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Ashok Leyland Ltd. Company History and Annual Growth Details

1948

- The Company was Incorporated on 7th September, at Chennai. The
Company Manufacture Comet chassis and Leyland 'Tiger' and 'Titan'
chassis and Leyland diesel engines.

1951

- In July, 1,00,000 'B' Right Equity shares and in December, 1,00,000
'A' and 1,00,000 'B' equity shares offered. 133571 'A' equity shares
subscribed for out of 1948 issued and July 1951 right issue; 22159 'B'
shares subscribed for out of December 1951 rights issue.

1952-55

- Further 6321 'A' equity and 948 'B' equity shares of 1951 issue
subscribed. All converted into Rs 5 face value.

1955


- The name of the Company was changed from Ashok Motors Ltd., to Ashok
Leyland Ltd. in July. Ashok Leyland Motors Ltd., are the associates of
the Company.

1956

- In June, 4 lakh shares allotted to Leyland motors. In Nov. 11 lakh
share issued at par 15,03,456 shares as rights in prop. 19:40 &
5,96,544 shares to Leyland motors to maintain their holding at 40%.

1957

- 9,88,688 issued at par to public in August 1957. 11,312 shares
reserved for allotment to Leyland motors to hold their level below 49%.

1959

- In May, 25 lakh right shares offered at par in prop. 5:8 of this
Leyland Motors were eligible for 12.25 lakh shares.

1960-63


- In December 34.45 lakh equity shares issued at par. 6.63 lakh shares
as rights in prop. 1:5 and 27.82 lakh shares to Leyland Motors to keep
their holding between 60%.

1963

- In October 11.05 lakh shares issued out of which 6,62,777 shares
offered at par to Leyland Motors to be allotted from time to time. The
balance offered as rights to other members in prop. 1:9.

1965


- In May, 44,18,984 shares issued at par of which 26,51,110 shares
offered to Leyland Motors against plant and machinery supplied by them.
The balance offered as rights to other members in prop. 2:5.

1975

- 31,15,404 bonus shares issued in prop. 1:15.

1978

- 93,46,217 bonus shares issued in prop. 1:2.

1979

- In February, the Company made a public issue of 49,61,349 No. of
equity shares of Rs 5 each at a premium of Rs 3 per share.

- 4961349 shares issued (prem. Rs 3 per shares) 2,48,049 shares
reserved and allotted on a firm basis to employees and business
associates of the company and 47,13,300 shares for public subscription
during February 1979.

1980

- In collaboration with Leyland Vehicles, Ltd., the Company embarked on
a programme of manufacture of integral buses. The R&D division was also
engaged in developing a new vehicle prime mover with turbocharged
engine which in operation with a Tandem-Axle trailer, would enable a
GTW of 26T.

- The Company also developed a longer integral bus with larger seating
capacity. A technical collaboration agreement was entered into for the
manufacture of synchromesh transmissions to the designs of
Azhnradfabrik Friedrichschafen AG of West Germany.

1981

- Shares of Rs 5 each consolidated on 7.12.1981.

1982

- Prototypes of a 36' long integral bus and articulated bus for city
applications were built.

1983

- The Company entered into an agreement for a joint venture in Sri
Lanka for the assembly and progressive manufacture of Ashok-Leyland
vehicles.

- ACL proposed to create facilities for body building and assembly of
panels for front-end structures for truck and business in order to
cater to the requirements.

- The Company entered into a technical collaboration with Hino Motor,
Ltd., Japan for their 'W' series engines.

- Land-Rover Leyland International Holdings, Ltd., ceased to be a
holding company of the Company from 1st November.

1984

- During April-May, the Company offered the following convertible and
non-convertible redeemable debentures, all of the face value of Rs 100
each, for cash at par to the resident Indian equity shareholders on a
rights basis for an aggregate nominal value of Rs 32.60 crores; (a)
8,15,000 - 13.5% Series III-A secured convertible. (b) 16,30,000 -
13.5% Series III-B Secured Convertible. (c) 8,15,000 - 15% Series
III-C Secured non-convertible with options of cumulative and
non-cumulative schemes for payment of interest.

- The basis of offer was one block of debentures for every 10 equity
shares and every shareholders holding less than 10 equity shares was
entitled to receive a minimum of one block of debenture. One block of
debenture comprises the following:

- One III-A Series debentures of Rs 100 each; Two III-B Series
debentures of Rs 100 each and One III-C Series debentures of Rs. 100
each.

- The Company has an obligation to convert Rs 36 per debenture out of
Rs 100 as follows: (a) In the case of III-A Series debentures, two
equity shares of Rs 10 each at a premium of Rs 8 per share to be
allotted on 1.11.1984. (b) In the case of III-B Series debentures, two
equity shares to Rs 10 each a premium of Rs 8 per share to be allotted
on 1.1.1986.

1986

- DGTD registration for the manufacture of metal cutting and grinding
machines at the Hosur and Alwar plants was obtained.

- A prototype of a rear engine bus chasis according to the
specifications laid down by special working group for use in State
Transport Undertakings was acknowledged by the latter during the year.

- The Company issued 10,00,000 - 13.5% secured non-convertible
debentures - series IV, redeemable at 5% premium on 14th March, 1993.

1987

- The 'Intermediate' vehicle with 4-cylinder HINO engine was introduced
in the market under the brand name 'CHITAL'. A test track for
endurance testing of vehicles was also commissioned.

1989

- The Company introduced Normal Control (bonnetted) vehicle. With
access to superior IVECO technology, the Company was evaluating various
contemporary product options that were relevant to the requirements of
Indian road transport industry.

- During July-August, the Company, offered 26,04,233 - 12.5%
convertible debentures (Series V) of Rs 150 each to Indian resident
shareholders as Rights in the proportion 1 debenture : 5 equity shares
held. (all were taken up). Additional 3,88,226 debentures were
allotted to retain oversubscription.

- Another 1,30,212 - 12.5% debentures were also issued to employees of
the Company (only 38,100 debentures were taken up). The unsubscribed
portion of 92,112 debentures was allowed to lapse.

- Rs 70 of the face value of each debenture was compulsorily converted
into two equity shares of Rs 10 each at a premium of Rs 25 per share on
1.1.90.

- Rs 80 of the face value of each debenture was to be redeemed at par
in five equal annual instalments at the end of 5th, 6th, 7th, 8th and
9th years from the date of allotment of debentures.

- 60,61,118 shares allotted (prem. Rs 25 per share) on conversion of V
series debs. on 1.1.90. 38,91,858 shares were allotted to NRIs (prem.
Rs 25 per shae) to maintain their percentage of shareholding in the
company.

1990


- A 25 tonnes three axled 6 x 6 articulated clump trunk was developed.

- Effective from 1st March, Ductron was merged with the Company. As
per the scheme of amalgamation, the shareholders of Ductron Castings
were allotted without payment in cash, one equity share of Ashok
Leyland, Ltd. for every 3 equity share held by them in the erstwhile
Ductron Castings Ltd. Accordingly 1,53,333 equity shares were
allotted.

1991

- The Company offered 96,16,226 - 14% secured redeemable partly
convertible debentures (Series VIII) of Rs 200 each aggregating Rs
192.32 crores to the existing equity shareholders in the proportion of
1 debenture for every 2 equity shares held.

- Another 4,80,812 - 14% partly convertible debenture of Rs 200 each
were offered to the employees (including working directors) on
equitable basis. Additional 14,42,429 debentures to the equity
shareholders and additional 72,121 debentures to the employees were
allotted to retain oversubscription.

- The non-convertible portion of Rs 100 of each debenture would be
redeemed at par in three annual instalments of Rs 35, Rs 35 and Rs 30
at the end of the 7th, 8th and 9th years respectively from the date of
allotment of the debentures.

- Simultaneously with the offer of 14% partly convertible debentures,
the Company offered 128,78,436 equity shares of Rs 10 each at a premium
of Rs 40 per share to non-resident shareholders in the proportion of
1:1, in order to maintain their existing percentage of shareholding in
the Company.

- Ductron Castings, Ltd., had become sick under the provisions of the
Sick Industrial Companies (Sp. Provisions) Act 1985.

1992

- 116,11,585 No. of Equity shares allotted (prem. Rs 40 per share) on
part conversion of VIII series debs. on 11.5.92. Another 73,96,687
shares allotted to NRIs on 11.5.92.

1993

- A 6 x 2 truck model was launched during the year.

- With a view to increasing the shareholding of the collaborators LRLIH
Ltd. to 51%, the Company allotted 171,00,000 No. of equity shares of Rs
10 each at a premium of Rs 40 per share on 29th September.

1994

- The Company issued 10,771,908 GDRs at an issue price of US $ 12.79
per GDR for a total value of US $137.773 millions. Each GDR represents
3 equity shares of Rs 10 each.

- 32,315,724 shares issued through GDRs.

- The Company entered into a technical collaboration with Hino Motor,
Ltd., Japan for ther 'W' series engines.

1998

- As at 31st March, the Company held 14,26,854 No. of Equity shares of
Rs 10 each of Ennore Foundries, Ltd.

- As on 31st March, sums of Rs 174.65 crores and Rs 50.72 crores were
outstanding against term loans from financial institutions and banks
respectively.

- Ashok Leyland has introduced 'The Panther', a low floor bus which has
been indigenously designed to cater to the needs of the common masses
and is based on the parameters set by the Central Institute of Road
Transport and the Association of State Road Transport Undertakings.

- Ashok Leyland Ltd., the commercial vehicles major, has entered into
an agreement with the leading US-based management consultant, A T
Kearney, to kick-start the process re-engineering work in the company's
various production units.

- Ashok Leyland Limited is developing a new range of low floor chassis
in the passenger vehicle sector for more convenient urban
transportation.

- Ashok Leyland Ltd (ALL) is introducing its latest hi-tech product,
Panther into the Delhi Transport Corporation's (DTC) fleet.

- The ministry of defence's vehicle factory in Jabalpur has signed
manufacturing agreements with Ashok Leyland and Tata Electric and
Locomotives Company (Telco) recently.

- The commercial vehicle industry suffered severely due to the
unprecedented slow down of the Indian economy.

1999

- The company would enter into an alliance with dealers of tractor on a
temporary basis. The company was talking to tractor manufacturers
including Mahindra & Mahindra, Eicher, TAFE, and Punjab Tractors in
this connection.

- Hinduja group flagship company Ashok Leyland recently signed a
memorandum of understanding with the Punjab government to set up a
driving training institute at Rajpura in Punjab.

2000

- The Company launched of two interactive Internet initiatives, one for
domestic parts operations and the other for exports.

- Ashok Leyland has announced a voluntary retirement scheme for its
'unionised staff'.

- The Company has will hive-off its engines division to a joint venture
with Iveco, which is a subsidiary of Fiat of Italy.

- ALIT Inc, a 100 per cent subsidiary of Ashok Leyland Information
Technology Ltd, has signed a contract to provide software services to a
top Fortune-listed company.

- Ashok Leyland Ltd (ALL) and Maruti Udyog Ltd have been selcted for
the IRTE National Award, in recognition of their efforts towards
promoting the cause of road safety, traffic managemen and environment
protection.

2001

- Commercial vehicles manufacturers Ashok Leyland Ltd, Sundaram
Industries Ltd. and Irizar of Spain have formed a joint venture
company - Irizar TVS Ltd for bus body building. The JV company has
been set up with a paid-up capital of Rs 75 lakhs with equal
contribution from the three partners.

- Ashok Leyland's Ennore unit has received ISO 14001 certification for
its environment management system from Indian Registrar Quality
Systems.

- The Company has crossed its first milestone in setting up an
environmental management system with its Ennore plant obtaining the
ISO-14001 certification from the Indian Register Quality Systems.

- The hinduja group flagship Ashok Leyland has chosen Compaq as the
most preferred vendor in building an end-to-end IT infrastructure
covering all operations of the company.

- Ashok Leyland, a flagship company of Hinduja group, has withdrawn
from the race for wresting control of oil marketing PSU IBP.

- Ashok Leyland Ltd (ALL), the second largest commercial vehicle
manufacturer, has unveiled two more variants of its existing models -
the self loading truck and the gullwing container - in a bid to boost
its sales.

- Ashok Leyland Ltd (ALL) has reported a 3 per cent increase in net
sales to Rs 637.46 crore for the second quarter ended September 2001.

- Ashok Leyland, which is half way through its borrowing programme for
this year, proposes to raise Rs 100 crore by December. So far this
year, the company has raised Rs 95 crore.

- Ashok Leyland. According to corporate circles, about 15 companies
have recognised the need for rewarding non-executive directors by way
of commission.

2002

- Ashok Leyland Ltd has informed that Mr G Boschetti ceased to be a
Director on our Board. Mr Marc Petit also ceased to be an Alternate
Director to Mr G Boschetti.Mr R Sorce has been appointed as a Director
in the place of Mr G Boschetti.

-R Seshasayee reappointed as Managing Director of Ashok Leyland.

- Ashok Leyland forms an 'automotive electronics group' within its Product Development Division, to explore technologies for developing Euro-3 and Euro-4 compliant engines.

-Ashok Leyland Ltd has informed that the Board approved:1. Mr S R Krishnaswamy, Executive Director, LIC has been appointed as Nominee Director of LIC in the place of Mr P A Balasubramanian.2. Mr Matta Luigi of IVECO Spa, Italy has been appointed as an alternate Director to Mr R Sorce.

-Ashok Leyland Ltd has informed that the following changes have taken place in the composition of the BOD w.e.f. October 25, 2002: 1) Mr. R Sorce has ceased to be Director of the company. 2) Mr. Marco Bianchi has been appointed as a Director. 3) Mr. Matta Luigi who was hitherto Alternate Director to Mr. R Sorce has been appointed as Alternate Director to Mr. Marco Bianchi. 4) Mr. B D Punjabi who was hitherto Alternate Director to Mr. A K Das has been appointed as Alternate Director to Mr. F Sahami. 5) Mr. I N Chatterjee has been appointed as an Alternate Director to Mr. A K Das.

2003

-Leyland has reported a 70% increase in its sales.

-Ashok Leyland set to increase 'Hino' engine platform through in-house product
development, to deliver higher horsepower in tune with improving road infrastructure.

-Ashok Leyland Ltd has supplied 25 buses to Afghanistan Which is a part of
Indian Government's Assistance to the war-ravaged Afghanistan.

-Mr.Arun Pande has been appointed as Executive Director - Marketing.

-Leyland bagged $46 million truck supply contract from the United Nations.

-Ashok Leyland launhes fuel-efficient Hino H series engine

-D G Hinduja has elected as Vice Chairman.

2004

-Arun Pande resigns from Ashok Leyland

-Ashok Leyland unveils new range of buses and trucks in a bid

-launches Ecomet, a light commercial vehicle, in the Andhra Pradesh market

-Ashok Leyland's Hosur unit bags CII's awards in safety, health and environment

-Ashok Leyland Ltd (ALL) and Indian Oil Corporation (IOC) have joined hands to offer freight management services across the country

- Ashok Leyland Ltd signs a collaboration agreement with ZF of Germany for local manufacturing of ZF's 9-speed synchromesh gearbox.

-Wipro Infotech has signed up with Ashok Leyland for strategic cost reduction

-Partners with IIT-B to train employees

-ALL unveils Funbus for underprivileged kids

- Ashok Leyland Limited chooses product suite of MatrixOne India, subsidiary of Scandent Solutions Corporation Ltd, to provide an end-to-end PLM (Product Lifecycle Management) solution for the company.

-Ashok Leyland Ltd receives BS7799 certification for information security management system

2005

-Ashok Leyland rolls out 'H' series multi-axle vehicle

-Gulf Oil, Ashok Leyland unveils co-branded oils

2006

-Ashok Leyland gets ISO/TS 16949 corporate certification

- Ashok Leyland has unveiled its 20-ft extra loading vehicle Comet 1611

-Ashok Leyland forges alliance with French firm

2007

-Ashok Leyland, on June 22, has named Rajive Saharia as the new executive director-marketing of the company.

- Ashok Leyland, Siemens VDO signs agreement to set up joint venture.

-Ashok Leyland Ltd has signed a Heads of Agreement with Nissan Motor Co. Ltd, Japan for development, manufacture and marketing of LCV products.

2008

-Ashok Leyland to introduce concept bus at Auto Expo

-Ashok Leyland produces new CNG engine for buses

-Ashok Leyland buys stake in group co in Germany

-Ashok Leyland entered into a joint venture with John Deere

2009

-Ashok Leyland receives Rs 480-cr DTC order

-Ashok Leyland to open four new outlets in Punjab

2010

- Ashok Leyland, the flagship company of Hinduja group, unveiled the country's first electric plug-in CNG hybrid bus, HYBUS, at the Delhi auto show.
 
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