1985 - The Company was Incorporated as a private limited company on 14th
February, and then converted in public limited company on 11th
October. The Company was promoted by Ramesh Suri and Jayant
Nanda along with their associates. The Company manufacture
automotive air-conditioning systems.
- The company entered into a technical collaboration agreement with
Nippondenso Co. Ltd., Japan (Nippondenso) for technical
information for implementation of the project and manufacture of
automotive air-conditioning systems including swash-plate type
compressor, clutches and other associated components for cars and
light commercial vehicles in addition to providing advice in
regard to the design, manufacturing, production problems and
train technical personnel of the company at its factories.
- The company undertook to set up a project for the manufacture of
50,000 units per annum of automotive air-conditioning systems for
automobiles in a phased manner.
- The Company embarked upon a scheme to procure sub-assemblies and
components indigenously and to undertake the in-house manufacture
of critical components in a phased manner.
- The Company also started supply of air-conditioning systems for
Maruti Gypsy and the same was being well received. The company
also developed air-conditioning systems for Premier 118 NE and
- One prototype kit to each of the manufacture, i.e. Premier
Automobiles Ltd., and Tata Engineering and Locomotive Co. Ltd.,
- 15,00,000 shares allotted at par as follows: (i) 11,10,000 shares
to promoters, directors, etc.; (ii) 1,95,000 shares to
Nippondenso Co., Japan and (iii) 1,95,000 shares in Suzuki Motor
1988 - 12,75,000 shares issued at par of which 1,87,500 shares reserved
for allotment on preferential basis to employees (including
Indian working directors)/workers (only 4,700 shares taken up).
The balance of 10,87,500 shares, together with the unsubscribed
1,82,800 shares of the employees' quota, offered to the public in
1991 - The Company developed and commenced supply of air-conditioning
systems to Telco for their Tata Sierra and Tata Estate. Also
air-conditioning systems were deveoped for, Premier 118 NE and
efforts were on for AC systems for MULS new model YE-2 in
consultation with nippondenso Co. Ltd., Japan.
1995 - The Company increased the installed capacity of AC systems to
- 22,48,080 shares issued at a prem. of Rs 23 per share to the
shareholders on right basis in prop. 3:5, 1,920 shares kept in
1996 - The Company took up production of AC systems, based on HFC 134a
refrigerant by modification of existing production lines for
manufacture of components and sub assembles compatible to HFC
134a an environment friendly refrigerant, the first in India.
- The Company has splits its face value from Rs10/- to Rs2/-.