- The Company was incorporated on 27th December in Calcutta. The
company was promoted by Gontermann-Peipers GmbH, West Germany, and Shri
H.K. Nathani of Calcutta.
- The Company's objects is to manufacture of iron based and steel based
- Gontermann-Peipers GmbH (GPS), West Germany, were the company's
collaborators for technical know-how and other services.
- 6,50,000 shares subscribed for by promoters (62,533) shares without
payment in cash to collaborators. 2,50,000 shares issued to public in
- 650 No. of equity shares forfeited.
- 650 forfeited shares reissued.
- A letter of intent was received to raise the capacity for rolls to
8,040 TPA at an estimated cost of Rs.470 lakhs.
- The Company revalued its land and building and plant and machinery as
on 30th April.
- 4,50,000 shares issued at par to the public.
- The object of the public issue of shares during January was to reduce
the foreign holding from 60% to 40% voluntarily.
- Subject to necessary approvals being obtained, the company proposed
to make a Rights cum Public issue of fully convertible debentures to
the extend of Rs.145 crores to part finance the forged rolls project
and the textile project.
- The overall working was affected due to hike in prices of nickel and
scrap and erratic power suply.
- 8,30,000 No. of equity shares allotted in conversion of loans.
- Despite loss of production during the first half of the year due to
agitation by the workers' union.
- As at 31st March the Company revalued its land buildings and plant
and machinery and the net surplus of Rs.370.60 lakhs arising out of it
was credited to the capital reserve account.
- 4,360,000 rights equity shares issued in prop. 2:1.
- In order to cater to the market requirement of larger size of rolls
the company was adding up facilities with ladle refining furnace,
energy of optimising H.T. furnaces of latest design and big
lathes/grinding machines to turn rough weight upto 60 M.T. and grind
finish weight upto 40 M.T. The balance part of the scheme like
installation of ladle refining furnace, mechanised and, would drying
oven, new grinders and casting pit commissioned by the third quarter.
- The company proposed to set up a textile unit having a capacity of
1,00,000 spindles in the State of Himachal Pradesh. It was also
proposed to set up facilities for manufacture of forged rolls at its
existing diamond harbour plant location.
- The Company has taken up to increase the manufacturing capacity of
iron and steel base rolls to 12000 MT p.a. from 8,000 MT p.a. at its
existing works in West Bengal.
- The Company undertook to set up the project in W.Bengal in a phased
manner. In the first phase, the company was to produce forged rolls
after processing forged blanks from outside sources. It was proposed
to set up complete facilities to produce forged blank right from the
melting operations in the second phase.
- Subject to necessary aprovals being obtained, the company proposed to
issue 43,60,000 Right equity shares of Rs.10 each for last at par in
- GPI is examining proposals to set up a subsidiary or joint venture
company in Europe and the Far East in order to establish a global
presence and source its imports.
- GPI entailed the setting up of the textile project with a capacity of
1,00,800 spindles and 960 rotors in Himachal Pradesh.
- Gontermann-Peipers (India) Ltd (GPIL), part of the Ispat group of the
Mittlas is in the process of commissioning as 'India's largest textile
spinning unit under a single roof.'
- GPIL diversified from its thriving cast rolls business into textiles,
by setting up a spindle project at Solan in Himachal Pradesh.
- During the year, the company developed and produced steel pack up
rolls for a new generation hot strip mill.
- The Company's state-of-the-art-spinning plant commenced production in
a phased manner with 64,512 spindless and 960 rotors.
- GPI is also in the process of formalising as debottlenecking plan to
increase the production capacity of its rolls division at Diamond
- The company has converted fully convertible debentures (FCD)
aggregating Rs 144.75 crore (Rs 100 crore = Rs 1 billion) into equity,
with effect from July 23, which would considerably reduce the interest
burden of the company.
- The rights issue of 17 per cent fully convertible debentures of Rs
100 each and the public issue of 17 per cent fully convertible
debentures of Rs 100 each was made on February 23, 1998, would be
compulsorily converted into paid up equity shares with effect from July
23, in terms of the offer documents.
- Gontermann-Peipers (India) Ltd. proposes to double the capacity of
its new forged roll facility in the south 24 Parganas district of West
Bengal to 3,300 tonnes from the existing 1,650 tonnes.
- Mittals-promoted Gontermann Peipers (India) L td is considering to
hive off its textiles division into a separate company.