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Petron Engineering Construction Ltd. Company History and Annual Growth Details

YEAR EVENTS
1976 - The Company was incorporated on 19th July, as a private limited
Company. It became a Public Company on 31/10/94. It was
promoted by R.S. Ambekar, M.K. Nair and S. Chuckerbutty, all
technocrats. The Company is engaged in providing services in
structural, mechanical, civil, piping, electrical,
instrumentation, painting, refractory etc.

1995 - The Petron Mechanical Division supplied overhead cranes to
Hindalco, Renukoot, IPCL Baroda & G.K. Steel Coimbatore.

- The Petrofab Division executed orders for fabrication of heater
components for GAIL, Auriya and the supply of heater components
for HPCL Mumbai through Thermax Ltd., Pune.

- The EPC Division received enquiries for supply of loading arms
for oil industry pollution control equipment for chemical
industry, hotels etc. For these, collaboration agreements were
finalised with reputed foreign parties.

- With a view to inducing high degree of mechanisation and to
carry on work more efficiently, the company undertook to acquire
in stages four second hand large capacity mobile cranes ranging
from 150 tonnes to 300 tonnes and other specialised equipments
like welding rectifiers, orbital welding machines, hydra cranes
etc.

- Also, with a view to overcome the errosion of raw materials in
the workshop on its being in the chemical zone, it was proposed
to relocate the workshop to Dhabhasa at Padra Road near Baroda.

- During March, the company issued 5,00,000-14% secured redeemable
Non-convertible debentures of Rs 100 each with detachable
warrants 1 each with debenture to the public through a prospects.
Totally 5,00,300 debentures were allotted.

- The warrant entitles the holder to apply for one equity share of
Rs 10 each at a price of Rs 20 between 12 and 24 months from the
date of allotment as may be decided by the board.

- The face value of Rs 100 of each debenture would be redeemed in 3
annual instalments of Rs 30, Rs 35 and Rs 35 at the end of 5th,
6th & 7th year from the date of allotment of debentures i.e. on
9.5.2000, 2001 & 2002.

- 48,34,500 Shares allotted to promoters, members, friends &
relatives. 7,90,500 shares allotted to holding company.
18,75,000 shars were issued at a premium of Rs 60 per share to
the public through a prospectus during March 1995. Totally
19,09,100 shares were allotted.

2006

- Petron Engineering Construction Ltd has informed that the Company has appointed Mr Madhukar Ambekar as Alternate Director to Mrs Rajashree Dokras at a meeting held on October 31, 2006.

2007

- Petron Engineering Construction Ltd has received Letter of Intent (LoI) from Madras Cements Ltd, Chennai for Erection & Commissioning of Electrical & Instrumentation Equipments for Line 2 Project for a total value of Rs 455 Lakhs.

2008

-Petron Engineering Construction Ltd has appointed Mr. Krishan Lal Swami as Additional Director on the Board, designated as Director (Finance) w.e.f. June 30, 2008.

2009

- Petron Engineering Construction Ltd has informed that Mr. Raghunathan Sankaran has been appointed as Additional Director (Non-Executive - Independent) on the Board, w.e.f. June 29, 2009.

2010

- Petron Engineering Construction Ltd has informed that Mr. Ravi Keswani has been appointed as Additional Director (Non-Executive) on the Board, w.e.f. March 20, 2010.

- Petron Engineering Construction stated that it has bagged a project worth Rs 211 crore.
 
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