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Himachal Futuristic Communications Ltd. Company History and Annual Growth Details

1987

- The Company was incorporated on the 11th May, as a Public
limited company and obtained the certificate of commencement of
business on the 13th July. It was incorporated in the state of
Himachal Pradesh. It was promoted by Dr. Deepak Malhotra,
Mahendra Nahata and Vinay Maloo. The Company manufacture Analog
and Digital Subscriber/Carriers Systems and other
Telecommunication Systems.

- The Company undertook to set up a project for the manufacture
of 1+1 and 1+7 Analog Subscriber Carrier Systems with a total
capacity of 15,000 lines per annum.

- The Company entered into a technical collaboration agreement
with M/s. Seiscor Technologies Inc., U.S.A., for the manufacture
of 1+1 and 1+7 Analog Subscriber Carrier Systems.

- For the manufacture of the Digital Subscriber Carrier System,
the Company signed a Memorandum of Undertaking with Philips
Kommunikation Industries AG of Germany.

- 1+1 Analog Subscriber Carreir System (ASCS) will enable DOT to
give one additional telephone connection over one pair of cables
and 1+7 Analog Subscriber System will enable DOT to give 7
additional telephone connections over one pair of cables.

- A letter of Intent was received from DOT for the supply of 1+1
and 1+7 Analog Subscriber System. Also, another letter of
intent was received from Mahanagar Telephone Nigam Ltd., for 1+1
ASCS.

- All shares taken up by promoters, directors, etc. including
86,700 shares allotted to HPSEDC.

1988

- 8,30,000 shares issued at par of which 1,80,000 shares were
reserved and allotted to promoters, directors, etc. The balance
50,000 shares offered to the public in February 1989 (all were
taken up).

1990

- In July, 15,00,150 rights shares issued at par in prop. 3:2
(all were taken up). Additional 2,25,000 shares allotted to
retain oversubscription. Simultaneously, another 75,000 shares
issued at par to employees, etc., but only 1,600 shares taken
up. Balance 73,400 shares allotted to Canfina.

1991

- The Company proposed to undertake manufacture of additional
products like digital subscriber carrier systems, digital
multiplexers and long-line equipments.

- The Company implemented the backward integration project to
reduce the dependence on foreign suppliers thereby bringing
about not only reduction in cost of production but also savings
in foreign exchange.

- The Company promoted two new companies viz., Himachal
Telematics Ltd., at Solan for manufacture of digital microwave
radio transmission equipments and fax machines and Microwave
Communication Ltd., for establishing radio paging network in
certain important cities of the country.

- Himachal Telematics Ltd., proposed to be merged with the
Company subject to necessary approvals being obtained from the
concerned authorities.

1993

- 98,00,875 right equity shares allotted in prop. 7:2, at a
prem. of Rs 20 per share. Unsubscribed 6,00,000 shares
allotted to Secured India Investment Fund BV. 10,00,000 shares
allotted to Financial Institution, Mutual Funds, promoters etc.

1994

- The Company embarked upon a marsive
expansion-cum-diversification plan for the manufacture of
digital microwave radios of various bands, digital multi access
relay radio, cellular handset, fibre in lock lop and optical
line terminal equipment.

- The Company embarked upon a massive
expansion-cum-diversification plant for manufacture of Digital
Microware Radios of various bands, Digital Mulliaccess Realy
Radio (DMARR), Cellular handset, fibre in lock loop and optical
line Terminal Equipments.

- The Company acquired an existing investment company 'Kaldev
Trader & Investment Ltd. (name subsequently changed to
HFCL-Trade-Invest Ltd.) and 'Coubndge Construction (Delhi) Ltd.'
Subject to necessary approvals being obtained the company
proposed to amalgamate with itself Himachal Telematics Ltd.

- Himachal Telematics Ltd., is promoted by the Company for the
production of Digital Microwave.

- Microwave Communication Ltd., is promoted by the company in
collaboration with Shinawatre International Public Co. Ltd., of
Thailand for provision of Radio Paging Services at Mumbai,
Calcutta, Ahmedabad, Baroda, Surat & Rajkot.

- Himachal Exicons Communication Ltd., a joint venture promoted
by the Company with Exicons of Australia for manufacture of high
technology telecommunications equipment using Exicon technology
for marketing in India.

- The Company also entered into agreements with telecom giants
viz., Kong Song Communication & Electronics Co. Ltd., Korea to
manufacture radio pagers and satellite video receivers, Dalcons
Corporation of Korea for managing credit card information
services, with vanguard communication Corporation &
International wireless communication USA for setting up and
operating Mobile Radio Trunked services and other mobile
communication services in India and neighbouring countries and
with Wireless Telecom Ltd., USA to implement V-sat services.

- The Company issued 53,76,345 GDRs at a price of US $ 9.30 per
GDR. 215,05,380 No. of equity shares underlying these GDR were
allotted. (GDR = 4 equity shares).

- 60,00,000 No. of equity shares on a preferential basis to
FIIs, Indian mutual fund, promoters and their associates.
5,00,000-11.5% cumulative redeemable Pref. shares issued on
private placement basis.

1996

- The Company proposes to introduce into its product range
cellular Radios from 7 Ghz to 23 Ghz and data rated from 2 MB to
16 x 2 MB.

- It was also decided to provide single window turnkey solutions
to telecommunication needs, at the Company's expanded product
range the company could provide equipment, instal and
commission, provide network support systems etc.

- 2,50,000 Pref. redeemed.

1997

- Himachal Futuristic Communications Ltd (HFCL) is all set to
become the first manufacturer of cellular phones in India.

- The company will be launching the country's first
indigenously-manufactured mobile phone and a range of pagers by
August this year.

- Himachal Futuristic Communication Limited (HFCL) has bagged a
contract to set up an information super highway for the basic
telephone project of Essar Commvision Ltd in Punjab circle.

- The court order has said that the DoT did not issue the letter
of intent (LoI) to HFCL-Bezeq Telecom Ltd (HBTL) within the bid
validity period and had failed to at as per tender conditions.

- Under the contract Satellite Communications Limited (HSCL), a
HFCL group company, will link Essar project sites between
Mumbai, Hazira, Jamnagar and Delhi through its state-of-the-art
demand assigned multiple access (DAMA) based VSAT services.

- The company has been awarded the contract by Essar to set up a
fibre optic backbone in Punjab.

- Himachal Futuristic Communications Ltd (HFCL) has become the
first Indian company to venture into the highly competitive and
MNC-dominated market for the manufacture of cellular handsets.

1998

- Himachal Futuristic Communications Ltd is entering the
information technology business with a focus on offering
software solutions to the telecom industry. A new division has
been set up within the company to tap the sector's business
potential.

1999

- Himachal Futuristic Communications Ltd (HFCL), the telecom
equipment manufacturing company, has forayed into software
exports. The company has developed a state-of-the-art facility
at Delhi for this purpose.

- Issues relating to letters of intent (LI) issued to Himachal
Futuristic Communications Ltd (HFCL), Basic Teleservices and
Techno Telecom for basic services will also be referred to the
Attorney-General.

- Himachal Futuristic Communications Ltd (HFCL), a Delhi-based
telecom equipment manufacturer, has bagged a contract from
Reliance WorldTel for setting up Internet backbone in Tamil
Nadu.

- Himachal Futuristic Communications Ltd. have already signed
MOU with seven states. The cost of setting up backbone network
in each state is to the tune of $100 million.

- The company has set up cellular networks in Delhi, Punjab,
Tamil Nadu and Gujarat and network for basic services in
Rajasthan and Punjab.

2000

- The Company has taken its first big leap in the doctom
business by acquiring a 45 per cent stake in online shopping
mall jaldi.com from Satin Credit & Leasing Ltd for an
undisclosed amount.

- The Company and Publishing and Broadcasting Ltd. have formed a
joint venture company called HFCL-Nine Broadcasting Pvt., Ltd.

- The Company proposes to raise the limit on foreign
institutional holdings in the company to 40 percent.

- The Management of the company has decided to disinvest its
entire shareholding of 3,49,99,500 shares of Rs. 10/- each in
Fascel Ltd. the sales will be at a premium of Rs. 10/- per
share.

- Telecom equipment and services company Himachal Futuristics
Communication is in talks with global elecom majors for an
alliance to set up their manufacturing base in India.

- The Company and Australia's Kerry Packer group company
Consolidated Press Holdings has bagged the ISO-9001 quality
certification within six months of its operations.

- The promoters of the Company have acquired 38 lakh shares in
the city-based IVRCL Infrastructures & Projects Ltd. a
construction major having presence mostly in western and
northern India.

- A joint venture between the company and Kerry Packer-promoted,
Consolidated Press Holdings, has joined hands with Stemcor, one
of the largest steel trading giants and iSteelAsia, the
business-to-business steel marketplace, to float the joint
venture, iSteel India.

- The Company allottment of 15,76,809 No. o fequity shares and
55,88,841 No. of equity shares of Rs 10 each to Ecom.Com Ltd. on
April 10, and June 24, respectively at a premium of Rs 1,440 per
share.

2001

- The Company has entered into an alliance with Cisco Systems
Inc, to offer Cisco's data products and networking equipment to
telecom infrastructure providers in India.

- HFCL Infotel Ltd., a fully owned subsidiary of Himachal
Futuristic Communications has tied up with the Punjab government
for implementing a private network of both voice and data as
part of the state's e-governance initiatives.

2002

-GTB recalls all short-term loans amounting to Rs.185cr from HFCL.

-HFCL bags the prestigious World Bank Funded Project in association
with Thales for putting in place a system of comprehensive national
radio spectrum management and monitoring systems.

2003

-HFCL sells 3.43% stake to M/s Transatlantic Corporation.

-HFCL embarks upon the business restructuring exercise aimed at
improving effeciency at all levels by remaining focussed on the business.

-ICICI Bank converts part of its loan into 12.65% stake in the company

- Converted 32 Foreign Currency Convertible Bonds (FCCBs) of US S 50,000 each into 6259144 equity shares at a price of Rs 11.70 per share. The issued and subscribed capital has been increased by 6259144 equity shares and stands at 290919303 equity shares of the face value of Rs 10/- each.

2004

-Converts 19 Foreign Currency Convertible Bonds (FCCBs) of US$ 50,000 each into 36,79,017 equity shares at the price of Rs. 11.70/- per share.

-HFCL sets up new co for applications development
 
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