1987 - The company was incorporated on 26th February, at Mumbai with the
object of taking over Anand Tanks & Vessels Pvt. Ltd., a company
executing projects on a turnkey basis under a scheme of
- Anand Tanks & Vessels Pvt. Ltd. was amalgamated with the company
effective 28th September.
- The main object & activities of the company include
fabrication and manufacture of full range of tanks and vessels
for sugar and other industries, manufacture of effluent treatment
plants, fuel oil handling systems, LPG storage installation and
LPG bullets used for transportation of liquid petroleum gas and
undertaking turnkey projects for petrochemicals, pharmaceuticals
- As per the Mumbai high court order dated 18th June, Anand Tanks
and Vessels Pvt. Ltd ., was amalgamated with the Company, with
effect from 1st April.
- As per the terms of the Scheme of Amalgamation, the Company
allotted 6,20,000 No. of equity shares of Rs.100 each
(subsequently subdivided into shares of Rs.10 each) to the
shareholders of erstwhile Anand Tanks and Vessels Pvt. Ltd.,
without payment in cash.
- An agreement was signed with Ishiwakajima Harima Heavy Industries
Co. Ltd., Japan for expansion and modernisation of Mathura works
to undertake manufacture of equipment for high-tech process
industries like petroleum, petro-chemical, power, fertilisers and
for welding and fabrication of exotic metals.
- The company was selected as a joint co-promoter by the Pradeshiya
Industrial and Investment Corporation of U.P. Ltd. (PICUP) for
the setting up of a plant with a licenced capacity to manufacture
5,000 tonnes per annum of MMA monomer and 6,000 tonnes per annum
of PMMA products.
- In the power field and agreement was signed with M/s. SEMT -
Pielstick of france to produce and supply generating sets rated
from 6 MW to 20 MW.
- As on 30th September Company's land, building, plant and
machinery were revalued and the net surplus of Rs.166,49 lakhs,
arising out of this was credited to the revaluation reserve.
1988 - The Company installed additional facilities with respect to
expansion of the main factory builiding, installation of
additional equipments and improved site facilities. Also in
order to gear up the Mathura unit into a full fledged in-house
manufacturing facility, certain balancing and modernising
equipments were added.
- Simultaneously with the public issue of convertible debentures
the then shareholders of the company offered for sale to the
public out of their holding 5,00,000 No. of equity shares of
Rs.10 each at a premium of Rs.8 per share as follows.
- 1,00,000 shares on preferential basis to non-resident Indians on
repatriation basis (only 97,700 shares taken up);.
- 25,000 shares on preferential basis to employees (including
Indian working directors)/workers of the company (only 700
shares taken up).
- 3,75,000 shares along with the unsubscribed portion of 26,600
shares out of the preferential quota were offered for public
subscription all were taken up.
- The company issued 6,00,000-14% convertible debentures of Rs.130
each (`A' Series) for cash at par of which the following were
reserved for allotment on perferential basis.
- 1,20,000 debentures to non-resident indians on repatriation basis
(only 5,340 debentures taken up). The balance 4,50,000
debentures, along with the unsubscribed portion of 1,44,560
debentures from the preferential quota, was offered for public
subscription during January (all were taken up).
- The convertible portion of Rs.30 of each debenture was converted
into 2 equity shares of Rs.10 each at a premium of Rs.5 per share
on the expiry of six month from the date of allotment i.e. 16th
1989 - The Company signed a technical collaboration agreement with
Dedini S.A Mettalurgica of Brazil for the manufacture of
bagasse-based boilers which are to be used in sugar plants.
- The Company issued 20,28.667-14% secured fully convertible
debentures of Rs.150 each of which 9,73,535 debentures ("C"
Series) were offered on rights basis as follows.
- 3,73,535 debentures to the existing convertible debenture holders
(`A' Series) in the proportion 1:1 (Only 8,49,261 debentures were
taken up under the rights issue.
- Out of the balance 10,75,132 debentures 6,69,798 debentures were
reserved for preferential allotment as follows.
- 6,00,000 debentures to financial institutions, banks, mutual
funds and others (only 3,56,560 debentures were taken up).
- 69,798 debentures to employees/workers of the company (only
21,333 debentures taken up) and the balance 48,465 debentures
along with 3,67,741 debentures not taken up under rights issue
and preferential quota for financial institutions were offered
for public subscription during October all were taken up.
- As per the terms of the issue, Rs.30 of each debenture was
converted into one equity share of Rs.10 each at a premium of
Rs.20 per share at the of 6 months form the date of allotment
i.e. 15th December.
1990 - The Company signed a technical Know-how agreement with Filex
Corporation, Houston, USA, for the manufacture of thermoplastic
elastomers with a capacity of 20,000 tpa.
- Under the agreement, the collaborator was to supply the process,
know-how, services of experts, training, start-up and
commissioning assistance as well as assistance for the
development, application and marketing for the product.
- The company acquire 50 acres of land at villages Balasai and
Godsai near Nagothane in the Raigad district of Maharashtra.
- Accordingly 20,00,202 No. of equity shares were allotted on 15th
June. The balance Rs.120/- of each debenture was to be converted
into such number of equity shares any time within three years
from the date of allotment at a price to be dicided by CCI.
- Subsequently the Company opted for an early conversion.
Accordingly, CCI permission was obtain in July to convert each
block consisting of 10 debentures of Rs.120 of each into 35
equity shares of Rs.10 each at a premium of Rs.24.28 per share
with effect form 1st Januray, 1992.
- The issue was made to meet the cost of modernisation and
expansion of the Companies plan at Mathura as also to raise
resources required to assist turnkey projects and provide
longterm working capital.
1991 - The company entered into a fresh agreement under which the
Company would act in consortium for the supply of equipment and
services in respect of the orders negotiated by the French
Company with Electricity Boards in India.
The Company entered into an agreement with a Dutch organisation,
Stock Industrial Engineering B.V. for the manufacture of three
roller mills which give a higher efficiency and output for
sugarcane crushing in sugar plants.
- The Company entered into a joint venture agreement for a project
with two leading industrialists of Malaysia to set up an
integrated sugar complex comprising of sugar plantation, sugar
mill and other related facilities.
- The joint venture agreement envisages that the company, as a
foreign shareholder will hold 50% of the equity capital of the
new Company Gula Sabah Sdn. Bhd.
- The balance Rs.100 of each debenture was converted into 2.9
equity shares of Rs.10 each at a premium of Rs.24.48 per share on
16th March. Accordingly, 29 equity shares were issued for every
block of 10 debentures.
1992 - Thermoplastic Elastomer the Company undertook to set up a plant
at Nagathane Dist. Raigad, Maharashtra for the manufacture of
20,000. TPA of thermoplastic elastomer, a product that finds
application in industries such as footwear, automobiles, cables,
adhesives, moulded luggage etc.
- Further expansion of compounding facility was proposed to be set
up at Silvassa. Technologists of the project were trained at
Applicazioni Plastiche Industrial s.p.a., Italy.
- The company had set up a joint venture in the name of Gula Subah
Sdn Bhd with two leading industrialists of Malaysia wherein the
foreign shareholder was to hold 50% in the equity share of the
joint venture. Pending certain clearances from the Malaysian
government, further implementation of the joint venture was kept
- The Company entered into an agreement with a Dutch Organisation
Stock Industrial Engineering B.V., for manufacture of Three
Roller mills that given higher efficiency and output for
sugarcane crushing in sugar plants.
- The company has also an arrangement with SEMI-PIELSTICK, France
for promotion of sales of multi-fuel generating sets manufactured
by the French Company.
- The company was promoted to undertake manufacture of 1,20,000 TPA
of purified Terephthalic Acid at Chatha, Dist, Mathura, U.P.
- The Company issued 50,59,400 15% secured fully convertible
debentures of Rs.192 each (`D' Series) of which 13,45,300
debentures were offered on right basis to the existing
shareholders in the ratio of 12 debentures for every 100 equity
shares held. (All were taken up).
- Out of the remaining 37,14,100 debentures to NRIs, off-shore
mutual funds, multilateral financial institutions, etc., on
repatriation basis (only 2,69,875 debentures taken up) and
2,53,000 debentures to employees/workers of the company (only
2,035 debentures taken up).
- The balance 25,81,100 debentures along with 8,61,090 debentures
not taken up by NRIs, etc., and employees/workers were offered
for public subscription. Additional 7,58,910 debentures were
allotted to retain oversubscription (5,57115 debentures to the
public and 2,01,795 debentures to the equity shareholders.
Allotment of 536 debentures to the shareholders was pending.
- As per the terms of issue, Rs.52 of each debenture was converted
into two equity shares of Rs.10 each at a premium of Rs.16/- per
share at the end of 6 months from the date of allotment i.e, 5th
- The balance Rs.140/- of each at a premium of Rs.25/- per share at
the end of 18 months from the date of allotment. The issue was
made to part finance the cost of Thermoplastic Elastomer project.
1993 - The Mathura Division manufactured two stage electrostatic
desalter of 5.5 million tonnes capacity for Mathura refinery of
the Indian Oil Corporation Ltd.
- Based on the technical know how secured from Stock international,
the division manufactured Roller Crane Crushing Mill for Akola
- Project and Construction Division was expanded, all the system
computerised and modernised and its capacity was strengthened to
- The petro pipe division was being developed at Mathura works.
1994 - After switching over to computerised design system. Project and
Construction Division tied up renowed engineering companies in
the field of oil, gas and power for bidding and execution of
- International Division has been set up for global contacts. The
first step is to enter into world market where products cycles
are very short.
- The Company undertook to set up its own TPE compounding unit at
Nagothane, consisting of 5 lines and 15000 TPA capacity.
- The Company undertook to set up a plant for manufacture of sugar
and another for Dairy products, 60 acres of land was acquired at
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