ICI India has entered into an agreement with Orica Investment Pvt Ltd of Australia
for the sale of its 51% holding in Indian Explosive ltd for a consideration of Rs.666.4 miilion


-ICI India to seek members Approval to divest Nitrocellulose and Trading Businesses through Postal Ballot

-ICI India Ltd has informed that Mr Sudhir Krishna, a nominee of the Government of India, has ceased to be a Director of the company wef January 21, 2004.

-ICI Paints introduces Supergloss 5-in1, a unique enamel paint for wood and metal surfaces.

-Nitrocellulose and Trading business transferred to Nitrex Chemicals India Pvt. Ltd.

-Unveils new acrylic latex based paints Dulux Weathershield Max and Tileshield for exterior walls and roof tiles respectively in the Kerala market


-ICI India, paint division, launched its Dulux ColourFutures 2006, new range of shades based of annual forecast of international colour trends, in the city on March 18.

-ICI Paints has launched Inspira, 4-wall finish super premium paint, in the Kerala market.


-ICI India Ltd has informed that the registered office of the Company has been shifted from Chowringhee Road, Kolkata to Middleton Street, Kolkata with effect from January 08, 2007.

- ICI India Ltd has appointed Mr. Sandeep Batra as a Whole-time Director of the Company with effect from April 01, 2007.


-ICI India Ltd has appointed.Mr. A J Britt has been appointed as a Director of the Company w.e.f. May 12, 2008.


- ICI India Ltd has appointed Mr. Nihal Kaviratne as an Additional Director of the Company w.e.f. March 30, 2009.

- ICI India Ltd, the domestic subsidiary of AkzoNobel's decorative paints business, has announced the appointment of Mr Amit Jain as its Managing Director (MD). Mr Jain, who will be relieving Mr Rajiv Jain from this position, was earlier with MTV Networks, Coca-Cola and Viacom-18.
Oct 20, 12:00 am
Oct 20, 4:15 pm
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