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Ballarpur Industries Ltd. Company History and Annual Growth Details

1945

- The Company was incorporated on 26th April, at Nagpur. It
Manufactures all kinds of paper and allied products, Vanaspati,
Chemicals, Tin Containers and soaps. The Company uses the trade names,
'Three Aces' for paper and 'Wisdom' for stationery.

1975

- Effective from 1st October, the name of the company was changed from
the Ballarpur Paper & Straw Board Mills, Ltd., to Ballarpur Industries
Ltd.

- The caustic soda/chlorine plant was commissioned on 30th May.
Industrial licence was received for increasing the capacity of the
caustic soda/chlorine plant from 100 to 150 tonnes per day.

- 61,48,131.5 bonus equity shares were issued in prop. 1:1.

1977

- A letter of intent was received for establishing plants at Singach
salt works for the recovery per annum 250 tonnes of bromine/bromides,
3,000 tonnes of potassium schoenite, 1000 tonnes of potassium chloride
and 2,200 tonnes of magnesium sulphate. The plant was commissioned in
June 1983.

1978

- The Bilt Middle East (Private) Ltd. Dubai, was incorporated on 10th
March, as a joint venture in Dubai in colloboration with a prominent
organisation in the United Arab Emirates (UAE). The activities of this
company are trading in goods imported from India and elsewhere and
promotion of industries in the UAE.

- A joint venture company under the name and style of Ballarpur Palm
Oil Sdn. Bhd. was incorporated in Malaysia a palm oil refining unit for
setting up of a physical refining capacity of 200 MT per day and a
fractionation capacity of 200 MT per day of palm oil at a total cost of
M $14 million. The company was to provide technical and managerial
know-how for the project.

1979

- The Company received a sum of Rs 1.05 crores on account of technical
know-how and engineering service.

1980

- The Phosphoric Acid and Sodium Tripolyphosphate plants were
commissioned on 24th April.

- The Company's proposal to establish a hydro-electric station at
Dandeli with an installed capacity of about 60 MW was approved by
Karnataka Government and a No Objection Certificate was also received
from Karnataka State Electricity Board.

- A sum of Rs 35 lakhs was received on account of technical know-how
and engineering services which was converted into equity in this joint
venture.

- At the end of the year the Company had 4,70,387 fully paid shares of
Baht 100 each in this joint venture equivalent to about Rs 1.88 crores.

1981

- The ship renamed m.v. Thapar 'Kalinadi' was used for trapping
international trading.

- A sum of Rs 5,17,031 became due to the Company by way of technical
and management fees.

- 3,25,813 No. of equity shares issued as rights (prem. Rs 11.50 per
share; prop. 1:5) to shareholders other than Thapar Group financial
Institutions, Insurance Companies, banks and bodies corporate. 40,000
No. of equity shares issued (prem. Rs 11.50 per share) to Company's
employees. 3,64,187 No. of equity shares along with 45,081 shares not
taken by the above categories offered (prem. of Rs 11.50 per share) to
the public in January/February 1981. After June, 9,50,000 shares
allotted to financial institutions on conversion of loans (prem. Rs 10
per share). 4,090 No. of equity shares forfeited.

1982

- The Company challenged the revised rates in the High Court of Mumbai
and received the directions from the court to pay royalty at the rate
prescribed earlier.

- The Company submitted an application to the Government of Maharashtra
for allotment of land near Ballarpur for captive plantations of fast
growing pulpable hardwoods.

- The Company introduced 100% pure refined corn oil under the brand
name 'Cornola'.

- The Company undertook to set up a glass container unit in Kaduna,
Nigeria. A joint venture company under the name of Ballarpur Glass
(Nigeria), Ltd. was incorporated in Nigeria.

1983

- A scheme for full scale modernisation and renovation of the paper
mills at Ballarpur and Yamunanagar was taken in hand.

- The Company proposed to invest a sum of Rs 2,73,12,500 in a joint
venture Company in the Seychelles for building a resort hotel on Mahe
Island.

1984

- It was proposed to amalgamate Andhra Pradesh Rayons, Ltd. (APRL) with
the Company with effect from 1st July.

1985

- An iodised salt plant with a capacity of 15,000 tonnes per annum was
installed and commissioned.

1986

- A 12.5 MW turbo generator and a new chipper capable of handling fresh
bamboo were commissioned.

- A radial well for regular water supply and a 18 MW turbo-generator
(at the Shree Gopal Unit) were commissioned in March and June 1988
respectively.

- The Company commenced test marketing of refined mustard oil under the
brand name 'Do Ghora' and refined sunflower oil under the brand name
'Pushapola'.

- The Company was placed in Receivership on 6th May. The chances of
any realisation whether on capital account or other dues were reported
to be bleak.

- The joint venture company also signed an agreement with Simbian
International, a Kenyan firm of architects, experienced in the
designing and renovation of hotels and, with Bechtel Corporation, a
renowned American engineering company with substantial experience in
hotel construction, to manage the project to completion.

- The joint venture company has signed another agreement with the
Intercontinental Hotel Corporation, Washington for the management and
operation of the hotel for a period of twenty years on its completion.

- The Company entered into an agreement with the Andhra Pradesh
Industrial Development Corporation for setting up in the joint sector,
a Rs 32 crores rayon grade pulp unit in the Warangal district of Andhra
Pradesh, with an installed capacity of 26,250 tonnes per annum.

1987

- The paper division was adversely affected due to closure of the
Ballarpur unit for about 37 days owing to labour problems.

1988

- The Company launched 'Executive Bond', a new brand of writing paper.

- The company introduced a 1Kg. pouch pack under the brand name of
'Gopal'.

- KDB Industries Ltd. (KDB) was amalgamated with the Company with
effect from 1st July, as the High Court of Mumbai gave its approval.
As per the scheme one equity share Rs 10/- each of BILT was to be
allotted for every five equity shares of Rs 10/- each held in KDB.

1989

- J G Glass Ltd., was amalgamated with the company.

- It was proposed to instal one DG set of 11 KW at Karwar unit.

- Necessary approvals were obtained, to amalgamate Bengal Ingot Co.
Ltd. (BIC) with effect from 1st April. As per the scheme, one equity
share of Rs 10/- each of Ballarpur Industries Ltd. (BILT) was to be
allotted for every sixty four equity shares of Rs 10/- each held in
BIC.

- BCR, Ltd. was also amalgamated with BILT with effect from 1st April.
As per the scheme, one equity shares of Rs 10/- each of BILT was to be
allotted for every twenty equity shares of Rs 10/- each held in BCR,
Ltd.

- Necessary approvals were obtained, to amalgamate Jg. Glass Ltd.
(Jg), a subsidiary of the Company. As per the scheme, one equity share
of Rs 10/- each of BILT was to be allotted for every twenty equity
shares of Rs 10/- each held in Jg. Accordingly 1,45,116 shares were
allotted. Further a bonus issue of 72,558 shares were made.

- In August, 69,88,132 bonus shares issued in prop. 1:1.

1990

- A pulp mill with a capacity of 250 TPD, incorporating
chlorine-di-oxide bleaching was commissioned. A new pupl mill was
proposed to be set up at the Shree Gopal Unit.

- Production and sales in term of volume declined as one of the units
was partly shut down for a major re-build as a part of a modernisation
programme.

- With a view to entering the packaging paper segment, the Company set
up a project at Ashti, Gadchiroli, Maharashtra for the manufacture of
35,000 tonnes per annum of extensive sack kraft.

- English Indian Clays Ltd., Janpath Investments & Holding Ltd., Jg
Moulds Ltd., A G Glass Ltd., Krebs & Cie (India) Ltd., & Toscana Shoes
Ltd., are subsidiaries of the company.

- A new detergent plant with an installed capacity of 30 TPA was
commissioned at Karwar, as a part of the Company's export drive.

- The Mysore State Industrial Investment & Development Corporation
decided to set up a caustic soda plant of 100 tonnes per day capacity
and a fully state owned Company under the name and style of Canara
Fertilisers & Chemicals, Ltd., was incorporated for this purpose.

- The Company undertook to set up a new facility with a capacity of 225
TPD for manufacture of ultra light glass bottles at Pondicherry in
South.

- A letter of intent was received for manufacture of a wide range of
nitroaromatics and their derivatives. Technology sources have been
held up for the said project.

- During January, the Company offered 15,00,000-14% secured redeemable
non-convertible debentures of Rs 100/- each on rights basis to the then
existing shareholders in the ratio of one debenture for 10 equity
shares and one debenture for every one preference share held. The
issue was fully subscribed and the debentures were allotted on 26th
April.

- As per the terms of the issue, the debentures are redeemable in full
in five equal annual instalments of Rs 20/- each beginning at the
expiry of 5th year from the date of allotment with a provision to pay a
premium of Rs 5/- per debenture with the third instalment.

- The Scheme of Amalgamation of Sewa Papers, Ltd., with the Company
w.e.f. 1st April, approved by BIFR was effected during 1991-92. As per
the scheme of amalgamation, 1 equity shares of Rs 10 each of the
company was to be allotted for every eight shares of Rs 10 each held in
SPL.

- The Company arrived at an understanding with WIMCO, Ltd. and the
foreign collaborators, AB Akerlund and Rausing of Sweden to take over
for cash at par the entire shareholding of WIMCO Ltd. in AR Packaging
Systems, Ltd. Necessary approvals were awaited.

- The Company entered into an understanding with Modern Stramit
(India), Ltd. to take over its straw board mill at Rajahmundry in
Andhra Pradesh. Necessary approvals were being obtained.

- The Company arrived at an understanding with the State Govt. of
Orissa for the taking over of a paper unit situated at Choudwar earlier
owned by the Titagurh Paper Mills Co., Ltd.

- 32,603 No. of equity shares allotted without payment in cash to
members of KDB Industries Ltd., Bengal Ingot Co. Ltd. and BCR Ltd. upon
their merger.

1991

- Paper sacks under the brand name 'Biltpack' were launched.

- The Company's leather division undertook backward integration for
establishing a tannery as well as facilities to make full shoes soles
and lasts. All efforts were made for technical and financial
agreements with some of the top names in Europe.

- The furnaces at the Pune and Rishikesh plants were rebuilt thereby
adding an energy efficient edge to bottle manufacturing operations.

- Towards the end of the year the Company proposed to commission a
Rupee four crore project at Nanjangud near Mysore for the manufacture
of 'Spirulina' a highly nutritious health product that has excellent
prospects both in domestic and overseas markets.

- The Company undertook to set up a new factory at Palwal near Delhi to
tackle the twin problems of housing and spiralling costs of
increasingly scarce building materials. The unit is to manufacture
Aerated Autoclave Concrete (AAC), a brick substitute out of fly ash, a
pollutant waste, discharged by thermal power stations and for which no
constructive use has yet been discovered.

- The Company entered into two joint ventures, one with Chemtex (USA)
to capitalise on their expertise at plant design and detailed
engineering, and the other with SDI (USA) for computer software both on
site and offshore.

- Work was initiated for implementation of a project for the
manufacture of leather footwear for the export market. A wholly owned
subsidiary under the name of Toscana Shoes, Ltd. was incorporated.

- Pref. shares redeemed 18,17,674 No. of equity shares allotted without
payment in cash to members of Jg. Glass Ltd. and Sewa Paper Lt. upon
their merger (2,17,674 share to Jg Glass and 16,00,000 shares to Sewa
Papers).

1992

- The captive caustic soda and chlorine plants in Ballarpur &
Yamnanagar were fully assimilated leading to savings over 15%.
Production of caustic soda declined due to power cuts, water shortage
and labour unrest for 26 days in Kaiwar Unit. Rainfal affected Singach
salt works.

- The Company proposed to undertake export of industrial products and
deoiled cakes as a part of its export strategy. It proposed to
manufacture soya oil in due course, distribution network, relaunched of
corn oil and launch of sunflower oil.

- The Company disposed of its ship MV Thapar Kalinadi. The Company
took up implementation of a glass container project in technical
collaboration with Owens.

- During February, the Company offered 45,62,935-15% secured redeemable
partly convertible debentures of Rs 400 each on Rights basis in the
proportion 1 debenture: 5 equity shares held. All were taken up.
Additional 6,84,400 debentures allotted to retain oversubscription.

- Simultaneously, another 2,28,147-15% debentures were offered to
employees/workers of the company on an equitable basis (all were taken
up).

- Rs 100 of the face value of each debenture was to be converted into 1
equity share of Rs 10 each at a premium of Rs 90 per share at the end
of six months from the date of allotment of debentures.

- The remaining Rs 300 of the face value of each debenture was to be
redeemed in five annual instalments of Rs 60 each commencing at the end
of the fifth year from the date of allotment of debentures.

1993

- The Company proposed to install a new pulp mill at Shreegopal to
reduce dependence on imported pulp.

- The Company successfully launched refined sunflower oil under the
brand name 'Prime Life'.

- During April-May, the Company offered 141,52,243 rights equity shares
of Rs 10 each for cash at a premium of Rs 115 per share in the
proportion 1:2 (only 140,70,500 shares taken up). 81,743 shares were
kept in abeyance.

- Another 7,07,613 No. of equity shares of Rs 10 each for cash at a
premium of Rs 115 per share were also issued to the employees' on a
equitable basis (only 16,200 shares taken up). Unsubscribed portion
was allowed to lapse.

- Simultaneously the Company issued the following through a prospectus,
71,50,000 No. of equity shares of Rs 10 each for cash at a premium of
Rs 165 per share of which 10,00,000 shares were reserved for allotment
on a preferential basis to NRIs on repatriation basis (only 2,79,400
shares taken up). Unsubscribed portion of 7,20,600 shares were issued
to the public (all were taken up).

- Another 2,50,000-15% cumulative redeemable preference shares of Rs
100 each for cash at par with warrants attached were reserved for
allotment on a firm basis to Modern Agencies Ltd., a group company.

- Each preference share would carry 10 warrants entitling the holder
thereof to apply for 3 equity shares of Rs 10 each per warrant for cash
at a premium ofRs 140 per share at any time in one or more stages
between 3rd and 5th year from the date of allotment. These preference
shares are redeemable at par at a date not later than 5 years from the
date of allotment.

1994


- The Company introduced indigenously developed dicalcium phosphate
which received good market response. The Company proposed to set up a
plant at Khavda to produce 3000 MT of liquid bromine which was
scheduled to be commissioned in February 1996. It was also proposed to
establish a marine chemicals complex at Khavda.

- The Company issued US $35 million 4% convertible bonds due to the
international investors. The bonds are convertible into Global
depository receipts (Rs. 275 per GDR representing one equity share) the
conversion period being 1st August to 1st March 1999, to be redeemed at
par on 1st April 1999.

- 14,219 shares of Rs 10 each allotted to shareholders of amalgamating
companies 21,000 shares previously kept in abeyance issued. 22,814
shares issued on conversion of 40, 4% Euro bonds of the face value of
US $ 2,00,000 - 4,090 forfeited shares reissued/forfeiture on then
annualised. Another 48,540 shares forfeited.

1995

- The Company increased the pulp capacity from 300 TPD to 320 TPD and
further proposed to increase to 350 TPD. A new pulp mill with a
capacity of 150 TPD was being installed at unit Shree Gopal.

- The Company undertook to commission a new bromine plant with a
capacity of 3000 metric tonnes per annum as well as the Dicalcium
Phosphate plant with a view to achieving high capacity utilisation, the
company proposed to increase its captive power generation capacity.

- The Company was successful in accessing new markets in Korea, Taiwan
and it was proposed to develop in house facilities for production of
several bromine derivalues for the international market.

- The Company set up the power division to meet 100% of its
requirements. The company negotiated for awarding contract with
respect to Barsinagar Lignite Mining-cum-Power project in Rajasthan &
Khaparkheda, Thermal Power Project in Maharashtra.

- 197 foreign currency convertible Bonds were converted into GDRs
equitable to 1,12,360 shares which were allotted to the Depository i.e.
Citibank N.A., New York.

- The Company placed 37.5 lakhs Redeemable Non-Convertible Cumulative
Preference shares of Rs 100 each, bearing a Dividend at the rate of
13%. These shares are redeemable on 18 months from the date of
allotment.

1996

- The Company proposed to set up a plant at Visakhapatnam in Andhra
Pradesh for the manufacture of 10,000 TPA of Aniline alongwith
mononitro benzene, sulphuric acid and hydrogen for captive consumption.

- Technical collaborations were also approved for manufacture of
Aniline with Rhone Poulenc of France, for Nitrobenzene with J.
Meissner of West Germany and for basic engineering and pollution
control equipment with Specichim of France.

- The Company proposed to hive off the spirulina business at Nanjangud
to a separate company 'Reitzel India Ltd.'.

- The Company undertook to set up a kenaf - based pulp project in
Thailand with technical know-how from the Company. The capacity to be
installed was 70,000 tonnes per annum.

- Out of the total equity share capital of Baht 400 million, the
Company's share was to be 29.37% or Baht 117.50 million (Rs. 4.70
crores) which was to be contributed by export of machinery and
equipment worth Baht 82.50 million and by capitalisation of technical
and engineering fees amounting to Baht 35 million.

1997

- 100,000,000 No. of equity shares of Rs 10 each issued (prem. Rs 80
per share) and 39,63,500 redeemable pref. shares issued to Murjah
Trading and Industrial Co. Ltd. Soudi Arabia.

- The company lacked the necessary technology and was dependent upon
its collaborators.

- Thapar Power Group, an arm of the leading Ballarpur Industries, which
entered into an agreement five year ago with the Himachal Pradesh
Government to generate electricity through its Uhl-3 hydro power
project.

- Phoenix Pulp and Paper Company (PPPC) is a joint venture between
European Overseas Development Corporation (EODC) and Ballarpur
Industries Limited (BILT) with the latter holding around 13 per cent in
PPPC.

- The company set up a bromine capacity to derive the benefits from the
brine left over after the extraction of caustic soda.

- Owens Illinois Ltd. and Ballarpur Industries Ltd. (Bilt) have settled
at a price of Rs 11.80 per share for the sale of Bilt's 49 per cent
equity stake in their joint venture Owens-Bilt Ltd.

- Ballarpur Industries which had a glass division in its fold until
1994 had hived it off in the ear to form Owens-Bilt in collaboration
with the US company.

1998

- The joint venture BILT-Owens was in the 'non-core' business of glass.

- Ballarpur Industries Ltd., (Bilt), the flagship company of the L M
Thapar Group, is all set to divest minority stake in its 100 per cent
subsidiary, The Golden Green Company.

- Bilt had set up the division in 1992 at a capital investment of Rs 47
cr to manufacture construction materials like blocks, pre-cast
reinforced slabs and wall panels.

- The AAC division is now part of the recently set up BILT Chemicals.

1999

- Ballarpur Industries Ltd. (BILT) is exploring the possibility of
collaboration with Swedish company 'Tumba Bruk' for manufacturing
papers used in paring of currency notes.

- DBIL is a 50:50 joint venture between the Delhi-based DCM Ltd. and
Benetton International NV of Netherlands (a subsidiary of Benetton
Group SpA of Italy).

- BILT has entered into technical agreements with a South Korean and a
Japanese company for manufacturing coated and lightweight coated paper.

2000

- Duff & Phelps Credit Rating India (DCR) has assinged a D1 (very high
certainty of timely payment) rating to the Rs 15 crore shortterm debt
programme of Ballarpur Industries.

- The Company will be allotting three equity shares of Rs 10 each to
the shareholders of APR for every 10 equity shares of Rs 10 each of APR
held by them.

- The Board of Ballarpur Industries is being expanded from 12 to 15.

- Mr. Narottam Sahgal has resigned from the Directorship of the company
w.e.f. 15th September.

2001

- Crisil has assigned 'AA+' (SO) (structured obligation) to the Rs
150-crore structured debt obligation issue of the company.

- The Company has signed a memorandum of understanding with Sinar MAS
India for acquiring equity stake in the company.

- The Company has appointed Mr Gautam Thapar, Managing Director, as hte
Vice-Chairman and Managing Director of the company.

- The board of directors of Ballarpur Industries Ltd (BILT) on
September 17th, accorded its in-principle approval for the acquisition
of the entire equity capital of BILT Graphic Paper Ltd (BGPL), formerly
Sinar Mas Pulp & Paper India.

- Ballarpur Industries Ltd (Bilt), is in negotiations to sell off its
stake of over 60 per cent in its Malaysian subsidiary, Jg Containers
(Malaysia) Sdn Bhd. The company is talking to its local joint venture
partner to offload the stake. Jg Containers makes glass containers.

- Ballarpur Industries Ltd (Bilt) will shortly finalise an equity
issue, which has received the board's in-principle approval.

- The Board of Directors of Ballarpur Industries Ltd has noted the
change in nomination by Unit Trust of India on the Board of Directors
of the company. Mr R K Ahooja has been nominated by UTI on the Board of
Directors of the company in place of Mr K G Vassal.

2002

-The Board of Directors of Ballarpur Industries has changed the designation of R R Vederah, a Wholetime Director, from Director & COO to Deputy Managing Director with immediate effect.

-R R Vederah designated as Deputy M D of BILT.

2003

-The board of BILT has approved the proposal to divest the investments of Janpath Investments and Holding Ltd.

-BIT announced that its Board members have approved for acquisition of 38% equity
capital of APR Packaging Ltd.

-BILT counter is recording a heavy trade in stock market and the players in the market
are keen on buying the company stock.

-The Boardhas areeded upon issuance of Global Depositary Receipts aggregating upto USD 35 million (equivalent to approx. Rs 1600 million) in the international market .

-Company's Global Depository Shares (GDS) issue of USD 35 million (each GDS representing five equity shares of Rs 10/- each) has been priced at USD 8.27 per GDS which equates to Rs 74.96 per equity share. The issue was oversubscribed.

2004

-Starlight International Holdings Ltd. acquires 10,000,000 shares of Ballarpur Industries Ltd. amounting to 6.16% of total capital of the company

-Ballarpur Industries Ltd has informed that at the meeting of Committee of Directors held on January 15, 2004 the Directors have approved allotment of 92775 equity shares of Rs 10/- each of the Company.

These shares have been allotted on the conversion of 17592 9.5% Fully Convertible Debentures (FCDs) of Rs 304/- each which were allotted by the Company on rights basis in the year 2002.

-Bilt Paper Holdings Limited (BPHL), one of the promoters of the company, has acquired 8,10,026 equity shares of Rs.10/- each of the company, constituting 0.49% of the equity capital. These shares have been acquired from M/s Greaves Leasing Finance Limited inline with the SEBI order for implementation of the Family Settlement Agreement executed between the Thapar Brothers.

-ITC Ltd.completed the process of acquiring the paperboard manufacturing facility of BILT Industrial Packaging Co Ltd. (Bipco) near Coimbatore in Tamil Nadu. The facility, renamed 'unit Kovai', will operate as part of the paperboards and specialty papers division of ITC, which has a unit at Bhadrachalam in Andhra Pradesh.
 
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