1986 - The Company was incorporated on August 29th, by Dr. A.J. Prasad,
K.S. Varaprasada Reddy and five others. The company obtained the
certificate for Commencement of Business on 22nd September.
- The Company's objects is to manufacture of Nickel Cadmium Pocket
1991 - The company undertook to set up facilities for the manufacture of
uninterupted power systems (UPS) of 10 KVA and above with an
installed capacity of 200 units per annum. It was also proposed
to widen its range of manufacture of storage batteries to
include products such as sealed lead acid batteries. The project
is to housed alongside the existing facilities at Lalgadi,
Malakpet village, Shameerpet Mandal, Ramga Reddy district, AP.
- The company entered into an arrangement with NIFE, AB of Sweden
for manufacture of UPS. The technology adopted was the
transistorised pulse width modulation (PWM) as against
thyristorised technology conventionally adopted.
- 30,00,000 No. of equity shares issued to promoters of which
8,08,000 shares allotted to foreign promoters viz. NIFE AB,
Sweden 30,00,000 No. of equity shares were then issued at par in
February 1992 of which the following were reserved for allotment
in preferential basis:
- (1) 1,50,000 shares to employees (all were taken up);
- (2) 2,70,000 shares to Swedfund on repatriation basis (all were
taken up). Balance 25,50,000 shares were issued to the public.
Another 4,50,000 shares allotted to retain oversubscription
(53,800 shares to employees and 3,96,200 shares to public).
-Mr P Satish Kumar appointed as Director of the Company.
-The 4.03 per cent foreign promoter's stake in HBL Nife Power Systems Ltd, has been taken over by the promoters of the company