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MPIL Corporation Ltd. Company History and Annual Growth Details

1959 - The Company was incorporated on 6th August, as a Private Limited
Company. The Company manufactures calender bowls for textile
industries, textile finishing machinery, stenter clips,
centrifugal pumps, electric motors, food processing and canning
machinery and fire protection and detection equipment. The
Company was jointly promoted by Mather & Platt Ltd., U.K. and
Greaves Cotton & Co. Ltd. It became a Public Limited Co. on
about 19th April 1961.

- The Company set up a factory at Chinchwad, Pune (Maharashtra
State) for the manufacture of calender bowls for the textile
industry. It expanded its business operations and undertook
manufacture of textile finishing machinery, stenter clips,
centrifugal pumps, electric motors and food processing and
canning machinery.

- The Calcutta branch set up a factory in Calcutta for the
manufacture of fire proof doors in 1940.

- In order to reduce the percentage of their non-resident
shareholding, Mather & Platt Ltd., U.K. submitted to the Reserve
Bank of India the following proposals to reorganise its business
interests in India and in the process to Indianise the Company:

- (a) that Mather & Platt Ltd., U.K., be permitted to purchase the
entire shareholding of Greaves Cotton & Co. Ltd., in the Company,
temporarily making the Company a wholly owned subsidiary of
Mather & Platt Ltd., U.K.

- (b) that the entire business and undertaking in India of Mather &
Platt Ltd., U.K., would be then transferred to and vested in the
Company and thereafter the Company would be Indianised.

1963 - The Company's issued and paid-up capital increased from Rs
7,00,000 in June Rs 1,20,00,700 in June 1979, by the issue of
bonus shares of Rs 16,50,000 and additional shares of Rs

1977 - Initial capital was 5,020 shares of Rs 10 each. 7,539 shares of
Rs 100 each issued without payment in cash to Mather & Platt,
Ltd., U.K. 8,400 bonus shares of Rs 100 each issued on 15.7.75 in
prop. 3:5. Shares subdivided on 5.6.1978.

1978 - Upon the aforesaid transfer being affected, the Company changed
its name from Mather Greaves Ltd., to Mather & Platt (India)
Ltd., effective from 9th March.

- The Company subdivided its shares of Rs 100 each into shares of
Rs 10 each on 5th June. Effective from 5th June, the Company
reconverted itself into a private limited company.

- 81,000 Bonus shares issued on 12.9.1978 in prop. 81:224. 8,95,000
shares issued and allotted on 3.5.1979 to Mather & Platt Ltd.,
U.K. without payment in cash in terms of the scheme of
amalgamation. 70 shares issued for cash (Prem. Rs 8 per share)
and allotted on 16.5.1979. 10 shares each to two Indian
directors and 10 shares each to the Indian employees of the

1979 - The Company was again reconverted into a public limited company
on 14th June.

- The object of the public issue of capital during July-August was
to reduce the non-resident holding in the company to a level not
exceeding 60% by 30th September.

- 7,99,930 shares issued (prem. Rs 8 share); 50,000 shares reserved
and allotted to financial institutions (25,000 shares to UTI and
25,500 shares to each LIC and GIC); 20,000 shares to employees
including the Indian Directors reserved and allotted. 7,00,000
shares offered for public subscription during July-August 1979.

1980 - At chinchwad, an extensive scheme of modernisation was taken up.

- Mather & Platt Ltd., U.K., granted a licence to the Company to
use their name for identifying the company's products and as a
part of the company's corporate name.

- Mather & Platt Ltd., U.K., also agreed to allow the company to
use for its products their trade marks registered in India in
respect of various types of pumps and fire protection systems
without charging royalties or fees.

1981 - 12,00,000 Bonus shares issued in prop. 3:5.

1985 - 32,00,000 Bonus shares issued in the prop. 3:5 on 16.7.1988.

1986 - During the year the Company commissioned large circulating water
pumps for Mettur Thermal Power Station in Tamil Nadu. The food
machinery division received necessary approval for acquisition of
technology for the manufacture of a new type of filling machines.

1987 - Erection of three 36' verticles from NFC Bhatinda and two 48/48
split casing pumps for MSEB at Parli Power station were also
carried out.

- The textile machinery department and food machinery department
did not fare well because of recessionary trends in the textile
industry and failure of the monsoon.

- The Company executed an order for Washing and Soaping Range for
Vietnam and commissioned a range of finishing machines despatch
for to Rewanda.

1988 - Among large installations, an electronic fire alarm and control
system at Visakhapatnam Steel plant and a complete fire
protection system on large LPG installations for public sector
oil companies were commissioned.

- Under project development programme, a large size multistage mine
drainage pump was developed and installed in Dhanbad collieries.

- A new collaboration agreement was entered into to produce a new
type of stenter having good potential for export market.

- To further strengthen the base of the overseas market, the
Company decided to set up a representative office in Nairobi,

- 38,40,000 Bonus shares issued in the prop. 3:5 on 16.7.1988.

1989 - A technical collaboration agreement was signed with Firetek
Corporation, U.S.A. for the manufacture of smoke detectors. The
pump division developed high efficiency end-section pumps and the
product was launched in the market.

- With a view to enlarge the technological base, an agreement was
signed with Termomeccanica Italiana, Italy for collaboration on
pumping equipment for large projects for the core sector
industries i.e. of power, fertilizers and petro-chemicals.

- Another agreement was signed with Thyssen Machinenbau of West
Germany for the manufacture of newer range of pump products.

- 51,20,000 right shares issued at a premium of Rs 20 per share in
proportion 5:4 to reduce the non-resident share holding of
Mather & Platt Ltd., U.K. in the Company to less than 40%. Only
34,22,650 shares taken up.

- The balance 16,97,350 shares allotted privately as follows:
(i) 1,00,000 shares to Stockholding Corporation of India Ltd. -
Trustee LIC Mutual Fund; (ii) 7,97,896 shares to The Hongkong
Bank Agency Pvt. Ltd.; (iii) 3,99,727 shares to Canara Bank and
(iv) 3,99,727 shares to Canbank Financial Services Ltd.

- The Company also offered 2,56,000 No. of equity shares to
employees (including Indian Working directors)/workers at a
premium of Rs 20 per share on an equitable basis out of which
only 45,750 shares were taken up. The balance 2,10,250 shares
were allowed to lapse.

1990 - The fire engineering group developed new type of
electro-pneumatic heat detector, butterfly type deluge valve,
remote controlled water/foam monitors for specialised
applications, dry-chemical skid etc.

- The fluid engineering group supplied installed and commissioned
circulating waterpumps at the 500 MW Chandrapur Power Station for
the Maharashtra State Electricity Board. Also, three large
multi-stage mini drainage pumps were developed and supplied to
BCCL for its Bhalgora mine.

- The textile machinery division developed a yarn sizing machine
and a multi-layer stenter.

1991 - The first yarn sizing machine was commissioned and thermobonding
calender required by the non woven industry was manufactured at
the textile machinery division.

- At the food machinery division, an advanced design of mushroom
canning and aluminium foil heat sealing machines for polyjars as
also machinery for lime processing and Oleoraisin plants were

- The fire engineering division developed ionization type smoke
detector with technology from Firetek Corporation, U.S.A., to
serve as an import substitution product.

- During the year, the Company received orders on a turnkey basis
for water supply pumps from Hyderabad Metro - a World Bank aided

- Eleven large vertical 1650 KW circulating water pumps were
supplied to Neyveli Lignite Corporation and high head water
supply pumps, generating 880 metres of water column were
manufactured for Mizoram. Also, the first batch from an order
for seismically qualified process pumps was supplied to nuclear
Power Corporation.

- The overall working of the Company, however, suffered owing to
increase in interest costs, abolition of export cash incentive
and increase in effective tax rate.

- Gilbert Investments, Ltd., promoted as an investment Company to
deal in shares, stocks, debentures, bonds of any Government,
Company, Corporation and financial institution, became a wholly
owned subsidiary of the Company during the year.

1994 - The Company supplied three off large vertical pumps for the
Karnataka Power Corporation, four off 1250 KW filtered water
pumps to the Bangalore Water Supply and sewerage board and four
off high head water supply pumps for a hill city in Mizoram.

- The fire sharping machine was commissioned at the textile
machinery division. Textiles machinery division entered into the
field of stenter manufacturing and also secured the first order
for a hot air stenter.

1995 - Various new products that were introduced by the division were
Lime Oil Extraction Plant, Chilli Processing, Mushroom
Processing, Canning, Dehydration Units Onion/Garlic, Onion
Peeler, Warping and an energy efficient hot air stenter.

2002-Vidya M Chhabria appointed as Chairperson of Mather & Platt.


-Mather & Platt Ltd (M&P), an engineering company of the $2-billion Jumbo Group, has firmed up a collaboration with VAG of Germany, a global leader in valve technology.


- MPIL Corporation Ltd has appointed Ms. Drushti Desai as an Additional Director of the Company with effect from January 27, 2010.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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