|Our Company was incorporated as a private limited company vide a certificate of incorporation dated August 22, 1991, bearing registration number 11 63045 of 1991, issued by the Registrar of Companies, Mumbai in the name of Arihant Domestic Appliances Private Limited. Pursuant to conversion of our Company from a private limited company to public limited company our Company was issued fresh Certificate of Incorporation dated January 9, 2009 and the name of our Company was changed to Arihant Domestic Appliances Limited. Further vide Fresh Certificate of Incorporation dated March 24, 2010 issued by the Registrar of Companies, Pune, our Companys name was changed from Arihant Domestic Appliances Limited to Innoventive Industries Limited. The Corporate Identification Number of our Company is U29309MH1991PLC063045.
Our Company was originally promoted by Mr. Pravin Oswal, Mr. Manoj Oswal, Mr. Sachin Mehta and Mr. Mahendra Deval. On April 1, 2001, Mr. Vasant Mehta and Mr. Pravin Oswal, two of the original promoter directors, resigned from the Board of Directors of our Company and on March 5, 2002, Mr. Chandu Chavan, was appointed on the Board of our Company. Subsequently, on July 10, 2002, Mr. Manoj Oswal, one of the original promoter directors, resigned from the Board of Directors of our Company. Further, Mr. Sanjay Waghulade, Mr. Sanjay Bhade, Mr. Ravindra Katre, Mr. Parag Mulye and Mr. Shivaji Katke were appointed on
the Board of our Company on November 1, 2002. Mr. Mahendra Deval resigned from the Board of Directors on May 1, 2003, thereby, resulting in the reconstitution of the Board of Directors of our Company. In the year 2002, Mr. Chandu Chavan was transferred 10,620 Equity Shares representing 90.76% of the then paid-up share capital of our Company. Prior to the acquisition of our Company by Mr. Chandu Chavan, Arihant Domestic Appliances Private Limited (as it was then known) was engaged in the manufacture and assembly of mixer,
grinder, emergency lights and other domestic appliances.
Prior to acquisition of our Company, Mr. Chandu Chavan had set up his own business venture under the name of M/s. Phoenix Enterprises in 1997. M/s Phoenix Enterprises was engaged in the business of selling precision tubes to auto ancillary manufacturers till 2005, and it also began operation of wind mills, since 2002, which continues till date. Our Company acquired all the businesses of M/s. Phoenix Enterprises except the wind mill business vide agreement dated January 17, 2006.
In the year 2007 forward integration was achieved by investing in Seven Star Electrodes Private Limited, a company manufacturing auto components. Further, in the same year our Company, under the leadership of Mr. Chavan, ventured into a new line of business by acquiring 26% equity stakes in Sankalp Forgings Private Limited a company manufacturing oil well drilling couplings and other ancillary activities. Investments in Arihant Steel and Metal Wires Private Limited, a steel wires manufacturing concern, further provided avenues for new line of business. To achieve backward integration, our Company acquired 51% of the equity of Saicon Steels Private Limited, a company involved in the conversion of hot rolled coils to cold rolled coils.
Commenced assembly of consumer durable appliances
Transfer of 10,620 Equity Shares representing 90.76% of the share capital of our Company to Mr. Chandu Chavan, resulting in the takeover of our Company
Stoppage of manufacturing of consumer durable appliances and commencement of manufacturing of ERW and CEW tubes.
Commenced manufacturing of auto components
Arihant Auto Components Private Limited became the subsidiary of our Company
Arihant Steel and Metal Wires Private Limited became the subsidiary of our Company
Arihant Steel Products and Services Private Limited became the subsidiary of our Company
Seven Star Electrodes Private Limited became the subsidiary of our Company
Saicon Steels Private Limited became the wholly owned subsidiary of our Company. Subsequently, we transferred part of our stake bringing it down to 50.99%
Acquired 26% equity stake in Sankalp Forgings Private Limited
Received Mega Project status from the Government of Maharashtra, for the proposed project at Pimple Jagtap
Raised our equity stake in Sankalp Forgings Private Limited from 26% to 51%
Kavos Capital Limited acquired 5% stake in our Company, from Mr. Chandu Chavan
Conversion of our Company into a public limited company
Eligibility Certificate dated March 17, 2009, under the Package Scheme of Incentives 2007, granted for recognition of Mega Project status
Change of our Companys name to Innoventive Industries Limited
Kavos Capital Limited invested Rs. 3,500 lakhs in our Company through equity participation
Standard Chartered Private Equity (Mauritius) II Limited was allotted 26,00,000 Equity Shares of Rs. 10 each at a price of Rs. 117 per Equity Share as a Pre-IPO Placement
Awards, Achievements and Certifications
Accredited with ISO/ TS 16949: 2002 certification issued by UL DQS Inc. in respect of
manufacture of forgings (Closed die and open die forgings) and machinated components on November 12, 2010, bearing number 20000187 TS09. The same is valid until November 11, 2013.