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Blue Star Ltd. Company History and Annual Growth Details

YEAR EVENTS
1949 - The Company was Incorporated on 20th January, at Mumbai. The
Company manufacture commercial refrigeration equipment including
water coolers, beverage coolers, bulk ice markets, deep freezers,
pre-fabricated walk-in-collers, packaged air-conditioners and
components for large central refrigeration and air-conditioning
plants. The Company also act as distributors for various
products.

1953 - The Companies at Calcutta, Chennai and Blue Star Industries,
Mumbai and Blue Start Industries, Mumbai became wholly owned
subsidiaries of the Company.

1969 - The subsidiaries were amalgamated with the holding company which
was then converted into a public limited company with the
present name.

- Prior to the public issue during the year, the capital comprised
of 5,000 preference shares of Rs 100 each and 3,66,000 No. of
equity shares of Rs 10 each. Out of these, 1,400 No. of equity
shares were issued without payment in cash and 1,01,000 No. of
equity shares were issued as bonus.

1970 - In November 1,14,500 Right Equity shares offered at par in the
proportion 1:4 and allotted in early 1971.

1974 - 425 Pref. Shares converted into 4,250 No. of equity shares in
October. 2,13,525 Bonus Equity shares issued in prop. 3:10 in
November 1975.

1976 - The Company had set up a joint venture in Dubai, with a local
group of engineers, for design and installation of central
air-conditioning and refrigeration systems.

1979 - 4,62,637 Bonus equity shares issued in prop. 1:2.

1980 - The Company set up a new unit at Bharuch, a backward area in
Gujarat. It was inaugurated on 8th December.

1981 - The Company issued 50,000 redeemable rights debentures of Rs 100
each at par during March/May to the resident equity shareholders
of the Company in the proportion 1 Debenture: 25 Equity. The
Debentures carry interest at the rate of 13.5% with an additional
interest of 1% per annum linked to the dividend rate. The
debentures are redeemable in two instalments of Rs 50 each in the
eighth and ninth year after the date of allotment.

1983 - The Company signed technical collaboration with York
International, U.S.A. for the manufacture of centrifugal packaged
chillers and air handling units used in central air conditioning
plants.

1984 - Expansion of the Thane plant for manufacture of centrifugal
packaged chillers as well as for the production of a new range of
walk-in-coolers and air handling units was undertaken.

1985 - The Company privately placed with UTI, LIC and GIC and its
subsidiaries 15% secured redeemable non-convertible debentures
for a total value of Rs 4 crores.

1986 - Additional plant and machinery were installed for the indigenous
manufacture of centra pack centrifugal chillers.

- Industrial licence was sought for a project to manufacture
computers, peripherals and instruments in a phased manner in
association with Hewlett-Packard, U.S.A.

- The Company had received a letter of intent for the manufacture
of Electronic Private Automatic Branch Exchange (EPABX) and a
technical collaboration agreement was signed with
Jeumont-Schneider of France. The Company also undertook to
manufacture analytical instruments in Gandhinagar.

- A new joint venture called Yokogawa Keonics Ltd., was set up with
Yokogawa Electric Corporation (KEONICS) for the manufacture of
centrum distributed control system and micro processor based
single loop instruments.

- 13,32,395 bonus equity shares issued in prop. 3:5.

1987 - A new agreement was signed with York International, U.S.A. for
manufacture of semi-hermetic reciprocating chillers in the range
of 30 TR to 230 TR at the Thane factory.

1989 - The Company introduced during the year reciprocating compressors
in collaboration with York International USA. Several new
models of packaged air-conditioners, air handling unit and water
coolers were introduced.

- The Company allotted on a private placement basis 14% redeemable
non-convertible debentures for a total value of Rs 5 crores.
These debentures were redeemable in four annual instalments
commencing from 11th June, 1992.

1990 - Several new models of split air-conditioners and a new line of
key telephone systems were introduced during the year.

1991 - Some of the new products introduced during the year were a new
tine of refrigerators, full range of room and split
air-conditioners, mini water cooler, mortuary chambers and an
improved line of compact energy-efficient packaged
air-conditioners.

- The Company commenced manufacture of absorption of chillers with
technolgy from Mitsubishi, Japan at the Thane factory. Mini
water coolers, mortuary chambers and an improved line of compact
and energy efficient packaged air conditioners, were
manufactured.

- The range of EPABX and key telephone systems manufactured at
Gandhinagar were rationalised by focussing on smaller system
which were more suited to Indian business needs.

- 35,53,054 bonus equity shares issued in prop. 1:1 and allotted in
April 1991.

1992 - 28,42,443 Rights shares issued in May 1993 (Prem. Rs 25; prop.
2:5) 9,075 Pref. shares redeemed on 15.6.1993 pursuant to
provisions of the Companies Act, 1956.

1993 - Pursuant to a resolution taken up during the year the Company
acquired the entire paid up capital in USIN International, USA,
making it a wholly owned subsidiary of the Company.

1994 - The Company entered into a joint venture in Malaysia.

- 1,00,000 No. of equity shares allotted to company's employers
under stock option scheme.

1995 - The Company proposed to set up a plant for manufacture of
state-of-the-art room, split and packaged air conditioners
ranging from ITR to 20 TR capacities in technical collaboration
with Rheem Manufacturing company, USA at Dadra.

- During September, the Company issued 35,00,000 shares at a
premium of Rs 47 per share to promoters group. 135,48,551 shares
issued as bonus in prop. 1:1.

1997 - The Company entered into technology tie-up with Kolpak, U.S.A.
for coldrooms and Climatrol, Italy for double skin airhandling
units.

- The company also has technical collaborations with Mitsubishi,
Japan; York International, US.

- The company recently entered into an agreement with
Holland-based Baan Infosystems, a major developer of enterprise
resource planning (ERP) software, for providing solutions
around Baan's products.

- Blue Star has set up an ERP division within the international
software division.

- The company has recently commissioned the state-of-the-art
plant at Dadara for producing ducted and non-ducted
airconditioning equipment in collaboration with Rheem of the
U.S. A higher growth rate is planned for international business
in central airconditioning projects. It has already entered
UAE and Malaysian markets.

- Bluestar has announced a short voluntary retirement scheme
(VRS), which will be valid till October 31, 1997.

- The air-conditioning major, Blue Star Ltd, is believed to be
exploring the possibility of pulling out of the joint venture
with Yokogawa. The joint venture is engaged in manufacturing
process control equipment.

- Blue Star has a Software Centre in Bangalore and a wholly owned
subsidiary USIN Inc in California, USA.

- Blue Star Ltd has inaugurated its new software development
centre in Bangalore. The centre is equipped to develop
software for Hewlett Packard and its customers in the US,
Europe and Asia Pacific. The company also has two software
development centres at Seepz, Mumbai for client-network
applications.

- During July, the company commissioned a facility for the
manufacture of ducted and non ducted air-conditioners in
collaboration with Rheem of USA.

1998 - The joint ventures of the company are with Yokogawa and Stork
Comprimo in India and with Arab Malaysa in Malaysia. The
business partners of the company include Mitsubishi, Electrolux,
Racal, Heatcraft, York, Hitachi, Krautakraemer, Scientific
Atlanta, Nicolet, Philips, Geho pumps, Neles Jamesbury and among
other.

- USIN International Inc., became a 100% subsidiary of the company
marketing software services.

- The company is the country's largest import house for
professional electronic equipment and represents world-renowned
manufacturers on an exclusive basis. The range covers medical
equipment, material testing machines, test and measuring
instruments, data communication systems and analytical
instruments.

- The four companies with whom the manufacturing collaborations
have been signed are York International Corporation, Climatrol of
Italy, Kolpak of the US and Bohn, also of the US.

- Blue Star is the country's largest player in the central
air-conditioning segment. The company, which has an installed
capacity of 1 lakh units at the Dadra plant, is planning to
contract manufacture components as well as finished products
for its competitors.

- Blue Star is also entering into a technical tie up with York
International Corporation of the US for screw chillers and
industrial refrigeration equipment.

- The company has set up an ancillary unit in Billimora to
manufacture ducts. Another ancillary unit has been set up at
Noida in collaboration with Waterloo Corporation, UK to
manufacture grillers and diffusers.

- Bajaj Auto Finance Ltd (BAFL), has entered into a tie-up with
Godrej GE Appliances, Korean consumer durables conglomerate LG
and air-conditioning major Blue Star to finance their consumer
durables.

- The company has entered into a manufacturing collaboration with
the US-based Kolpak, a leader in pre-fabricated PUF panels. It
has been in a tie-up with US refrigeration equipment major Bohn
since 1995.

- The company has set up special training centres at its
manufacturing unit in Thane and regional office in Chennai.

- The company has bagged its first renovation and modernisation
project for the year from NTPC, Talcher, Orrisa.

- Blue Star's brand name will change to Blue Star York from June
onwards consequent upon York International Corporation's
decision not to form an equity partnership in India and instead
to expand its 15-year-old technical tie-up with Blue Star to
cover the entire product range of the Indian air-conditioning
and refrigeration company,' Blue Star vice-president Neeraj
Seth informed.

- A new company Blue Star Infotech (UK) Ltd., was incorporated in
UK as a subsidiary of the company to tap the software market in
Europe.

1999 - Blue Star Ltd has signed a new technology transfer agreement for
taking up manufacture of York's new range of air-conditioning
equipment, in its Thane plant, within the next few months.

- Blue Star has introduced new generation energy efficient packaged
airconditioner fitted with imported Copeland Scroll compressors.

- The company has entered into a strategic alliance with Racal
Datacom, UK, for integrated services, digital network, fibre
optics, etc.

2000 - Blue Star Ltd. have become distributors in India for the high speed internet
backbone routers of Juniper Networks Inc.

- Thermal Engineering Systems of UK has entered into an exclusive manufacturing
licence agreement with Blue Star, New Delhi, for manufacturing and selling its high
humidity 'Humidicoil' range of post harvest cooling systems in the country.

2001 - Blue Star has launched a new range of sleek, sylish and contemporary turo rotary
room airconditioners.

2002

-Shareholders approve for the special resolution to buyback equity shares of the face value of Rs.10 each from open market through electronic trading mechanism of the exchange.

-BOD delcares an interim dividend @ Rs 5.50 per equity share of Rs.10 each.

-Mr Uday S Kotak resigns from the Board of Directors of the company.

-Launches a revolutionary Central and packaged airconditioning system to offer quantum leap in energy efficiency.

2003

-Appoints Mr Pradeep Mallick as the new Additional Director on the Board of the company.

-Closes the Buyback scheme on Feb 3.

-Inducts AFL Logistics for the complete transfer and warehousing of finished goods for a period of 2 years, with a view to outsource the logistics.

-Mr Gurdip Singh appointed as the new Director of the company.

-Changes in Management:
Mr. Nawshir H Mirza appointed as an additional Director of the Company, Mr. Satish Jamdar has been elevated to the Board as an Executive Director of the Company, his promotion being effective from November 01, 2003.

2004

-Blue Star signs alliance pact with Hanbell for compressors

-Blue Star Ltd has launched a series of contemporary technology airconditioning systems for a wide range of applications.

Tandem Scroll Chillers:
It has upgraded its existing range of scroll chillers (10-39TR) range incorporating high efficiency Tandem Scroll compressors. With a multiple compressor design, these units give 15-17% better energy efficiency. They are also equipped with micro-processor controller with remote monitoring features.

These units are available in air cooled (10-24-36 TR) and water cooled (11-26-39 TR) options and are ideal for small offices, residences, hotels, hospitals, etc.

Special Application Chillers:
Here is a new range created for process cooling applications. It comes in 4 models, all air cooled in the range of 5-15 TR with the larger 2 models incorporating 2 compressors each.

Telecom Airconditioning System:
Working in close coordination with Telecom players, the Company has developed a rugged highly reliable airconditioning unit for unmanned mobile shelters.

When Reliance Telecom needed special airconditioning units for its network, Blue Star's R&D team worked with them and brought out a special unit incorporating scroll compressors for energy efficiency and bottom air discharge for installation convenience.

Apart from telecom shelters, these units have found application in UPS control and other high heat generating applications.

-Blue Star Limited has bagged a Rs 12-crore order for air conditioning the research and development (R&D) facility of Microsoft at Hyderabad

- Blue Star Ltd introduces new range of mega split air-conditioners for the light commercial market such as small offices and showrooms. The three-tonne air-conditioner is priced at Rs 47,000

2005

-Blue Star joins hand with FCE

-Blue Star sets up new factory at Kala Amb in Himachal Pradesh

2006

-Blue Star ties up with ISA, Italy for Supermarket Refrigeration

-Blue Star opts for a 5 for 1 stock split

-Blue Star launches UVC Emitters to improve Indoor Air Quality

2007

-Blue Star sets up its fifth factory at Wada, Thane District

-Blue Star and Arctic India join hands to promote Air Management


2008

--Blue Star to acquire Naseer Electricals

-Blue Star bags Rs 104 crore order from Delhi Metro Rail Corporation Limited (DMRC) for 7 Underground Metro Stations.

-Blue Star launches wide range of Star-rated Split Air-conditioners

2009

-Blue Star launches innovative cooling solution for storage of seeds

-Blue Star to aggressively promote LEED consultancy services for Green Buildings

-Blue Star bags order for airconditioning Raipur airport

2010

- Blue Star Ltd has appointed Mr. Vir S. Advani as a Wholetime Director of the Company with effect from July 01, 2010. The appointment will be subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company to be held on July 26, 2010.
 
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