- The Company was incorporated on 21st February, at Chennai. The
Company runs two cement factories, one at Sankarnagar in the Nellai
Kattabomman District and the other at Sankaridurg in the Salem District
of Tamil Nadu State. It also runs a foundry at Nadambakkam near
- 1,60,000 Right Equity shares issued at par in the proportion 4 shares
for every Rs 175 paid-up Equity capital.
- Defd. shares converted into Equity shares of Rs 5 each in prop. 1:1,
Dividend rate of Pref. shares altered to 7.5%.
- In August, Equity shares of Rs 25 each subdivided. 7,29,650 Rights
Equity shares then issued in prop. 1:3.
- In December, 3,500 Pref. shares and 30,350 Equity shares allotted to
Essen Private, Ltd., and Managing Agents. At the same time, 40,000 No.
of Equity shares allotted to the directors of the Managing Agents. In
Nov. 1960, 15,00,000 Right Equity shares issued at par in prop. 1:2.
- 25,00,000 Right Equity shares issued at par in the prop. 5:9.
- In October, the Company, acquired foundry machinery and other fixed
assets from Microtec Casting (Pvt.) Ltd.
- Issued 29,00,000 Bonus Equity shares in the proportion 2:5.
- 33,350-7 1/2% cumulative preference shares of Rs 100 each were
converted into 13 1/2% secured redeemable non-convertible debentures of
Rs 100 each from 1st April.
- A crushing-cum-screening plant was installed at Sankarnagar. The
quarries at the Sankari factory were modernised and the third captive
DG set was installed at Sankarnagar plant.
- In order to convert the Sankarnagar plant to a more fuel efficient
process, the Company accepted the proposal of Blue Circle Industries
p.l.c., U.K., for setting up a 3,000 tonnes per day precalciner dry
process kiln adopting the latest technology.
- On the 20th February, the Company allotted 33,350-15% secured
redeemable non-convertible debentures of Rs 100 each in conversion of
33,350-7 1/2% cumulative preference shares of Rs 100 each. The
debentures are redeemable on or after 7 years but not later than 10
years from the date of allotment.
- Also, 6,00,000-15% secured redeemable non-convertible debentures of
Rs 100 each were privately placed with LIC, GIC and its subsidiaries to
be redeemed in 5 equal instalments commencing from the end of the 5th
year and ending with the 9th year from the date of allotment at a
premium of 5% at the end of the 7th year.
- 10,00,000 - 20% non-Convertible redeemable debentures of Rs 100 each
were privately placed with LIC, UTI and GIC.
- Larsen & Toubro was appointed as the Indian Consultant.
- The company considered various technical options for converting the
wet process factory at Sankaridurg to dry process to avoid losses
arising out of periodic rise in coal prices.
- Dry process kiln with preheater was erected.
- For improving the economic viability of the foundry, it was proposed
to delink the division from the Company by transferring it to a
- On 1st November, ICF Foundries Ltd., was incorporated to delink the
foundry from the cement division.
- In the last quarter of the year as a measure of forward integration,
the Company entered the business of real estate and property
- The company was granted a licence by the Ship Acquisition Licensing
Committee for purchase of 4 dry bulk cargo vessels.
- On 29th November, after obtaining necessary approvals, the Company
took possession of the cement division of Coromandel Fertilisers, Ltd.,
in Chilmakur village, Cuddapah district, A.P.
- The Company's overall installed capacity increased to 2.6 million
tonnes representing 12.5% of total capacity in S. India and 34% of the
total capacity in Tamil Nadu.
- In order to part finance the modernisation programme at Sankarnagar,
the Company offered during February/March, 10,29,000 - 12.5% secured
fully convertible debentures of Rs 125 each. Out of the total issue,
9,80,000 debentures were offered to the equity shareholders of the
Company in the proportion of 1 debenture for every 5 equity shares held
and 49,000 debentures were offered to the employees of the Company
(Including the retention of oversubscription, a total of 11,71,660
debentures were allotted).
- The conversion of the debentures was to take place at two stages. In
Part I 58,58,300 No. of equity shares were allotted and in Part II
52,27,848 No. of equity shares were allotted. The holders of 622
debentures opted for this conversion. The holders opted for the
original terms of conversion. Accordingly, 2,777 No. of equity shares
were allotted on 21.10.1992.
- Due to fire accident in September, two of the three furnaces were
damaged affecting production for more than three months.
- The Company acquired two bulk cargo carriers with 53,644 DWT and
43,300 DWT tonnes capacity and named as ICL Rajarajan and ICL
- The Company acquired controlling interest in the Sick Industrial
Chemicals and Monomers, Ltd. (ICML) which runs a calcium carbide unit
adjacent to the Company's Sankarnagar plant.
- In accordance with the approval of shareholders ICL Foundries, Ltd.,
the wholly owned subsidiary of the Company, took over the supervision
of the operations of Foundry Division with effect from 1st July.
- The Company acquired two more bulk cargo carriers. The Company
handed back the time chartered vessels to the owners.
- The performance of the Shipping Division was affected by the
unprecedented delays at various ports in India for the discharge of
fertilizer cargo in the wake of change in Govt. policy on the
- During April, the Company issued 31,97,230 Rights equity shares of Rs
10 each at a premium of Rs 40 per share in the proportion of 1:5.
Additional 4,79,584 shares were allotted to retain oversubscription.
Allotment of 90 shares was kept in abeyance.
- Another 1,59,861 No. of equity shares of Rs 10 each at a premium of
Rs 40 per share were offered to the employees. Additional of 23,979
shares were allotted to retain oversubscription.
- The Company issued 14% cumulative redeemable preference shares of Rs
100 each aggregating to Rs 6.25 crores to Financial Institutions.
These shares will be redeemed at a premium of 5% in 3 equal annual
instalments on the expiry of 8th, 9th and 10 years from the date of
- The Company acquired a vessel named ICL VIKRAMA. The Shipping
Division chartered 4 foreign flag vessels for the purpose of carrying
coal from Australia to India.
- During June, the Company issued 49,62,372 Rights equity shares of Rs
10 each at a premium of Rs 60 per share in the proportion of 1:4. All
were taken up except 137 equity shares, the allotment of which was kept
in abeyance because of court orders.
- An upgradation/utilisation of equipment programme was undertaken and
its capacity was also being upgraded to 1.1 million t.p.a.
- The Shipping Division acquired its 4th bulk carrier m.v. ICL
'Partibhan' of 55,882 DWT.
- Though freight rates were higher during the year, the Shipping
Division could not accrue the full benefit as two of its ships were
drydocking during January/March 1995, leading to a loss of 60 operating
- On 18th October, the Company offered Global Depository Receipts
(GDRs) for U.S. $45 million at the price of U.S. $8.5 per GDR/share
involving issue of 58,57,987 GDRs/shares. One share will be issued in
respect of one GDR.
- ICL Foundries Ltd., Industrial Chemicals & Monomers Ltd. and ICL
Financial Services & ICL International Ltd. are all subsidiaries of the
- Production and sales of Foundry Division was affected due to
unscheduled load shedding/power trippings.
- The Company acquired its fifth Bulk carrier, M. V. 'ICL Raja
Mahendra', 47893 DWT. 8 Voyages were also performed through chartered
- 15,00,000 No. of equity shares of Rs 10 each (prem. Rs 205) for share
allotted on preferential basis against warrants. 321,68,291 bonus
shares allotted in prop. 1:1.
- The Company undertook to set up a new energy efficient cement mill at
its Sankarnagar plant.
- During the year the Shipping Division had to brave rough weather with
freight rates continually falling and offreightment contracts being
hard to come by.
- As part of its ongoing diversification activities, the Rs.900-crore
India Cements Ltd (ICL) is setting up a sugar manufacturing facility,
ICL Sugars Ltd, in Mandya district of Karnataka.
- India Cements Ltd. through its group companies ICL Securities Ltd
(ICLS) and ICL Financial Services Ltd (ICLFS) had acquired about 40 per
cent of the paid-up capital of Aruna Sugars Finance Ltd from the Aruna
Sugars and Enterprises Ltd (ASEL) for a consideration of Rs.6.08
- The Chennai-based India Cements Ltd (ICL) is set to acquire Cement
Corporation of India's (CCI) Yerraguntla (Andhra Pradesh) unit with CCI
recommending the name of the former to the Industry Ministry,
- ICL has recently diversified into sugar by setting up a 2,500 tcd
sugar factory at Mandya in Karnataka.
- The cement major, India Cements Ltd (ICL), has floated a new venture,
styled Coromandel Electric Company Ltd, to set up a collective captive
- India Cement has emerged as a winner in the takeover race after
Gujarat Ambuja Cements Ltd, the only other company in the race, backed
out at the last stage alleging foul play in the takeover process.
- India Cements Ltd (ICL) has set its sights on Raasi Cement. It is
preparing to mount a takeover bid, which if successful, would give the
Madras-based ICL, country's second-largest cement capacity after ACC.
- ICL signed a memorandum of understanding (MoU) with CCI on December
10, and completed the takeover formalities on January 21.
- ICL also commissioned its new 0.9 million tpa plant at Dalavoi in TN
in the later part of FY97.
- After the successful takeover of Raasi Cement, India Cements has
initiated the process of merging the former with itself having
reconstituted the entire board of Raasi.
- The India Cements Ltd (ICL), with annual capacity of seven million
tonnes per annum, has launched its premium brand 'Coromandel King --
Superior 53 Grade Cement'.
- The India Cements share price has been rising sharply in the past
fortnight, by about 26 per cent to close at Rs 38 on March 31.
- An agreement was inked with BOBL in November last and all formalities
- The Company in a bid to further reinforce its leadership position in
the region, has entered into a marketing tie-up with Andhra Pradesh
(AP)-based 0.6 million tonne Panyam Cement.
- The Company has entered into an agreement with Panyam Cement and
Mineral Industries Ltd for distribution and marketing of cement.
- Cennai-based Indian Cements is learnt to have held talks, or is in
the process of holding talks, with at least two multinational cement
companies -- Blue Circle and Cemex -- to set up joint venture company.
- The Cement major India Cements has launched a comprehensive portal on
- India Cements, is finalising plans to reduce its manpower strength by
around 700 during the current financial year
-Board decided to sell the 39% equity shares of Sri Vishnu Cement and
has signed a Share Purchase Agreement with Zuari Cement Ltd.
-company enters into an agreement with Citibank, N A.
-IDBI appoints Mr J Jayaraman as the Director on the Board.
-Negotiates with financial Institutions led by IDBI for its debt restructuring.
-The Board of India Cements scraps the resolution to pay 11.5% preference
-Posts a net loss of Rs.910.9 million as compared to net loss of Rs.192.5 million, for the same period last year.
-Files a corporate debt-revamp plan to the financial institutions.
-The Board co-opted Mr N D Pinge as the Nominee Director in place of Mr N Biswas
who ceased to be the Director consequent to withdrawal of nomination by ICICI Bank Ltd.
-It is restructuring its debt under Corporate Debt Restructuring Systems and the details of the restructuring package which includes VRS, sale of assets, restructring of debt including working capital facilities. The restructuriing proposal provides for various exit options for secured and unsecured lenders with different yield and maturity. The package is subjected to annual review based on which it is modified.
-Appoints Mr. M V Mohammad Meeran as the Director on the Board of the company.
-The company through its Special Purpose vehicle M/s Coromandel Electric Co Ltd has commissioned a (gas based) captive power plant at Ramanathapuram for a capacity of 17.4 MW and the same has started supplying power from the month of November 2004
-The Company has successfully completed an equity issue in the international market during October 2005 by issuing 25,613,796 Global Depositary Shares (GDSs) at USD 4.3226 per GDS, (each GDS representing 2 underlying equity shares of Rs 10 each) and raised an amount of Rs 497 crores including a premium of Rs 446 crores.
-India Cements signs MOU with Government of Himachalpradesh
-Sri T Dulip Singh, one of the Director on the Board of the Directors, expired on November 19, 2006.
-The Company has issued unsecured Zero Coupon Convertible Bonds due 2011 (FCCBs) for US $75 Million to investors outside India at an initial conversion price of Rs.305.57 per share.
-India Cements Ltd has coopted Mr. Ashok Shah, Zonal Manager (New Delhi), Life Insurance Corporation of India, in the place of Mr. P N Jambunathan.
-India Cements Ltd has co-opted Mr. K Subramanian, representing Housing & Urban Development Corporation Ltd (HUDCO), as an additional director of the Company.
-The Hon'ble High Court of Judicature at Madras vide its order dated 25th July 2007 sanctioned the Scheme of amalgamation of Visaka Cement Industry Limited with The India Cements Ltd.
-The Company has converted the Sankari plant from wet process to dry process and commissioned the plant.
-The Company has privately placed 2,07,89,000 equity shares at a price of Rs.285/- per share (including premium of Rs.275/- per share) by way of Qualified Institutional Placement in December 2007
-The Company has revived its shipping business with the purchase of two ships (dry bulk carriers) with a total capacity of 79843 DWT.
-The Company has successfully bid for the Chennai franchise of the DLF-IPL 20/20 Cricket Tournament Chennai Super Kings.
-The Company has completed and commenced commercial production of one million tonne grinding plant at Chennai.
-The Company has completed and commenced commercial production of one million tonne grinding plant at Parli (Maharashtra).
-The Companys subsidiary, namely, Trishul Concrete Produts Limited has completed and commenced commercial production of one lakh Cu.M ready mix concrete Plant at Hyderabad (Andhra Pradesh).
-The II line of 1.2 MT at Malkapur was commenced operations from March 2009
-The upgraded capacity of kiln I to 3000 TPD (1700 TPD) at Vishnupuram started functioning from April 2009.