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SKF India Ltd. Company History and Annual Growth Details

YEAR EVENTS
1961 - The Company was incorporated on 21st April, 1961 in Mumbai. The
company manufactures ball & roller bearing components in respect
thereof, pendulum weighting arms, cradles, bearing units for
top rollers, centre sleeve inserts and top tension pulleys.

- 6,000 shares taken up by the holding Company, and 4,000 shares by
the Investment Corporation of India, Ltd., its associates,
Directors.

1962 - 3,90,000 shares issued by a prospectus dated 12.5.1982. 2,34,000
shares to the holding Co.; 76,000 shares to the Inv. Corpn. of
India, Ltd., its associates & Directors & 80,000 shares to the
public.

1974 - 1,00,000 Bonus shares issued in propn. 1:4 in March.

1975 - 88,236 shares issued (prem. Rs 75 per share) to resident
shareholders as rights.

1980 - 2,94,118 bonus shares issued in prop. 2:5.

1981 - During July/August, the Company offered for public subscription
of 3,00,000-13.5% non-convertible debentures of Rs 100 each.
These debentures are redeemable at par in four equal annual
instalments of Rs 25 each beginning from 17th September, 1988.
The rate of interest on these debentures was increased to 15%
with effect from 17th April, 1982.

1985 - The Company issued 10,00,000-15% non-convertible debentures of Rs
100 each of which 2,50,000 debentures were privately placed with
financial institutions. These debentures were allotted in March,
1985 and were to be redeemed in full at a premium of 5% on the
expiry of 7 years from the date of allotment of debentures.

1986 - 3,52,941 bonus shares issued in prop. 2:5.

1987 - The name of the company was changed from Associated Bearing Co.
Ltd. to SKF Bearing India Ltd. with effect from 1st October.

- The company has no technical collaboration in respect of ball &
bearing manufactured at its chinchwad unit. However, in its new
manufacturing unit at Bommasandra, where line manufacturing
technology was introduced the company has a technical
collaboration with Akteibolaget SKF.

- A project to increase the licensed capacity for ball and taper
roller bearings to 1.68 crores nos. and 55 lakh nos.
respectively, was taken up for implementation at the Company's
factory at Chinchwad, Pune.

- The Company proposed to set up a new manufacturing unit for
manufacture of 9.0 million nos. of ball bearings at Bommasandra
in Karnataka. SKF of Sweden was the technical collaborators of
the project.

- The Company received a letter of intent to manufacture additional
13 million numbers of ball and roller bearings at Bommasandra
unit.

- The name of the Company was changed from Associated Bearing Co.,
Ltd. to SKF Bearings India, Ltd. with effect from 1st October.

- Out of the 24,70,590 No. of equity shares issued by the Company
12,60,000 shares are held by the Holding Company Aktiebolaget
SKF, Sweden, and its subsidiaries.

1988 - During December, 1988/January, 1989, the Company offered
14,00,000-14% secured redeemable non-convertible debentures of Rs
100 each on rights basis to the existing Indian resident equity
shareholders in the ratio of 7 debentures for every 3 No. of
equity shares held. The issue was fully subscribed.

- As per the terms of the issue, these debentures are redeemable in
full at a premium of 5% on the expiry of 7 years from the date of
allotment, i,e., 2nd March, 1989.

1989 - 12,35,295 bonus shares issued in prop. 1:1.

- The Company also received a letter of intent to manufacture
additional 13 million numbers of ball and roller bearings at this
unit.

1990 - The Chinchwad unit obtained a licence to manufacture 22.35
million numbers of ball and roller bearings per annum.

- The Bommasandra unit was licensed to manufacture 26.4 million
numbers of ball and roller bearings per annum.

- A programme entitled 'Capital India Project' was prepared to
implement the letter of intent during the year.

- During November, the Company offered 14%-45,00,000 secured
redeemable non-convertible debentures of Rs 100 each on rights
basis to the then existing resident Indian equity shareholders of
the Company in proportion 10 debentures for every 3 equity shares
held.

- As per the terms of the issue, these debentures are redeemable in
full at a premium of 5% at the end of 7 years from the date of
allotment. A provision to buy-back debentures was made from
individual debentureholders whose face value of holding does not
exceed Rs 40,000 and are held continuously for a period of one
year at the time of offer for sale is made.

1994 - With a view to focussing on different products, the manufacturing
activities were organised into different product division and
were being integrated into international product division of the
SKF Group.

- 44,132 shares issued to Aktiebolaget SKF and its subsidiaries in
terms of amalgamation of Sketko India Bearing Co. Ltd. with the
Company.

1995 - The Company entered the sophisticated markets of U.S.A., Italy,
France, Singapore, Argentina etc.

- With a view to contributing effectively in the developing Asian
Bearings Market, the Company evaluated the possibility of setting
up special capacity at Bangalore and Pune factories to meet with
the requirements of exports to the region.

1997 - Several channels of Deep Grove Ball Bearings (DGBB) and Taper
Roller Bearings (TRB) were upgraded.

- SKF Bearing (India) Ltd. has assured the Monopolies and
Restrictive Trade Practices Commission (MRTPC), New Delhi, that
it will not insist on a buyer to place order for a whole set of
textile drafting components.

1998 - The company had introduced a voluntary retirement scheme (VRS)
from June 1 to July 31, for its employees as part of a
restructuring programme.

- The company top brass has adopted a five point programme that
seeks to upgrade its productivity levels.

1999 - SKF Bearings India Ltd. has signed an agreement with Telco to
supply hub bearings for its latest model Tata Indica.

- SKF Bearings launched an electronic machine reliability
inspection system called 'Marlin', which can monitor the
condition of bearings in industrial processes.

2000 - The Company informed the Bombay Stock Exchange (BSE) that it has
entered into a memorandum of understanding for sale of its two
office premises in Mumbai.

- ICRA has reaffirmed the A1+ rating assigned to the Commercial
Paper programme of SKF Bearings (India) Limited for an enhanced
amount of Rs 50 crore.

2001 - The Company will reintroduce a voluntary retirement scheme at its Pune factory.

- The depressed capital market seems to be providing MNCs with an easy route to up stake in their Indian arms. The $5-billion Swedish engineering major SKF, for one, is taking a rather convoluted route to increase its stake in SKF Bearing India from the existing 51 per cent to 71 per cent.

2002

-Board recommends 10% divident on the increased capital of the company.

-Rakesh Mahkija appointed as Managing Director of SKF Bearings.

-Ties up with Sundaram Motors for the marketing of their kits in Karnataka and Andhra Pradesh.

-Launches automotive bearing kits for the retail market.


2003

-SKF Bearings India Ltd informs that Mr Gunnar Gremlin, Director of the company gives his resignation wef April 23, 2003

-Changes in the management structure:
Mr Tom Johnstone resigns as a Director wef April 24, 2003.
Mr Christer Gyberg appointed as a Director wef April 23, 2003.
Mr K C Mehra appointed as Additional Director wef April 24, 2003
Mr Tryggve Sthen appointed as Additional Director wef April 24, 2003.

2004

-Skf Bearings (India) Ltd. has informed that Mr G Borroni, Director of the Company has resigned wef December 29, 2003.

-The name of the company stands changed from 'SKF Bearings India Limited' to 'SKF India Limited'

-Forays into the rural market by launching special bearings for replacement in association with Texmo Industries, a leading pumps and motors manufacturer

-SKF Bearings has rechristened itself as SKF India

2006

-Skf India Limited has appointed Mr. P. Bhandari as Company Secretary effective from 4th January, 2007.

2008

- SKF India Ltd has informed that the Board of Directors of the Company at its meeting held on October 22, 2008 have appointed Mr. Vartan Vartanian as the Additional Director of the Company.

2009

- SKF India Ltd has appointed Mr. Shishir Joshipura as Managing Director of the Company.

- Skf India Limited has appointed Mr. Rakesh Makhija as President, Asia of the SKF Group and shall relinquish his post of Managing Director of the company effective January 01, 2010.
 
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