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Nelco Ltd. Company History and Annual Growth Details

YEAR EVENTS


1949 - The Company was Incorporated as a public limited company on 28th
May.

- The Company's object is to manufacture radios, radiogram, radio
components, electronic and other engineering products. The
Company received technical collaboration from E.K. Cole Ltd.,
England under an agreement which was entered into in 1948 for a
period of twenty years. The products are sold under the trade
mark 'NELCO'.

1950 - Authorised equity capital reduced from Rs.100,00,000 to
Rs.80,00,000. Paid up capital reduced by Rs.6,00,000 by writing
off Rs.20 per shares. The issued shares were subdivided into
fractional certificates of Rs.20 each and later consolidated into
shares of Rs.100 each. 6,000 No. of equity shares were issued
against payment in cash to M/s. E.K. Cole Ltd., England.

1967 - General Radio & Appliances Ltd., was amalgamated with the Company
with effect from 1st January.

1968 - 11,666 No. of equity shares issued to shareholders of General
Radio & Appliances Ltd. upon its amalgamation with the Company.

1974 - 20,555 1/3 Right issued at par in prop. 1:3.

1977 - 28,582 rights equity shares issued at par in prop. 3:8. 63,317
shares allotted to schlumberger Ltd. France at par.

1979 - The name of the Company was changed from The National Ekco Radio
and Engineering Co. Ltd., to its present one consequent upon the
expiry of the collaboration agreement with E.K. Cole Ltd.,
England.

1980 - The Company received licence to manufacture
mini-computer/microprocessor based systems.

- Some of the engineering support service activities of the Company
were shifted from Andheri (Zone II) to TTC Industrial Area (Zone
III). For this purpose, the company purchased an existing
factory building on a plot of land leased from the MIDC at Vashi.
The new facility became fully operational from August 1981.

- The Company applied for an industrial licence for the manufacture
of colour television receivers and video cassette recorders.

1983 - 43,530 rights equity shares issued in the prop. 1:4.

1985 - In February, the Company issued 1,00,000 - 13.5% secured
convertible bonds of the aggregate value of Rs.3 crores. Each
bond of Rs.300 consisted of two parts, namely, a convertible
scrip of Rs.100 and a non-convertible scrip of Rs.200.

- 93,000 bonds were offered on 'Rights basis' to the resident
Indian shareholders in the prop. of 7 bonds for every 10 No. of
equity shares held. 5,000 bonds were offered to the employees
and directors and 2,000 bonds to business associates. At the end
of 12 months from the date of allotment, the convertible part of
Rs.100 was compulsorily and automatically converted into one
fully paid-up equity share at par. The non-convertible portion
of Rs.200 per bond would be redeemable at par at the end of 7
years from the date of allotment.

- The non convertible portion of Rs.2 crores which was due for
redemption on 1st March, 1992 was proposed to extend the date of
maturity by a period of two years.

1986 - During October, the Company introduced its first colour TV
receiving set under the brand name 'Blue Diamond'.

- In association with Morgan Construction Co. U.S.A., General
Electric Co., Australia, the Company executed a contract for
supply of Automated Drive Control System for Bar and Rod Mill for
TISCO, Jamshedpur.

- The Company in association with Honeywell, Italy, proposed to
manufacture Unix-based computer system based on 68020 Motorola
Chip.

- The Company entered the telecommunications field with the
manufacture of Electronic Exchanges (EPABXS) based on indigenous
technology developed by C-Dot.

- 1,00,000 No. of equity shares issued on conversion of bonds.

1987 - Several new models of colour television sets were introduced.
The Company also developed and launched new models of 14' black
and white television sets.

- Major drives, control and automation systems were successfully
commissioned at the TISCO and Durgapur Steel plants.

- The Durgapur steel plant introduced a Unix-Based Force 20 mini
computer system.

- During Nov./Dec., 3,80,000 rights equity shares issued at par in
prop. 6:5 (only 1,25,931 shares taken up). 19,000 No. of equity
shares offered at par to employees/workers of the Company
(including working directors) on an equitable basis (only 290
shares taken up).

1988 - In-house manufacture of colour television receivers were more
than doubled and new models of both colour and black and white
TV sets were introduced.

- 1,21,410 rights equity shares (out of 3,80,000 issued in December
1987) allotted.

1989 - The balance 1,32,659 shares out of 1987 rights quota allotted.
The balance 18,710 shares not taken by employees were allowed to
lapse.

1990 - Turnover at Rs.160 crores registered further growth, mainly due
to improved performance in the industrial systems business.

- The Company's industrial systems division diversified into the
area of energy management system for the power industry. A major
order was received from one of the power generating companies for
the same.

1991 - Industrial systems group and the information technology group
registered substantial increase in business but sales and margins
in the consumer products continued to decline due to recession in
the consumer electronics industry.

1992 - Shares sub-divided on 19th August, 6,00,000 shares allotted to
financial institutions in conversion of loans on 28th August.

1993 - Overall sales were reduced due to the demand recession in some
of the Company's business and this coupled with the transfer of
the UPS division into a new joint venture company with Tata
Liebert Ltd.

- Sales in the Drives and automation area was comparatively lower
mainly due to execution of larger turnkey projects.

- Technology group experienced a marginal reduction in sales in
view of the reduced order from DoT on the industry and also due
to non-uniform order replacement.

- During December, 151,58,800 shares of Rs.10 each for cash at par
were offered on rights basis to the shareholders of the Company
in prop. 2:1 (all were taken up).

- Simultaneously, 2,93,400 shares were to be offered to employees
of the Company (only 80,200 shares taken up).

1994 - 152,39,000 shares allotted to shareholders.

1996

-Signed a contract with Tata Housing to develop a commercial complex Nelco Plaza at Andheri. Nelco stands to gain close to Rs 100 crore from the project.

-Enteres into a tie-up with General Electric Company (GE) of the US for the latest knowhow for drive and automation system in the metal industry.

1999

-NATIONAL Radio is dead. Long live Nelco. Replacing its registered name with its brand name recently is only the ostensible face of the change at this 57-year-old Tata company.

2003

-Signed a memorandum of understanding to develop, market and sell a range of hi-tech electronics-based systems to the Indian defence forces.

-Dr. Ravi Gopinath has been appointed director on the Board with effect from August 19, 2003. Mr. K A Mahashur has been reappointed Whole-time Director of the Company designated as Executive Director for 5 years with effect from September 1, 2003.

-Mr. R R Bhinge as an Additional Director of the Company w.e.f August 29, 2003.

2004

-Tatanet Broadband Wireless Pvt Ltd has become subsidiary of the company. Consequently the new name of that company is Tatanet Broadband Wireless Ltd.

2006

-Nelco Ltd has appointed Lt. Gen. Davinder Kumar (Retd) as an Additional Director of the Company effective November 17, 2006.

2007

-Nelco Ltd has appointed Mr. Prasad R Menon as an Additional Director of the Company effective July 20, 2007.

-Nelco Ltd has appointed Mr. Shailendra Kumar Gupta as an Additional Director of the Company effective October 23, 2007.
 
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