1988 - The Company was incorporated on 9th September, as a public
limited company and the certificate for commencement of Business
was obtained on 21st October. The company has been promoted by
Mr P Obul Reddy and associates and Matsushita Electric Industrial
Co Ltd., Japan (MEI). The Company manufacture electric rice
cookers and other home appliances. Rice cookers are marketed
under the brand name 'NATIONAL NIPPO'. The Electric Rice Cooker
has a unique feature in which it has an in-built auto-thermostat
which will cut off the heater once the cooking is completed and
thereafter keep it warm for a long time.
- The Company undertook to set up a plant for the manufacture of
electric rice cookers in technical & financial collaboration of
MEI at Sholavaram village of Chengai Anna district in Tamil Nadu.
- The company has technical and financial collaboration agreement
with Matsushita Electric Industrial Co Ltd., Japan (MEI).
1990 - 70 shares subscribed for by signatories to the Memorandum of
Association. 69,99,930 shares then issued at par of which
18,59,930 shares to Indian promoters, directors, etc. and
28,00,000 shares to Matsushita Electric Industrial Co. Ltd. Japan
were reserved and allotted on a firm basis. Out of the remaining
23,40,000 shares, 3,50,000 shares were offered to the employees
on a preferential basis but only 3,600 shares taken up. The
balance 19,90,000 shares, along with 3,46,400 shares not taken up
by employees, were offered to public in March 1990 (all were
1993 - 900 No. of equity shares forfeited on 3.8.1993. These were
reissued on the same date.
1994 - The Company launched its mixer grinder project.
- 15,70,000 No. of equity shares allotted to Malsushita Electric
Ind. Co. Ltd., Japan to increase their holding to 50% from 40%.
-Panasonic acquires Kenexa tool