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Whirlpool of India Ltd. Company History and Annual Growth Details

1960

- The Company was incorporated on July 19, and obtained the certificate
of commencement of business on August 9th. The company is engaged in
the manufacture of refrigerators deep freezers, compressors, electric
grade laminations cash registers, and scooters.

- It was formed in collaboration with Kelvinator International
Corporation, U.S.A. for the manufacture of refrigerators, compressors
and allied products.

- 50,000 shares issued without payment is cash to foreign collaborators
and 3,00,000 shares issued to the public (otherwise than through a
prospectus), promoters, directors etc.

1971

- 1,40,000 Bonus shares issued in prop. 2:5.

1973

- 3,90,000 Bonus shares issued in prop. 1:1.

1974

- The Company established a factory for the manufacture of electrical
grade stampings in collaboration with Thermal Refrigeration Ltd., U.K.

- 4,90,000 Rights shares issued at par in prop. 1:2.

1975

- A modern tool room was established for the manufacture of tools,
dies, jigs and fixtures.

1976

- Another factory was established for the manufacture of electro
mechanical cash registers in collaboration with Gross Cash Registers
Ltd., U.K. (now Chubb Cash Ltd.).

1980

- In August/September, 2,80,000 shares offered for public subscription
(prem. Rs 2.50 per shares).

1982

- Aravalli Svachalit Vahan Ltd., a sick unit at Alwar (a centrally
notified backward area in Rajasthan) was merged with the Company with
effect from 26th May, 1982.

- Industrial licence/letter of intent were received for the manufacture
of 12,000 nos. per annum of mopeds. A separate factory was to be built
for the manufacture of mopeds having an engine capacity upto 100 cc in
collaboration with Agrati-Carelli Spa, Milano, Italy.

- High court of Rajasthan at Jaipur approved the Scheme of Amalgamation
of Aravalli Svachalit Vahan Ltd. with the Company on 14th May, and High
Court of Delhi approved the same on 26th May.

- As per the Scheme of Amalgamation, 25,000 No. of equity shares of Rs
10 each of the company were allotted to the shareholders of Aravali
Svachalit Vahan Ltd., in the proportion 1 equity share of the Company
to every 40 shares of Aravalli Svachalit Vahan Ltd.

- Expo Machinery Ltd., and Kelbex International Ltd. are wholly owned
subsidiaries of the Company. Sanskrit Investment Pvt., Ltd., and
Episilon Investment Pvt Ltd. ceased to be subsidiaries of the Company.

1983

- Another letter of intent was received for increasing the production
capacity of refrigerators from 2,00,000 to 5,00,000 nos. per annum. A
letter of intent was also received for the manufacture of washing
machines.

- The Government of India extended for a period of 5 years, the
Company's collaboration agreement with White Consolidated Industries
Inc., U.S.A. for manufacture of compressors.

- 17,75,000 Bonus equity shares issued in prop. 1:1.

1984

- The Company issued 3,00,000-15% non-convertible debenture of Rs 100
each to Unit Trust of India on private placement basis.

1985

- The Company entered into a collaboration agreement with White
Consolidated Industries Inc., U.S.A., for the manufacture of washing
machines. The Government of India extended for a period of 5 years,
the company's collaboration agreement with White Consolidated
Industries Inc., U.S.A. for manufacture of compressors.

- The Company issued 4,00,000-15% secured non-convertible debentures of
Rs 100 each to UTI, LIC, GIC and its subsidiaries and ICICI on private
placement basis.

1986

- The Company introduced a 300 litre 2-door refrigerator for the lower
and middle class consumers. A single speed (VIP-1) and 3-speed, kick
start (VIP-3) mopeds were introduced along with two new models of cash
registers.

- The Company's R&D introduced two new models viz., Avanti auto gear
and Avanti-3 gear mopeds.

1987

- The Company proposed to implement 15 washing machines and microwave
oven projects.

1989

- The Company introduced the new Zannusi model refrigeration and
undertook modernisation of the manufacturing operations in the
refrigeration division. New models of mopeds were introduced during
the year.

- The Company undertook to set up a project for the manufacture of
super enamelled copper wire.

- During August-September, the Company offered 5,63,380-12.5% secured
redeemable partly convertible debentures of Rs 180 each for cash at par
on rights basis in the proportion 9 deb.: 50 No. of equity shares
held, to the shareholders except White Consolidated Industries (Inc.)
USA (WCI) (All were taken up).

- The Company also issued 28,170 debentures to the employees/workmen of
the Company under the Employees Stock Option Scheme (only 6,525
debentures taken up). The unsubscribed portion of 21,645 debentures
was allowed to lapse Rs 80 of the face value of each debenture was to
be automatically and compulsorily converted into one equity shares of
Rs 10 each at a premium of Rs 70 per share on the expiry of 6 months
from the date of allotment of debentures.

- The non-convertible portion of Rs 100 of the face value of each
debentures was to be redeemed at par on the expiry of 7 years from the
date of allotment of debentures.

- The Company also issued 79,400 No. of equity shares of Rs 10 each at
a premium of Rs 70 per share to WCI so as to maintain their equity
holding at 11.83%. Only 76,495 shares had to be allotted to W.C.I. as
employees quota of covertible debentures was not fully taken up.

- 5,69,905 No. of equity shares allotted (prem. Rs 70) on conversion of
12.5% debentures as on 21.4.1990 to maintain their shareholding at
11.83%. In May, 41,96,400 bonus shares issued in prop. 1:1.

1990

- The operations were adversely affected due to lock-out for 45 days at
Faridabad and Ballabgarh plants.

- Two sizes of microwave ovens were introduced.

1991

- The Company again had to declare a lock-out from 3rd October, which
lasted for about 75 days at both Faridabad and Ballabgarh plants when
an amicable settlement was arrived at with labour.

- With the introduction of a state-of-the-art 310 Ltr. single door
refrigerator in the sterling range and with its proposed introduction
of a 310 Ltr. 2-door refrigerator, the Company hoped to do better in
the near future.

- The Company succeeded in indigenisation of micro wave ovens to a
great extent. Production of international quality hermetic grade dual
coated winding wire commenced during the year.

1992

- During October-November, the Company offered 22,19,876-15% Secured
partly convertible debenture of Rs 170 each on Rights basis in the
proportion 1 deb.: 5 equity shares held. All rights debenture were
taken up. Another 1,10,994-15% debentures were also offered to the
employees on an equitable basis (only 3,900 debentures were taken up).

- Part-A of Rs 100 of the face value of each debenture was to be
automatically and compulsorily converted into 2 equity shares of Rs 10
each at a premium of Rs 40 per share at the end of 6 months from the
date of allotment of debentures.

- Part-B of Rs 70 of the face value of each debenture was to be
redeemed in three instalments of Rs 25, Rs 25 and Rs 20 each at the end
of 6th, 7th and 8th years respectively from the date of allotment of
debentures.

- 41,96,400 bonus shares issued in prop. 1:2. 44,67,552 No. of equity
shares allotted (prem. of Rs 40) on convertion of 15% debentures.
5,96,975 No. of equity shares allotted to White Consolidated Industries
Inc. foreign collaborators.

1993


- The Company entered into a tie up with Whirlpool Corporation, USA,
whereby Whirlpool contracted to purchase from white consolidated
Industries Inc., USA, erstwhile collaborators, their entire holding of
20,86,796 No. of equity shares of the company.

- Expo Machinery Ltd., a wholly owned subsidiary were merged with the
company. Pursuant to scheme of amalgamation, 75,00,000 No. of equity
shares of the Company were allotted to the shareholders of erstwhile
Whirlpool Washing Machines Ltd. (WWML) in the ratio of one equity share
of the Company for every four equity shares of erstwhile WWML.

1994

- The R&D developed a New Sterling Supreme 165 L refrigerator with
improved aesthetic and a new freezer frame door was introduced.

- 1,41,00,000 shares allotted (Prem. Rs 187.16 per share) to Whirlpool
Mauritius Ltd., to acquire 51% of share capital.

1995

- The Whirlpool brand was launched in November, along with a new 310
ltr. refrigerator.

1996

- Three variants of 165 L and a new 220 L Direct Cool Refrigerators
were launched. The Pondicherry Washer Unit indroduced a re-styled
version of a fully Automatic Washing machine and a 3.5Kg. Twin-tub
machine under the Whirlpool brand.

- The Company undertook a major project for the manufacture of CFC Free
No. Frost Refrigerators at Ranjangaon near Pune.

- The name of the company was changed from Kelvinator of India Ltd. to
the Whirlpool of India Ltd.

- The Company proposed to dispose off the compressor unit, plastic
division and Automotive plant to generate cash for the working capital
needs of the Company.

1997

- WoI is a wholly owned subsidiary of the US major, Whirlpool
Corporation.

- Whirlpool entered into a joint venture with TVS (washing machines of
the TVS group) in 1990.

- The company has also introduced a 310 litre capacity refrigerator
under the wing of Whirlpool brand, and another model based on the
non-CFC refrigerant.

- WoI has one of the largest distribution networks in India. Presently
it has about 40 branches and 5,500 dealers located all over the
country.

- WoI has signed an MoU with Intrinsic Automation System Pvt. Ltd.
(IASPL) for the hiving off its electronic cash register (ECR) division.

- Whirlpool introduced its second voluntary retirement scheme in two
years which 1,500 employees availed themselves of between March and
December 1996.

- Whirlpool launched a joint venture consumer finance company with
Apple Industries, the latter taking a 60 per cent stake.

- The company is currently setting up a greenfield no-frost
refrigerator manufacturing facility in Ranjangaon, near Pune.

- Whirlpool of India Ltd (WIL), a white goods manufacturer and
marketer, has announced the launch of three of its new washing machine
models for the domestic market.

- Pondicherry based Whirlpool of India Ltd (WIL) is a 56.3% subsidiary
of the US$ 8 billion Whirlpool Corporation USA.

1998

- Whirlpool Financial India Private Ltd (WFI), a subsidiary of
Whirlpool Corporation, US, is to merge with Whirlpool of India Ltd.

- The company has launched a 'Kaizen' initiative to ensure regular and
continuous improvement in all areas of its activity.

- Whirlpool India Limited, has launched a range of state of the art
non-CFC frost free refrigerators said to be for the first in India.

- Crisil has assigned a P1 rating to the Rs.20 crore commercial paper
(CP) programme of Whirlpool of India Ltd (WOIL). The rating favours
the impending merger of Whirlpool Financial India Pvt Ltd (WFIL) into
WOIL and continued support from the parent company.

- Whirlpool of India, the 51 per cent subsidiary of Whirlpool
Corporation of the US.

- A P1 rating has been assigned to Rs 70-crore commercial paper issue
of Whirlpool India Limited (WIL).

1999

- KIL entered into just a strategic alliance with Whirlpool with the
object of manufacturing and marketing state-of-the-art home appliance
and simultaneously discounting all unrelated and non-core product
lines.

- In September 1998, Whirlpool Financial India Private Ltd (WFIPL),
another group company of WC and a wholly-owned subsidiary of Whirlpool
Financial Mauritius Ltd (WFML) was merged with WIL.

- Kelvinator of India used to manufacture refrigerators under the brand
name of Kelvinator under a licensing agreement with Swedish white goods
giant AB Electrolux which owned the brand internationally.

- The company is one of the largest manufacturers of chloroflouro
carbons in the country, and it has consistently generated free cash and
incremental returns on capital year on year.

2000

- Whirlpool of India Ltd had being granted foreign collaboration
approval for the manufacturing of refrigerators.

- The Company will launch a new air-conditioner series for the Indian
Market.

- Crisil has assigned a 'P1+' rating to the Rs 100 crore commercial
paper programme of the Company.

- The Company has launched 'Whitemagic' Hotwash - the only top loading
washing machine with a heater.

- Raj Jain will take over as the new managing director of the company.

- Whirlpool of India chairman and managing director Garrick D'silva has
been promoted as regional vice-president, Whirlpool Asia.

- The Company offered a Voluntary Retirement Scheme to the employees of
its Refrigerator Division.

- The Company has launched its fully automatic top-loading washing
machine, Whitemagic Hotwash, in the Kerala market.

2001

- The Company offered a Voluntary Retirement Scheme to its employees
and spent Rs. 12.66 Crores.

- The Company has introduced a range of direct cool and frost-free
refrigerators in the Kerala market.


2002

-Whirlpool and Godrej filed a law suite with MRTPC against LG Electronics India Ltd of misrepresenting its capacity and volumes.

-Launches new eight refrigerators in both frost-free and direct cool models.


2003

-Receives ISO 9001:2000 certification for its Design and Manufacturing of Direct Cool Refrigeration.

2004

-Whirlpool India forges alliance with Faber Heatcraft Industries Ltd

-Whirlpool on May 17 launched new refrigerators in the 'ice magic' frost-free range'

-Whirlpool has announced the launch of single-door frost-control refrigerators in the Kerala market

-Whirlpool announces new scheme for Onam season

-Launches new range of refrigerators and washing machines to improve its market share on October 25, 2004.

-Delist from the Delhi Stock Exchange Association Ltd with effect from October 13, 2004

-Faber India enters into distribution tie-up with Whirlpool

2005

-Ajay Devgan and wife Kajol have been signed on by Whirlpool appliances for their new commercial targeted at family audiences the couple's first major ad campaign together

-Whirlpool launches 'Genius' a direct cool refrigerator of 180 litres and premium range of window air-conditioners on April 25, 2005

-Whirlpool India bags 'AAA' rating

-Whirlpool unveils new Iceberg refrigerators

2006

-Whirlpool of India Ltd has appointed Mr Mahesh Krishna as Director of the Company w.e.f. October 27, 2006, liable to retire by rotation, who shall hold the office until the next meeting of the Company and shall be eligible for re-election.
 
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