Home  »  Company  »  Elecon Engineering Company Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Elecon Engineering Company Ltd. Company History and Annual Growth Details

1960 - The Company was incorporated as a Private Limited Company and
converted into a public limited company on 26th September, 1961.
The company manufactures all kinds of mechanical handling
equipments such as bucket elevators, belt conveyors, gravity
rollers, conveyors, bag filling machines, bag stacking machines,
overhead chair conveyors etc.

1965 - Issued 12,000 Right Equity shares at par in the prop. 1:5, 425
No. of Equity shares forfeited. 6,824 shares issued for
consideration other than cash during 1960.

1974 - 24,000 - 9.8% Pref. shares issued to the public. Pref. shares
redeemable during 30.6.1982/84 at 3 months' notice.

1976 - 36,000 Right Equity shares issued at par in prop. 1:2.

1977 - 54,000 Bonus Equity shares issued in prop. 1:2.

1979 - Chitraj Engineering Co. (P) Ltd. became a wholly owned
subsidiary of the Company from 9th November.

1981 - Equity shares sub-divided on 15.6.1981. 8,10,000 Bonus Equity
shares of Rs 10 issued in prop. 1:2 on 29.6.1981.

1982 - The name of this subsidiary was changed to Elecon (Chennai) Ltd.,
with effect from 2nd February. The subsidiary's working was
affected by paucity of orders and natural calamities during 1984.

- In January, the Company issued to the public 5,50,000-13.5%
convertible secured debentures of Rs 100 each.

1983 - During March, consequent upon conversion of 55% of the face
value of convertible debentures, the Company issued equity shares
of Rs 10 each credited as fully paid-up at a premium of Rs 17.50
per share in the prop. 2 No. of equity shares for every
debenture. Shares were allotted on 12th March.

- Pref. shares redeemed on 31.12.1983. 10,99,632 No. of equity
shares allotted on conversion of debentures on 12.3.1983.

1984 - Authorised capital reclassified.

1987 - 21,17,778 Bonus shares issued in prop. 3:5.

1988 - A letter of registration was received for the manufacture of new
articles viz., shearer and continuous miner with an annual
capacity of 10 units.

1989 - The High Courts of Chennai and Gujarat by their orders dated
14th February, and 22nd March, 1990 respectively approved the
scheme of amalgamation of the wholly owned subsidiary Elecon
(Chennai) Ltd. with the Company effective from 1st January, 1987.
Accordingly, Elecon (Chennai), Ltd. was dissolved without
winding up effective from 1st January, 1987.

- The Company's sales declined to Rs.99.75 crores mainly due to
irregular inflow of orders because of severe competition which
led to uneven load in the workshops.

1990 - The Company has issued 5,00,000-14% secured redeemable
non-convertible debentures of Rs 100 each by private placement of
SBI Capital Markets Ltd., and Canara Bank in equal prop. to meet
the longterm working capital needs of the Company. These
debentures are redeemable at a premium of 5% in three equal
annual instalments between 19th September, 1996 to 19th
September, 1998.

- The Company's profits were low due to non-receipt of export
benefits worth Rs.113 lakhs from the export order of EGAT which
was already completed and higher tax liability.

1991 - The working results were adversely affected due to increased
interest rates, large overdue receivables from Electricity
Boards, execution of contracts with lower margins, etc.

- The Company proposed to diversify into the business relating to
vegetable and fruit processing, food processing and processing
of edible oil seeds, extraction and refining of edible oil, grain
silos, cattle and poultry feeds.

1993 - The Company proposed to dispose of the Chennai division in view
of poor performance of the unit.

1994 - The Company had successfully implemented the Alternate Energy
System. It installed 7 wind mills, out of these 5 were sold to
outside parties and 2 were retained by the company for its own

- The Company has entered into a technical collaboration agreement
with HMZ Belgium N. V. Balgium for manufacture of windomaster
wind Energy Generators, which is one of the best available in
the world with larger energy generation.

1995 - The liquidity and profitability of the company was adversely
affected on account of large over due receivables.

- 11 Wind Mills were commissioned which already started generating
power. The Company had decided to abandon diversification into
shrimp feed production, in view of the recessionary conditions in
shrimp farms, all over India.

1996 - Efforts to realise large over due receivables from State
Electricity Board and Central Government Corporation were partly
successful. The Company secured an order from Neyveli Lignite
Corporation Ltd. for manufacture, erection and commissioning
of 2400 MM Drive Heads and conveyors for its Mine-III.

- The diversification programme in the field Alternate
non-conventional energy source continued. The company installed
eight additional wind mills during the year raising the total to
twenty two.

1997 - Eleven wind mills erected in Gujarat for captive consumption
were lost due to severe cyclone. The installed seven additional
Wind Mills during the year.

- The Company's sales and other services declined to Rs.159.80
crores due to the recessionary conditions.

- Authorised capital increased.

1998 - The Company launched Super NU Universal Mounting Worm Gears which
provide improved power ratings and are well accepted by

- The Company launched POSIRED 2 Helical Bevel Gears for which the
company has entered into a technical collaboration with P.I.V.
Antrieb Werner Reimers GmbH & Co. KG, Germany.


-Elecon Engineering produces gear boxes for Stealth Frigate battle ships


-Elecon Engg gets Rs 26 cr order from APGenco


-Elecon Engineering Company Ltd has signed a Memorandum of Understanding (MoU) with the Government of Gujarat (GoG) at the Vibrant Global Investors' Summit 2007 held on January 13, 2007.

- Elecon Engineering Company Ltd has informed that the Company has been awarded a contract worth Rs 229.09 Crores for supply and installation of Coal Handling Plant Package for National Capital Termal Power Project (NCTPP), Dadri, Stage II (2 x 490MW) from NTPC Ltd.

- Elecon Engineering receives order of Rs 57.70 crores from BHEL.

-The Company has issued Bonus Shares in the Ratio of 2:1.

- Elecon Engineering Company Ltd has informed that the Board of Directors of the Company at its meeting held on July 29, 2008, Shri. Prashant C Amin appointed as Additional Director of the Company.

- Elecon Engineering Company Ltd has bagged three orders worth Rs 51.74 crore from Techpro Systems, Chennai and SAIL- Durgapur Steel Plant, Durgapur.

- Elecon Engineering Company Ltd has informed that the Company has been awarded some prestigious order of Rs 17.75 Crores from following client for design, engineering, manufacturing, testing, supplying, fractioning and commissioning of Material Handling Equipments and other Equipments.

- Client : Techpro Systems Ltd, Chennai
- Details : Supply of 1 No. Unidirectional Stacker cum Reclaimer & 1 No. Slewing Boom Stacker
- Value : Rs 17,75,00,000/-
Oct 21, 12:00 am
Oct 21, 4:14 pm
Subscribe now to get personal finance updates in your inbox!