|Automotive Axles Limited was promoted as a joint venture in
1981, between the Kalyani Group and Rockwell International
Corporation, U.S.A. with the object of setting up a plant
at Hootagalli in Mysore, Karnataka, to manufacture 20,000
sets per annum of all types of complete automotive axles
and axle assemblies, including components thereof and
corresponding brake sets. Commercial production commenced
on July 1, 1984.
This delay in commencement of commercial production was due
to the following factors:
1. time taken for obtaining the approvals for products from
2. delay in obtaining clearance for import of certain
3. time taken for development of certain critical forgings
and training manpower to achieve requisite skill levels
The Plant was set up at a cost of Rs. 303 million, which
was financed through term loans of Rs. 218.3 million, an
Equity issue of Rs. 82.5 million and the balance was
financed out of Central subsidies (Rs. 1.5 million) and
deferred credit (Rs. 0.7 million). The Company entered the
capital market with an issue of 16,50,000 Equity Shares at
par in July, 1983 and the Issue was oversubscribed 8.03
-Appoints Mr Ashok Rao as President & Wholetime Director of Automotive Axles.
-ICICI Mutual Fund through its various schemes acquires 795868 shares of the company representing 5.26% of the paid up capital of the company.
-Automative Axles Ltd has informed that delisting of Companies Equity Shares from the Bangalore Stock Exchange and Pune Stock Exchange has been approved at the AGM held on January 29, 2004. The Company has further informed that Mr. Adelio Raschi has resigned as Director of the Company wef January 29, 2004.
-Automotive Axles Ltd has informed that the Company's Equity shares are delisted from Bangalore Stock Exchange w.e.f. February 19, 2004.
-Automotive Axles Ltd has appoined Mr. Larry Dowers (who was an Additional Director on Board) as the Director liable to retire by rotation at the Annual General Meeting held on January 18, 2008.