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

Finolex Cables Ltd. Company History and Annual Growth Details

1967

- The Company was Incorporated on 5th June, in Delhi as a private
limited company under the name Alfa Rubber Co., Ltd. It was converted
into a public limited company on 8th October, 1969. The Company
manufacture variety of cables such as automobile cables, starter
cables, PVC flexible cables, winding wires, armoured and unarmoured
power and controlled cables, AAC/ACSR conductors, etc.

1971

- All shares issued to promoters, etc. 750 shares prior to 1970 and
19,250 shares during the year.

1973

- The Name of the Company was changed to Finolex cables Ltd., with
effect from 23rd August.

1974

- 25,000 share issued as rights in prop. 5:4.

1981

- Authorised capital reclassified and increased. Equity shares
sub-divided during 1982. 4,50,000 Rights Equity shares of Rs 10 each
issued at par in prop. 1:1 on 18.10.1982.

1983

- 9,00,000 shares issued a premium of Rs 8 per share through prospectus
dated 27th May, out of which the following shares were reserved for
allotment: 1,98,000 shares in equal proportion to ICICI and UTI; 35,100
shares to employees (including working directors of the Company) and
14,040 shares to associates of the Company. 6,52,860 shares (along
with the unsubscribed portion, if any, from the reserved quota) were
offered for public subscription during July.

1987

- Government approval was received for doubling the production of
Jelly-filled telephone cables.

- The Company entered into a technical collaboration agreement with
Reliance Comm/Tec. of U.S.A., manufacturers of connectors, protectors,
DP boxes, cross connect terminals, etc. The Company was to represent
Reliance Comm/Tec. for their products, in India.

- The Company entered into a technical collaboration agreement with
Norddevtsche Seekabel Werke AG of W. Germany for the manufacture of
high-tech special submersible cables.

- 14,40,000 No. of equity shares issued as bonus shares in prop. 4:5.

1991

- The Company proposed to add balancing equipment and infra structural
facilities for enhancing the capacity of the Urse factory further.

- A letter of intent was received for the caustic soda/chlorine
project. Land allotted by MIDC and negotiations with foreign
collaboration were on for technical know-how and investments.

- The Company issued 8,50,000 - 18% non-Convertible secured redeemable
debentures of Rs 100 each on private placement basis.

1992

- The Company proposed to take up manufacture of rubber insulated
cables as also fluoro-polymer insulated cables in view of the
increasing demand for it. In addition, facilities for manufacture of
optic fibre cable was also in the offing and negotiations were on for
technical collaboration/joint venture.

- The Company issued 1,50,000 - 15% non-convertible secured redeemable
debentures of Rs 100 each for Rs 150 lakhs on private placement basis
to Financial Institutions as follows:

- (i) debentures of Rs 50 lakhs to UTI,

- (ii) debentures of Rs 50 lakhs to LIC,

- (iii) debentures of Rs 8 lakhs to National Insurance Co. Ltd.,

- (iv) debentures of Rs 10 lakhs to New India Assurance Co. Ltd.,

- (v) debentures of Rs 10 lakhs to United India Insurance Co. Ltd.

- The Company issued 4,00,000 - 14% ('C' Series) and 1,50,000-14% ('D'
Series) non-convertible debentures of Rs 100 each for a total sum of Rs
5.50 crores on private placement basis with financial institutions are
given in the table along aside.

- Non-convertible secured redeemable debentures of 'C' and 'D' Series
are redeemable at a premium of 5% payable on the expiry of the 7th year
from the date of allotment in five equal annual instalments commencing
from 30th March, 1994 and 23rd September, 1993 respectively.

- 32,40,000 bonus equity shares issued in prop. 1:1.

1993

- The Company proposed to expand the existing facilities at Pimpri for
the production of light duty cables.

- The Company proposed to take up manufacture of PVC and Polycarbonate
rigid Thermoplastic sheets and PVC calendared products and negotiation
were on for joint venture.

1994

- Facilities for manufacture of jelly filled telephone cables were
fully shifted to Urse plant and was installed with a capacity of 5.5
million cable Kilo Metre. Installation of additional equipment as well
as modernisation of the existing facilities was carried out at Urse
plant.

- It was proposed to put up a factory in Goa for manufacture of
Continuous Cast Copper Rods with an initial capacity of 60,000 TPA and
related down stream copper wire products in a joint venture with Essex
Group Inc., USA.

- It was also proposed to put up a captive power plant of about 25 MW
at Ratnagiri.

- As per the general meeting of the Company held on 5th March,
promoters were issued 15,00,000 warrants. On 15th September, 17,79,850
No. of equity shares were allotted at a premium of Rs 465.20 per share.
With this 6,10,075 warrants representing 12,20,150 No. of equity shares
with a premium aggregating Rs 57.98 crores are yet to be converted.

- 33,13,25 GDRs representing 33,13,254 No. of equity shares were raised
leading to an amount of US $ 550 lakh.

- The Company issued commercial papers worth Rs 1500 lakhs.

1995

- The Company promoted joint venture companies under its
diversification programme are as follows: (a) Finoram Sheets Ltd.: The
project implementation was at an advanced stage of implementation, (b)
AT&T Finolex Fibre Optic Cables Ltd.: The Company will manufacture
fibre optic cables at urse with an initial capacity of 10,000 Kms. of
cable. (c) Finolex Essex Industries Ltd.: The company will manufacture
continuous cast copper Rods and related downstream copper wire products
in collaboration with Essex Group of U.S.A.

- The installed capacity for manufacture of Jelly filled Telephone
cables was increased to 6.5 MCKM by installing necessary additional
equipment.

1996

- As a matter of diversification, the Company was in the process of
setting up manufacturing facilities for fibre optic cables with a
capacity of 10,000 Cable Kms. at Urse in a joint venture with AT&T of
USA.

1997

- The Company proposed to set up a plant for production of Light Duty
Cables with an investment of about Rs 750 million.

- The Company undertook a programme of modernisation in the manufacture
of conventional cables and generally to improve the infrastructure for
achieving higher efficiency.

- Finolex Cables has a joint venture with Paltough of Italy to
manufacture PVC poly-carbonate rigid thermo-plast sheets, an MoU with
Tarmac Black and Veach of US for power purchase with KSEB for a project
in Kerala, a joint mission with Heogen-plast to make flexible plastic
sheets and a joint venture with AT&T of US for fibre optic cables.

- Creole Holding Co. Ltd., and Finolex Finance Ltd., are the two
wholly-owned subsidiaries of Finolex Cables.

- The Company's erstwhile wholly owned subsidiary Finoram Sheets Ltd.
has been amalgamated with the Company with effect from 1st April.

1998

- The company, over the years, has set up a string of joint ventures
with various international majors.

- Finolex Cables Ltd, the flagship of the Finolex group, is one of the
main private sector power cable manufacturing companies in India.

- Finolex is the only Indian company to have received certification by
Underwriters Laboratories Inc, United States, for computer LAN cables.

- The company recently modernised and expanded its LDC unit at Pimpri
near Pune to meet increasing demand.

- The company has also developed thin walled high temperature resistant
automobile wires an commenced supplies to reputed harness manufacturers
for use in Maruti, Daewoo and General Motors cars.

- The Company entered into a joint venture with Lucent Technologies for
the manufacture of fibre optic cables.

- Finoram Sheets Ltd., became a wholly owned subsidiary of the company.

1999

- The company is investing Rs 75 crore for setting up a new
manufacturing unit at Goa.

- A special committee has been set up under six directors to look at
the various options of implementing buyback.

- Finolex Cables Ltd has declared a bonus issue in the ratio of one
equity share for every one share held.

- FCL has also entered the automotive component market with the
manufacture of thin wall high temperature wires.

- The company has now become a major sourcing point for internationally
established automobile harness makers and has recently launched 105
degree celsius temperature resistant thin-walled wire.

2000

- The company has informed that offer for Buy-back of 36,10,620 No. of
equity shares in a price range of Rs 240 to Rs 275 through the book
building process during the period commencing from 15.02.2000 to
29.02.2000.

- The Company is all set to acquire the holdings of Essex Group Inc,
the company has infromed the National Stock Exchange.

- Finolex Essex Industries Ltd has become wholly owned subsidiary of
the company and will continue to act as a separate entity.

- An illegal strike was started on December 28 by a section of the
workers of the company's JFTC plant at Urse, near Pune.

2001

- The Company has informed that the workers/engineers on strike at its
JFTC plant in Urse District, Pune, have called off their strike with
immediate effect after reaching an agreement with the management and
also they have agreed to resume duties.

2002

-Finolex Cables completes acquisition of Optical Fibre business of Finolex Technologies.

-Develops total cable solution provider expanding from single plant to two new plants.

-BOD passes a resolution and its circulation approved the following revised Offer Time Table for the proposed buy back of equity shares by the company: Board Meeting approving Buy back - May 11, 2001.

-Transfers the beneficial interest of the entire shares held by the company and its nominees
in its wholly owned subsidiary Creole Holdings Company Ltd.

-Divests its entire share holding in the erstwhile subsidiary Creole Holdings Company Ltd.

2004

-Finolex ties up with Bajaj Allianz for insurance cover

-Finolex Cables signs agreement with Bajaj Allianz

2005

-Finolex achieves 'Superbrand Cable' status

2007

- The Company has splits its face value from Rs.10/- to Rs.2/-.
 
Subscribe now to get personal finance updates in your inbox!