|Manufacture of propeller shafts and accessories required for automotive, industrial and other applications.
The company entered into a technical licence agreement with Glenkwellenban GmbH (GWB), for a period of 10 years. The collaboration agreement provided for the following (i) GWB would invest upto a maximum of 26% in the total equity capital i.e., upto a maximum of Rs 39.00 lakhs. (ii) GWB would be paid a lumpsum fee of $ 2 lakh in 3 equal instalments. The first instalment was already paid after the collaboration agreement was taken on accord, the second was payable on transfer of all technical documentation and third instalment , after commencement of commercial production or after completion of 48 months ofthe signing of the collaboration agreement, which ever is earlier. (iii) GWB were to supply all technical documentation, transfer repair know how, training the company's personnel at their works and depute their personnel to India to impart training to the Company's personnel and provide them information in the use of technical know-how.
MARKETING ARRANGEMENT :
The company enetered into a techno-marketing consultancy arrangement with XLO India, Ltd to draw on its marketing expertise in propeller shafts.
1984: Commercial production of propeller shafts commenced in July.
1987-88: Strike by workmen at Nasik plant from November 1987 to January, 1988
1991-92: New products developed were two-piece propeller shaft for Mahindra Allwyn Nisan's Cabston - 690 model, US kit for Bajaj Tempo Matador FAS and journal and bearing race for Telco 1516 vehicles.
1992-93: During the year the company developed agricultural propeller shaft to Rotavator, 1600 series propeller shaft for Ashok Leyland and 1410 series propeller shaft for Ashok Leyland Congo project.
As per the fresh Certificate of Incorporation received from the Registrar of Companies Maharashtra, with effect from 28 June, 1995, the company's name has been changed to Hindustan Hardy spicer Limited.
-Hindustan Hardy Spicer Ltd has appointed Mr Jehangir H C Jehangir as an Additional Director of the Company with effect from October 30, 2006.
-Hindustan Hardy Spicer Ltd has appointed Mr. Sanjiv Bhasin as an Additional Director of the Company with effect from January 30, 2007.
- Hindustan Hardy Spicer Ltd has appointed Mr. Eric Haag as an additional director of the Company with effect from July 30, 2009.