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Lakshmi Machine Works Ltd. Company History and Annual Growth Details

1962 - The company was incorporated on 14th September, at Chennai. It
manufactures textile machinery.

1963 - Shares subscribed for in cash by promoters, Directors, their
friends and associates.

1964 - Further 1,221 shares subscribed for by directors etc. 30,000
shares reserved for Rieter Machine Works Ltd. 20,000 shares
reserved for IFCW. 1,00,000 shares offered to public during
February 1964.

1968 - 30,133 shares allotted to technical collaborators (384 in 1965,
16,265 in 1966, 5,000 in 1967 and 5,021 in 1968).

1971 - Further 10,000 shares issued to the technical collaborators
during 1971-72.

1979 - 60 forfeited shares reissued at market price.

1980 - Government approved the Company's collaboration agreement with
Rieter Machine Works, Ltd. Switzerland for the manufacture of
improved and sophisticated ring frame Rieter Model 'G5/1' the
first of which was delivered in November 1982.

- The Company also finalised technical collaboration agreements
with Rieter Machine Works, Ltd., Switzerland for the manufacture
of open end spinning machines and with Investa Czechoslovakia for
the supply of spinning units.

1981 - 1,52,394 bonus shares issued in prop. 3:5.

1982 - The Government permitted the Company to manufacture 150 nos. of
open end spinning machines within the overall licensed capacity
and approved the collaboration agreement with Rieter Machine
Works, Ltd. Switzerland.

- In January the Company was granted a letter of intent for the
establishment of a pilot mill with 3,000 spindles at its existing
site at Perianaickenpalayam (Coimbatore) for research and
development purposes.

1984 - A letter of intent was received for the manufacture of 200 metal
cutting and printing machines at Unit II at Kariyur village.

1986 - The Machine Tool Division which had been recently established,
converted a letter of intent received into an industrial licence
for the manufacture of CNC lathes and CNC machinery centres.
Design documents pertaining to the project were received from the
collaborators Movi Seuki Co., Ltd. Japan.

1989 - The Company was concentrating on the replacement market as most
of the machinery supplied by the company in the earlier years
were due for replacement.

- The machine tool division introduced into the market CNC machines
viz. MV-Junior and SL-3 models. The manufacture of other models
was also being taken up.

- The Company entered into a collaboration agreement for advance
technology in the manufacture of open end rotors spinning
machines with M/s. Schubert & Salzer, Ingolstadf, West Germany.
This project was under implementation.

- 2,03,192 bonus shares issued in prop. 1:2.

1990 - Government's approval was received for the Company's investment
in the equity capital of Pugoda Textiles Lanka Ltd., Sri Lanka.

1992 - The Company jointly with Rieter Machine Works Ltd., Switzerland
(RMWL) set up a new company under the name of Rieter-LMW
Machinery Ltd., as a 100% export unit for the manufacture of G5/3
family ring of frame assemblies for buy-back by RMWL.

1993 - The Company established a modern foundry division at Arasur for
manufacture of Grey Iron Castings of grade 20, 25 and 30 using
chemical bonded process for captive requirement and also to meet
the fast growing engineering sector in India and abroad.

1995 - The company had entered into a long-term partnership with Mikron
of Switzerland for manufacture of the universal milling and
boring Mikron machines for their world market.

1996 - The Company undertook to set up a second unit at Kaniyur village,
23 kilometers from Coimbatore.

- As on 31st March, the Company held 45,00,000 No. of equity shares
of Rs 10 each of the issue capital of the Sri Lanka company.

1997 - 6,09,576 bonus shares issued in prop. 1:1.

- Work at unit II of the textile machinery division of Lakshmi
Machine Works Ltd (LMW), located at Kaniyur near here, has been
hit due to failure of the management and the workers to reach a
revised wage accord. The workers had called a strike on
September 15 following failure of Kaniyur LMW Unit Workers &
Staff Union and the management to arrive at a consensus on
revising the previous five year settlement which came to an end.

- In a bid to cut down burgeoning administrative costs, the
textile machinery major, Lakshmi Machine Works Ltd has offered
the voluntary retirement scheme (VRS) to its employees.

1998 - The new product range introduced by LMW comprises the
high-speed CNC machines in the Pilatus range, high-power CNC
lathe in the Rigi range, vertical machining centres in the Kodi
range, Ooty 40, which is the all-new horizontal machining
centre and a mould-making machine, Kodi Mould 50.

- LMW, which is one of the biggest investors in the machine tools
business, especially in the last decade, has so far invested
about Rs.50 crores in updating its manufacturing facilities.

- Sisco is a joint sector company promoted by LMW and Tamilnadu
Industrial Development Corporation (Tidco) to set up a
steel-making project.

- The new machines being introduced includes high speed CNC
machines in the Pilatus range, and machines in the Kodi and Ooty
range. The company bagged the Machinist award for the most
innovative display at the recently concluded Imtex 98.

1999 - Lakshmi Machine Works Ltd (LMW), is one among three companies in
the world to manufacture the entire range of spinning machinery.

- Lakshmi Machine Works Ltd (LMW), a pioneer in the manufacture of
spinning machinery, has coined a new theme and logo 'Spinning
Value', in-addition to its existing logo 'goddess Lakshmi' and
the theme, Spinning System.

- The textile show is scheduled between June 1 and 10 at Paris.
Held once every four years at various venues around Europe,
ITMA provides a platform for display of the latest products by
major manufacturers the world over. This is the first time that
LMW will be displaying its latest innovations at ITMA.

- LMW was the first Indian company to introduce the automatic bale
plucking machine 'Flexifloc' in the blowroom, which surpassed any
other bale plucking machine in the world.

- The company has developed four state-of-the-art machines such as
automatic bale plucking machine Flexifloc, carding machine
LC300A, speed frame LFS 1660, and ring frame XLA30.

- Southern Iron and Steel Company Ltd (Sisco), a joint sector
project promoted by Lakshmi Machine Works Ltd (LMW) and Tamilnadu
Industrial Development Corporation Ltd (Tidco), mulls setting up
a coke over project near its existing facility to ensure
availability of quality inputs for its steel plant.

- The collaboration agreement between the textile machinery
manufacturing major, Lakshmi Machine Works Ltd (LMW) and Rieter
Machine Works Ltd, Switzerland (Rieter) has lapsed, following
which the Rieter nominees on the LMW Board have resigned.

- The company proposes to carry on the business of developers,
purchasers, consultants and technical advisors in the field of
computers, computer software, information and management
systems, development and dealing in computer programmes,
application systems, maintenance, software development and to
depute personnel to develop and process software and hardware
and other electronic items in India and abroad.

- Ailing India Precision Bearings (IPB) is merging with the
country's largest textile machinery manufacturer Lakshmi Machine
Works (LMW), according to top level sources at LMW.

- It has merged India Precision Bearing Manufactures with itself
with effect from April.

- The company was the largest supplier of ring spinning machines in
the world with over 12 millions spindles in operation.

- Textile machinery manufacturing major, Lakshmi Machine Works
Ltd (LMW) has chosen the International Textile Machinery
Association's (ITMA) textile show as the launch pad for its new

- The leading textile machinery manufacturer in India, Lakshmi
Machine Works (LMW), has designed and developed new generation
machines for the millenium. These machines have been fabricated
through the in-house R&D facilities set to meet international
parameters of end-products.

2000 - The Company has launched two CNC machines -- Smarturn and Smash
directly in the market.


-Board approves for the acquisition of wholly owned subsidiaries of the company - LMW Investments Ltd and Deejay Leasing Company Ltd.

-LTE Industries acquires 12000 shares amounting to .984% of LMW Ltd.

-Stocks appreciated by about 65%.

-Charges Rs.8.3 crs for the dimunition in the value of investments.

-Offers 1:200 swap ratio or cash option of Rs.10 for each Textool share for its merger with the company.

-Board of Industrial Finance and Reconstruction approves for the merger of Textool Company with LMW Ltd.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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