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Voltas Ltd. Company History and Annual Growth Details

YEAR EVENTS


1954 - The Company was Incorporated on 6th September at Mumbai. The
Company was promoted in 1954 by M/s. Volkart Brothers and Tata
Sons Pvt. Ltd., to take over the Engineering & Import Division
of M/s. Volkart Brothers in India.

- The Company's manufacturing activities were originally carried
on at its factory at Chinchpokli, Mumbai and covered
air-conditioning and refrigeration equipment mining, electrical
and agricultural equipment.

- The Company set up in Thane, Mumbai an up-to-date factory to
manufacture wide range of air-conditioning and refrigeration and
a range of mining equipments for which the Company had entered
into a collaboration with leading manufacturers abroad.

- The Company's distribution organisation is divided into two main
groups - 'Engineering' and 'Marketing'.

- The marketing group consists of two main divisions, one dealing
in drugs, pharmaceuticals and consumer products and the other
in chemicals and vitamins. The Company deals in foreign as well
as indigenous products, besides marketing its own products.

- The Company manufactures, sale and distribution of a variety of
products in the engineering, chemical and pharmaceutical
industries such as agricultural, earthmoving, air-conditioning
and refrigeration, textile machinery, machine tools, electrical
and mechanical equipments as well as chemicals, pharmaceuticals
and consumer products.

1956 - Shares sub-divided. 1,05,000 Rights shares then issued at par
in prop. 7:10.

1963 - The Company promoted Scottish Indian Machine Tools Ltd., in
Collaboration with Scottish Machine Tool Corporation of Glasgow
for the manufacture of machine tools.

1964 - The Company concluded a collaboration agreement with Eaton Yale
and Towns, U.S.A., for the manufacture of Yale fork-lift trucks.
The Company has extensive domestic and international ties.

- The Company joined the Mine Safety Appliances Co., U.S.A., and
Associated Battery Makers (Eastern) Ltd., Calcutta in the
promotion of Mine Safety Appliances Ltd., Calcutta, a joint
venture for the manufacture of miners' electric safety cap lamps
and other types of safety and protective equipment, appliances,
detection and measuring devices.

1965 - 1,02,000 Rights Equity shares issued at a premium of Rs 25 per
share in the proportion 2:5.

1966 - A new division, viz., the Agro-Industrial Products Division was
added. The main operation of the division consisted of the sale
and servicing of the tractors and implements made by the
International Tractor Co. of India. This division handles
hydraulic equipment ranging from larger pumping sets to small
irrigation pumps, sprinkler irrigation systems and oil engines
and also handles veterinary products, pesticides and fertilisers.

- In Aug. 71,400 Bonus shares issued in prop. 1:5 and 4,500 shares
issued (prem. Rs 75 per share) to Common wealth Development
Finance Co. Ltd., U.K.

1970 - In April, 85,580 Bonus Equity shares issued in the proportion
1:5.

1972 - 1,03,896 Rights Equity shares issued for cash at a premium of
Rs 50 per share in June.

1973 - Arrears as on 31.8.1974 - Rs 4935, Arrears as on 31.8.1976 - Rs
200 (Approximately).

1979 - With effect from 1st July, Tata-Merlin & Gerin Ltd. (TMG), and
the National Electrical Industries Ltd. (NEI), were amalgamated
with the Company. In terms of the Scheme of Amalgamation,
members of The National Electrical Industries Ltd., were allotted
for every 30 preference shares of Rs 100 each held, 20 'B' class
equity shares of Rs 10 each and 15-11% redeemable mortgage
debentures of Rs 100 each of Voltas Ltd., and for every 240
No. of equity shares of Rs 10 each of NEI held, 20 'B' class
equity shares of Rs 10 each and 9-11% redeemable mortgage
debentures of Rs 100 each of Voltas Ltd.

- Members of TMG were allotted for every 60 No. of equity shares of
Rs 100 each held in TMG, 2 equity shares of Rs 100 each and
9-11% redeemable mortgage debentures of Rs. 100 each of Voltas
Ltd.

- 4,420 No. of equity shares of Rs 100 each and 19,892 - 11%
(1987-91) were be allotted to the shareholders of Tata-Merlin &
Gerin Ltd., and 14,117 'B' Equity shares of Rs 10 each and
9,605 - 11% (1987-91) redeemable mortgage debentures of Rs 100
each were allotted to the shareholders of The National Electrical
Industries Ltd. The share were allotted in 1980-81.

1981 - The Company offered 5,00,000 - 13.5% secured convertible bonds of
Rs 250 each at par. Out of this, 2,00,000 bonds were offered as
rights to the existing shareholders and the balance 3,00,000
bonds issued to the public. Each bond carries an option to
receive one equity share of Rs 100 each at par within three
months after the expiry of three years from the date of allotment
of bonds. The face value of each bond will be reduced by Rs 100
and the balance Rs 150 per bond will be repaid to the bondholders
at the end of the 10th year from the date of allotment of the
bonds.

1982 - The Company proposed to set up an electrical business unit at
Pune.

- The Company entered into an agreement with May & Christe of West
Germany for the manufacture of dry type transformers of
cast-resin design.

- Voltas International Ltd., Perfect Moulds Ltd. Voltas Switchgear
Ltd., Vizat Investment Co. Ltd., are subsidiaries of the Company.
Nchovol F&E and Premium Granites Ltd. are subsidiaries of
Voltas International Ltd.

- The Company has distributorship rights in the following products:
Drugs and pharmaceuticals by Merck Sharp & Dohme of India Ltd.,
Mumbai, drugs and pharmaceuticals by Roche Products Ltd., Mumbai,
air compressors by Kirloskar Pneumatic Co. Ltd., automatic looms
by National Machinery Manufacturers Ltd., and shovels by Tata
Engineering & Locomotive Co. Ltd.

- The Air Pollution and Water Pollution project groups were
amalgamated with the Electrical project group.

1983 - 1,91,708 No. of Equity shares issued on part conversion of 13.5%
convertible bonds (91 shares issued during 1984/85).

1985 - 3,00,000 No. of equity shares issued on part conversion of 13.5%
convertible bonds.

1987 - The Company accepted the condition laid down by LIC which holds
Rs 50.09 lakhs of the debentures, that in the event of the
Company making a public or rights issue of share capital during
the period upto 31st October, 1987, the LIC should be given on
one time basis the right to be allotted equity shares of a
nominal value equivalent to 10% of its holdings of the debentures
on terms and conditions on which such equity issue is made.

1988 - The material handling business group successfully introduced
up-to-date warehousing equipment to further enlarge its product
range. The operations of machine tool division witnessed another
successful year with the manufacturing capacity of all domestic
principals being fully utilised.

- Air-conditioning and refigeration business group received
Government's approval for the technical collaboration agreement
convering large-sized efficient compressors.

- The machine tool division reached an agreement with Fanuc of
Japan for technical collaboration to produce CNC drilling
centres.

1989 - With effect from 1st March, 'Volrho Ltd.' was amalgamated with
the Company as per the order of BIFR. The Company issued
4,44,445 No. of equity shares of Rs 10 each to the erstwhile
shareholders of 'Volrho Ltd.'.

1990 - Approval was also received for extending Hitachi collaboration to
the manufacture of absorption refrigeration machines. The
materials handling business group proposed to extend its scope
of activities to turn-key materials handling systems for mass
production in engineering industries.

- A new model window air-conditioner was launched by the appliances
business group and it was proposed to add other consumer durables
to the existing product range.

- The pharmaceutical and consumer products division suffered on
account of diminished margins in the pharmaceutical line and
inadequate range in the consumer products business. The
distribution of 'Hostess' brand of PEPSI snack foods commenced
during the latter part of the year. The transformer operations
were adversely affected by industrial relations problems at Pune.
The Engineering projects division suffered a setback.

- The machine tools division introduced Fanuc CNC drilling centres.

1991 - The performance of the industrial machinery division was
adversely affected due to a lock-out at the Company's principal,
Westerworks.

- The appliances business division launched the ductable split
air-conditioner, specifically needed for shops, showrooms and
general office areas. The Agro-Industrial Product division
proposed to take up shortly the manufacture of drip irrigation
equipment.

- The Agro-Industrial Product Division successfully tested to
international standards, the indigenously built 36 KV SF6 breaker
at CESI Test Laboratory, Milan, Italy.

- An agreement was signed for updating technology and for the
manufacture of new models of P&H hydraulic cranes. The machine
tools division signed a four-year extension of its sole selling
agency agreement with Premier Automobiles Ltd. The performance
of the chemicals division was adversely affected by import
restrictions and high costs. The pharmaceuticals and consumer
products division suffered a setback.

1992 - The Company restructured its operations into product group I
comprising refrigerators, pharmaceuticals and consumer products
and beverages while product group I(A) include textile machinery.
Product group II consisted of machine tools, materials handling
facility, industrial machinery, air-conditioning pumps and
projects. Group III comprised of chemicals plant, chemicals
division and agro-industrial products.

- Air-conditioning and refrigeration business and agro-industrial
products and pumps division suffered a setback due to prevailing
recession in the market and non-availability of Government funds
as well as disturbances from December.

- The Agro industrial products and pumps division was bifurcated
into two viz., pumps division and the farm and irrigation
equipment operations division.

- The Company entered into technical agreements with Sulzer Pumps,
Switzerland for the former division and with Wade Manufacturing
of USA for the latter division.

- The Engineering projects division was combined with the
agro-industrial products division, to constitute a new division
viz., pumps and projects division.

- The Chemicals plant division introduced a new product
Monocrotophos. The Electrical business group's operations
suffered a setback on account of suspension of activities by
virtue of lock out at the switchgear plant. Hence it is proposed
to operate the said division through two separate wholly owned
subsidiary companies Voltas Switchgear Ltd., and Voltas
Transformers Ltd.

- With effect from 1st January, Wandleside National Conductors Ltd.
(WNC Ltd.), was amalgamated with the Company as per the order of
BIFR. The Company allotted without payment in cost 13,314 No. of
equity shares of Rs 10 each to the erstwhile shareholders of WNC
Ltd., in the ratio of one equity share of Rs 10 of the Company
for every three equity shares of Rs 100 each in WNC.

- Effective from 1st January, Wandleside National Conductors Ltd.
(WNC) was amalgamated with the Company. The erstwhile
shareholders were allotted 13,314 No. of equity shares of Rs.10
each. This was as per scheme formulated by ICICI, the operating
agency appointed by BIFR, as WNC became sick under the provisions
of the Sick Industrial Companies (Sp. Provisions) Act, 1985.

- Necessary approvals were received for amalgamation of Hyderabad
Allwyn Ltd. (HAL) with Voltas Ltd. As per the Scheme the
erstwhile equity holders of HAL were to be allotted 12,56,828 No.
of equity shares of Rs 10 each and 1,25,682 redeemable preference
shares of Rs 100 each.

- During March/April the Company offered 99,20,000-14% secured
redeemable partly convertible debentures of Rs 100 each to the
equity shareholders on rights basis in the proportion of 1
debenture: 2 equity shares held (all were taken up).

- 4,96,000 debentures offered to employees of the Company on
equitable basis (all were taken up). A total of 15,62,400
additional debentures were allotted to retain oversubscription
both for shareholders as well as employees.

- Along with the rights issue, the Company offered 10,00,000-14%
secured redeemable partly convertible debentures of Rs 100 each
to non-resident Indians on private placement basis.

- Part A of Rs 60 of each debenture was converted into 1 equity
share of Rs 10 at a premium of Rs 50 per share on 1st December.
Part B of Rs 40 of each debenture was to be redeemed at par on
the expiry of 7th year from the date of allotment of debentures.

1993 - The cooling appliances business launched four new products viz.,
water coolers filled with purifiers ductable and slim-line 3
tonne air-conditioners, ceiling mounted split in 1.5 and 3 tonne
capacities and 2 tonne room split units.

- The pharmaceutical and consumer products division was closed
during the year and had also withdrawn from the beverages
business.

- A new division, the pumps and projects business division set up
to manufacture and market circulating pumps in collaboration with
Sulzer, Switzerland.

- The engineering projects division was merged with the pumps
activity to provide the necessary project expertise.

- The WNC division commissioned the capillary tubes plant and was
stabilising the working of its new thermostat plant.

- HAL, a sick industrial company, was merged with Voltas and the
amalgamation was approved by the Board for Industrial & Financial
Reconstruction (BIFR) in 1994.

1994 - The Home Appliances division introduced 250 L refrigerator in the
market and a 100L refrigerator was expected to be launched in the
first quarter of 1995-96.

1995 - The cooling appliances business division is to introduce new room
air-conditioners to Toshiba design in October.

- Voltas gets 'Good corporate citizen award'

- The Company has introduced 'Soft Look' models of refrigerator in
165 L. & 200 L segments. Company is also launching a premium
Frost Free Refrigerator in collaboration with Hitachi.

1996 - Pumps and projected business division successfully developed,
manufactured and commissioned the largest sizes of horizontal and
vertical pumps in its range.

1997 - After 3 years of growth, the chemicals division faced
difficulties during the year as vitamines and veterinary division
was affected by liberalised imports under the advance licence
scheme.

- A whole range of new products was launched both in the room air
conditioning and split segments. The heavy equipment and
packaged system division launched ozone-friendly centrifugals
and superior quality energy efficient steam, fired vapour
absoption machines with Hitachis 'Paraflow' technology.

- The company also entered into a lease rental agreement with SIPL
for lease of factory premises of WNC for a period of 18 months
for a total consideration of Rs 10.250 million.

- Voltas, India's leading air-conditioning company has been chosen
to supply, erect and commission high-tech climate
air-conditioning system for India's first information technology
park, a comprehensive facility for technology-oriented companies
in electronics, information technology, telecommunication and
related industries, now under construction at White Field,
Bangalore.

- Voltas has launched two more frost-free refrigerators of 425 lts
and 360 lts capacity.

- Voltas has been manufacturing thermostat for refrigerators and
airconditioners at thermostat unit under a technical
collaboration agreement with Robert Shaw, a subsidiary of Seibe.

- Voltas Ltd (chemicals division) manufacturing pesticides at
Patencheru industrial zone, in Medak district of Andhra Pradesh,
proposes to commission the final phase of its pollution control
measure in accordance with the Andhra Pradesh Pollution Control
Board (APPCB) guidelines.

- Voltas Ltd has entered into an exclusive distribution agreement
with the Hyundai Heavy Industries Ltd (HII) to market hydraulic
excavators, wheel loaders, skid steer loaders and allied
equipment and attachments in India.

- Well-diversified Voltas Limited is undertaking a capacity
enhancement programme to increase the production capacity of
modular steel furniture from the present 3,000 tonnes to 10,000
tonnes as its unit in Hyderabad.

- UNIT RIG, a division of Terex Corporation, USA, has entered into
a distribution agreement with Voltas Ltd for marketing of their
complete line of surface mining equipment exclusively for the
Indian territory.

- Voltas Ltd has finalised yet another contract as original
equipment manufacturer (OEM) with one of the white goods majors,
LG Electronics, to manufacture and supply direct cool
refrigerators.

1998 - Voltas recently commissioned Dadra plant, which has a capacity
to produce about 40,000 units per annum if it worked one shift,
can go up to one lakh units per annum if the strategic alliances
worked out.

- Voltas, India's largest airconditioner manufacturing company, has
launched a new range of airconditioners named Voltas Vectra,
Voltas Verdant, Voltas Vertis and Voltas Vosionarie.

- Voltas Ltd is tying up with 20th Century Finance to launch
consumer finance schemes in a bid to aggressively push sales of
its airconditioners.

- The diversified Tata group company Voltas, after months of
negotiations, has finally reached an agreement with sister
company Rallis India to sell its loss-making chemicals division.

- Voltas Ltd has entered into a distribution agreement with BT-
Industries Group of Sweden, to provide marketing and product
support, for BT's complete range of warehouse trucks for internal
materials handling.

- The Electrolux Group, the world's largest household appliances
manufacturer, has reached a final agreement with the Voltas Ltd
to float a joint venture company for manufacturing refrigerators
and washing machines with equity holdings at 74:26 per cent
respectively.

- Voltas Ltd has signed a contract with Coal India Ltd for the
supply of hundred and sixty 120-tonnes capacity unit rig dump
trucks. The contract was also entered into by Terex Corporation,
US, Unit Rig, US and the World Bank project division of CIL.

- Rating agency ICRA has assigned 'A1+' (highest safety) rating to
Rs 25 crore commercial paper of Voltas Ltd.

- Voltas is the only stock in the air conditioner sector which is
in a major uptrend.

- The company is hiking its installed capacity (of air
conditioners) at its Dadra Nagar Haveli plant to cater to rising
demand. It is also slimming down -- a voluntary retirement
scheme is in the offing to rid itself of excess labour.

- The Voltas brand and its operations in Refrigerators and Washing
Machines were transferred to EVL from 1st October.

1999 - The industrial court of Mumbai has granted a stay on the Voltas
Ltd's voluntary retirement scheme (VRS) in Mumbai following
opposition from the Voltas Employees Union.

- Voltas - AirInternational Ltd. is a joint venture between Voltas
Ltd. and Air International Grmp, Australia.

- The company has doubled its installed capacity to 1.5 lakh room
air-conditioning units annually.

- Electrolux and Voltas had inked the memorandum of understanding
(MoU) in June, 1998 and as per the sale pact under the MoU, four
manufacturing units of Voltas Ltd were to be transferred to the
joint venture Electrolux Voltas Ltd.

- Allwyn brand and its operations were transferred to EVL from 31st
March.

- Voltas and LG Electronics India Ltd (LGEIL) have, meanwhile,
entered into an agreement, whereby the latter would be sourcing
approximately 6 lakh refrigerators units for a period of three
years starting January 1, 2000.

- The Dadra facility has an installed capacity to manufacture up to
1.4-1.5 lakh airconditioners in two shifts, and Voltas is
operating at 60,000-65,000 units per annum.

- Voltas, the diversified Tata group company, is seeking to enter
into capacity sharing arrangements with multinational partners
which have recently made their entry into India.

2000 - The Company has received a special award for completing the
electro mechanical pumping project of Ahmedabad Municipal
Corporation in 120 days.

- The Company has introduced a voluntary retirement scheme called
Early Separation Scheme 2000 (ESS) for its employees.

- The Unitary Products Group of Voltas, which includes the
commercial refrigeration and contract manufacturing businesses,
has signed an agreement with LG Electronics, to manufacure and
supply over 12 lakh refrigerators.

- The Company has sold its wholly-owned subsidiary Voltas Foods &
Beverages to a Mumbai-based company, and has roped in a multinational
as strategic partner for Perfect Moulds.

- The Company has informed that, Voltas Ltd. and IGE (I) LTD. have divested
their entire shareholding in Fanuc India Ltd., a joint venture company between
Fanuc Ltd., Japan, GE Fanuc Automation, N.A., USA, Voltas Ltd. and IGE (I) Ltd.

- L. G. Electronics India and Voltas entered into a tie-up under which the former will
source 12,00,000 direct-cool refrigerators from the latter for the next three years
beginning January next.

2001 - Tata group company Voltas Ltd. is relaunching Voltas airconditioners under the
'Verdant' brand, a premium model targeted at the retail segment.

- Tata group company Voltas Ltd the air-conditioner (AC) and cooling appliances major has posted a strong growth in the split air-conditioner segment.

- Ahmedabad-based Lok Prakashan, publisher of Gujarat Samachar, has increased its stake in Tata Group company Voltas to 14 per cent from 13.3 per cent over the last fortnight and may soon launch an open offer for additional 20 per cent stake.

2002

- N D Khurody appointed as Additional Director of Voltas.

-Voltas enters into a Joint Venture agreement with Sermo Montaigu, France for perfect moulds.

-Voltas Ltd has informed BSE that Perfect Moulds Ltd has ceased to be a subsidiary of the Company consequent upon allotment of 30,00,000 equity shares of Rs 10 each by PML to Sermo Montaigu, France (Sermo), the joint venture partner, on July 06, 2002.The paid up capital of PML of Rs 130 million is now held in equal proportion of 50:50 ie 65,00,000 equity shares of Rs 10 each aggregating Rs 65 million each by Voltas and Sermo.

2003

- Voltas Ltd has informed BSE that Mr Bir D Singh Executive Director has retired from the services of the company on December 27, 2002. Accordingly, he ceases to be a Director and Wholetime Director of the company.

-State Govt rejects tax sop to Voltas' new mfg unit in MP

-Voltas Ltd has informed that the Ahmedabad Stock Exchange (ASE) has informed that the securities of the company would be delisted from the ASE wef January 15, 2004.

2004

-Voltas Ltd. has informed that in response to their application for voluntary delisting, the Delhi Stock Exchange Association Limited (DSE) has informed the company vide its letter dated December 26, 2003 that the securities of the Company have been delisted from DSE with effect from December 29, 2003.

-Voltas Ltd. has informed that in response to the Company's application for voluntary delisting, Pune Stock Exchange Limited (PSE), has informed the company that that the shares of the Company delisted from PSE with effect from January 16, 2004

-Enters into a distribution tie-up with the 62 million euro Italian airconditioning major Uniflair, which specialises in the design, production and supply of precision air conditioning and cooling solutions for telecom and internet applications

-Voltas has launched a range of small capacity refrigerators targeted at semi-urban and rural markets in India.

-Ties up with RBS Home Appliances Ltd. for the use of 640 service centres that Voltas has across the country for after sales services

-- Simtools Ltd has now become a wholly owned subsidiary of the Company on 27, August 2005.

- Chinese consumer durable giant Haier enters into a contract manufacturing agreement Voltas Ltd for air-conditioners and refrigerators.

-Voltas introduces new range of water dispensers


2005

-Voltas introduces new series of ACs, may set up plant in Uttaranchal

-Voltas secures order for world's Tallest building

2006

-Voltas joins hand with Dutch company

-'Maximum foreign exchange earned and repatriated to India from overseas construction and engineering projects'
2007

-Voltas Ltd has informed that Universal Comfort Products Ltd (UCPL) is a 50:50 joint venture Company between Voltas and Fedders International Air-conditioning Pvt Ltd (FIACPL), a subsidiary of Fedders Corporation, USA.

2008

-Voltas Ltd has appointed Mr. Jimmy Bilimoria and Mr. S N Menon, Independent Directors have as Additional Directors of the Company with effect from September 22, 2008.

-Voltas launches elegant, new range of Room Air Conditioners in 2008

-Voltas acquires stake in Fedders venture

2009

-Voltas' overseas MEP business achieved professional recognition at the highest levels, at the MEP Middle East Awards 2008.

-'MEP Project Manager of the Year' rewards outstanding individual talent and commitment, as seen in actual project outcomes achieved through extraordinary skills and efforts.
-Voltas ties up with GMRVF for community development initiative



 
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