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Usha Martin Ltd. Company History and Annual Growth Details



- The company was incorporated on 22nd May, and obtained the
Certificate of Commencement of Business on 17th July, 1986. It was
promoted jointly by Usha Martin Industries Ltd. (UMI) and Bihar State
Electronic Development Corporation Ltd. (BSEDC).

- The Company undertook to set up a project for the manufacture of
5,00,000 conductor kilometres (CKM) per annum of jelly filled cables.

- The Company entered into a technical collaboration agreement with AEG
Kabel of West Germany for technical know-how and training of Indian
technicians at the collaborator's plant.

1988

- The Company had developed PCM system cable used for transmission of
digital signals and supplied higher size cables upto 1600 pairs. The
Company had also developed foam skin type cable of size 1800 x 0.4 for
the first time in India.

- 70 shares subscribed for by the signatories to the Memorandum of
Association. 70,99,930 shares were then issued at par out of which the
following shares were reserved and allotted on a firm basis:

- (i) 16,96,930 shares to Usha Martin Industries Ltd., its directors,
their friends, etc.;

- (ii) 18,46,000 shares to BSEDC;

- (iii) 10,72,000 shares to AEG - Kabel of West Germany and

- (iv) 7,10,000 shares to DEG of West Bermany. Out of the remaining
17,75,000 shares, 3,55,000 shares were reserved for preferential
allotment to employees, etc., but only 14,800 shares taken up. The
balance 14,20,000 shares along with 3,40,200 shares not taken up by
employees, were offered for public subscription during April 1988 (All
were taken up).

1989

- During May/June 1989, the company offered 14,20,000 rights equity
shares in the prop. 1:5 (All were taken up). Simultaneously, 71,000
No. of equity shares were also offered to the employees on an equitable
basis. Only 5,200 shares taken up. Balance 65,800 shares allowed to
lapse.

1994

- The Company issued 10,00,000 No. of equity shares of Rs 10 each at a
premium of Rs 169 per share on preferential basis to promoters.

- During October, the Company issued 32,71,028 GDRs and these
representing 32,71,028 No. of equity shares were issued at a price of
Rs 335.66 per share.

- Usha Martin Telekom Ltd., a joint venture along with Usha Martin
Industries Ltd. & Telekom, Malaysia have been providing cellular phone
services in Calcutta under the brand name 'COMMAND'.

1996

- The Company was closely monitoring the development in power sector
and was evaluating various options.

- Summit Usha Martin Finance Corporation Ltd. (Formerly Usha Martin
Finance Corporation Ltd.) became a 50:50 joint venture between Usha
Martin Group of Industries & Sumitomo Corporation of Japan.

- Other joint ventures of the company are Usha Siam Steel Industries
Ltd., Usha Martin Europe Ltd. and Usha Martin Americas Inc.

1997

- The Company decided to spin-off the Software Division into one of the
subsidiaries of the company.

- Usha Martin Industries Ltd. was merged with the company. After
amalgamation company has become a multi-divisional company, covering
the manufacture of pig iron, steel wires and wire rods, wire ropes and
jelly-filed cables.

- 11,477,334 No. of equity shares issued to the shareholders of
erstwhile Usha Martin Industries Ltd. Pursuant to the Scheme of
Amalgamation with the Company and 13,56,200 No. of equity shares of Rs
10 each held by erstwhile Usha Martin Industries Ltd. were canacelled
due to Amalgamation with the Company.

- Ubest a division of the Usha Beltron's Ltd. has signed an agreement
with Swiss Telecom PTT to offer Indian cellular operators natel sim
card application platform (sicap) software product for immediate
implementation.

- Usha Beltron Ltd. (UBL) was promoted jointly in 1986 by Usha Martin
Industries and Bihar State Electronic development Corporation in
technical collaboration with AEG Kabel, Germany to manufacture jelly
filled tele-cables (JFTC).

- The company will have three major divisions-wire and wire ropes,
software and telecom.

1998

- Crisil has downgraded the outstanding ratings of Usha Beltron Ltd.
(UBL) and also removed them from rating watch.

- The Jhawars-promoted wire rope-to-jelly filed cables firm, Usha
Beltron Ltd, is set to extend its activities into telecommunications in
a big way.

- Usha Beltron's telecom foray will include extending activities to
different fields of operating, maintaining and providing
telecommunications services of all types and other value-added services
and to design, instal and/or erect all types of telecommunication
network systems and enter into joint venture agreement with Indian and
foreign parties.

- Usha Beltron Ltd. of the Jhawars is all set to change its name to
Usha Martin Ltd this fiscal, according to sources in the company. This
is for the second time, in a span of just one year, that the company is
going to change its name.

- The company has initiated moves to restructure its international
marketing and distribution business.

- The Company embarked on creating a new cable manufacturing facility
at Silvassa with a capacity of 27 lckm through UM Cables Ltd., a wholly
owned subsidiary of the company.

1999

- The company has introduced a voluntary retirement scheme at its cable
and wire rope factories in Ranchi from last month. The scheme has been
offered to workers and officers who are of and over forty years of age
and have completed 10 years of service.

- UM Cable Ltd, a wholly-owned subsidiary of Usha Beltron Ltd.
belonging to the Rs. 1,000-crore plus Usha Martin Group, is being
launched in Silvassa, near Mumbai, to manufacture jelly-filled
telecommunication cables.

- Usha Beltron Ltd. (UBL), the wire and wire ropes major of the Jhawar
group, is setting up a holding company to streamline its overseas
distribution network.

- Usha Communications Technology, a wholly-owned subsidiary of Usha
Beltron Ltd, and Compaq Computer Corporation singed a comprehensive
worldwide solution development marketing agreement on May 7 at
Portland, Oregon, the US.

- UBL recently entered into an agreement with American Express Bank for
funding worth $15 million. 'The rest of the $10 million will be
through equity expansion and bringing in a joint venture partner.'

- Usha Beltron Limited, the flagship of the city-based Usha Martin
Group, is setting up a joint venture with an Australian firm to produce
leaded steels.

- Usha Beltron Limited (UBL) of the Calcutta-based Jhawars have
acquired 10 per cent equity control in its Thai ropes and wire making
joint venture -- Usha Siam Limited.

- Umicor, UK, a joint venture between Usha Beltron Ltd. (UBL) and Exim
Bank, has acquired EMMC UK, a firm specialising in providing services
and solutions for the wire rope industry, for $3.5 million.

- While software companies are making a beeline for India, Usha Beltron
Ltd. of the Jhawars is setting up a holding company - Usha
Communications Technology - for software development in the United
Kingdom.

- The new company is being set up in collaboration with Entryline
Holdings Ltd, a Pentire group company of the UK.

- Usha Beltron Limited (UBL), the city-based Jhawar group's flagship,
has decided to enter into a 50:50 joint venture with Martin Bright of
Australia to set up a Rs 40-crore special steel manufacturing facility
in Jamshedpur.

- The Usha Beltron Group of the Jhawars has flagged off a major
restructuring exercise for its global software activities by initiating
the process to set up a new holding company in the United States by
January 2000, which is likely to be named UBEST America.

2000

- Usha Beltron is all set to joint the big league of corporates
flourishing on growth opportunities inknowledge-based sectors such as
infotech and telecom. The company has set up technical training
centres.

- The Company has approved a Scheme of Arrangement proposed to be made
between company and Usha Martin Infotech Ltd, (UMIL) and their
respective shareholders.

- Usha Beltron Ltd, the flagship of the Calcutta-based Jhawars, will
issue global depository receipts (GDRs) in a couple of months.

- Calcutta-based Usha Beltron has acquired the wire rope business of
Brunton Shaw of the UK, a subsidiary of the 180-million Carclo, UK.

- The Company issued 35,00,000 Global Depository Receipts (each GDR
represented by one equity share of Rs 10 each) at a price of US$3.25
per GDR.

2001

- Mr Pradip P. Shah, Director has resigned from the board effective
from 24th January.

2002

-Ties up with Gustav Wolf of Germany to manufacture steel cords in India.

-Board approves in setting up of a Direct Reduced Iron (DRI) Plant with the capacity of
100 KT per annum.

-Usha Beltron Ltd announces the change in management as follows:

1. Mr Biswajit Choudhuri appointed as a nominee of Unit Trust of India on the Board of the Company in place of Mr S K Saha

2. Mr Dilip Mondal appointed as a nominee of Industrial Development Bank of India on the Board of the Company.

-Board approves for the issue and allotment of securites on preferential basis:
1) 53,45,455 equity shares of Rs.5/- each of the company at a price of Rs.33/- per share (inclusive of premium of Rs.28/- per share) being the price which is in accordance with chapter X111 of SEBI (Disclosure and Investor Protection) Guidelines to International Finance Corporation, Washington.
2) 53,45,455 equity shares of Rs.5/- each of the company at a price of Rs.33/- per share (inclusive of premium of Rs.28/- per share) being the price which is in accordance with chapter X111 (Guidelines for preferential issues) of SEBI ( Disclosure and Investor Protection) Guidelines to Promoters, Promoter Group, Directors, their
relatives and associates.
3) The BOD have also decided to convene an EGM on July 18, 2002 to consider the above matters.

-IFC signs agreement with UBL to invest Rs.120.5cr in the company.

-UMIL acquires 30,00,000 shares amounting to 9.45% voting rights on preferential allotment basis.

2003

- DEG financed Rs.50cr to UBL and the debt cost stands at Libor plus 275 basis points with 11 years time span.

-Purchases a wire rope plant in Dubai

-Acquisition of 49.55% stake in Usha Martin International Ltd, UK (UMIL)

-Ministry of coal alloted captive coal block in Jharkhand having a reserve of more than 30 MN T and contains Grade A & B coal, which would be required by the company for its Sponge Iron (DRI Project) Plant expansion.

-Mr. T K Banerjee, Nominee of Life Insurance Corporation of India resigned from the Board of Directors of the Company.

2005

-Usha Martin executes a Business Transfer Agreement with JCT

2007
- Usha Martin Ltd has appointed Mr. Suresh Neotia and Mr. Ashok Basu, as additional directors of the Company with effect from May 17, 2007.

- The Company has splits its face value from Rs5/- to Rs1/-.

2010

- Usha Martin Limited has appointed Dr. Vijay Sharma and Mr. P. K. Jain as executive Directors on the Board of the Company.

- Usha Martin Ltd has has appointed (a) Mr. G N Bajpai as Additional Director [non-executive & independent] with effect from March 18, 2010; and (b) Mr. Nripendra Misra as Additional Director [non-executive & independent] with effect from March 22, 2010.

- Usha Martin Ltd has appointed Mr. Jitender Balakrishnan as Additional Director (non-executive & independent) with effect from June 10, 2010.
 
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