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Grindwell Norton Ltd. Company History and Annual Growth Details

1950 - The Company was incorporated as a public limited company on 31st
July, in the name of Grindwell Abrasives, Ltd. The Company
manufacture abrasive products.

1967 - To keep abreast with the latest technology, the Company entered
into a technical collaboration with Norton Co. of USA.

1971 - The name of the Company was changed to Grindwell Norton Ltd.,
with effect from 23rd June, consequent upon Norton Co., USA,
investing in the Company's equity.

1972 - The first silicon carbide plant was commissioned in Bangalore.

1977 - Out of the shares issued till date, 14,000 shares were issued
without payment in cash and 1,30,656 shares were issued as bonus
shares (12,850 shares in 1966 in prop. 3:5, 36,622 shares in
prop. 19:20 and 81,184 shares in 1977 in prop. 27:50.

1979 - The second silicon carbide plant was commission at Tirupati in
Andhra Pradesh.

- The Company separated its manufacturing operations under two
divisions, viz., the grinding wheel division and the abrasives
materials division. At its complex at Mora in Maharashtra, the
grinding wheel division manufactures bonded abrasives, coated
abrasives and super refractories.

- The Company entered into coated abrasives business in the early
seventies, restricting itself to coated discs, commonly known as
sander discs. The innovative zirconia aluminium oxide discs sold
under the brand name "Zircon" revolutionised the sanding
application. Super refractories made from silicon carbide, are
moulded in various shapes and sizes and are used in the
manufacture of ceramic products such as sanitaryware, chinaware
and insulators.

1980 - The Government approved the Company's proposal to manufacture
other coated products such as coated belts within the existing
licensed capacity.

- 1,39,916 bonus shares issued in prop. 3:5.

1983 - The Company had in hand a licence to expand the installed
capacity of super refractories from 150 tonnes to 1,000 tonnes
per annum. It was proposed to set up a separate plant for this

- The Company had developed a profitable agency business
representing foreign principals. The Company also commenced
business of sourced products all the more significantly as
supplier of quality cutting fluids and super abrasive products.

- The Research & Development division of the Company developed high
quality and performance abrasives and super refractories.

- Equity shares of Rs 100 each subdivided into shares of Rs 10 each
on 3.10.1983. 9,26,125 No. of equity shares then issued at a
prem. of Rs 10 per share of which 9,450 shares were reserved for
which 9,450 shares were reserved for preferential allotment to
employees and business associates of the Company. The balance
9,16,675 shares were offered for public for public subscription
during Nov. 1983. Arrears: Rs 64,000.

1985 - The Company associated itself with Lincoln GmbH for developing
markets for Centralised lubricating system and also proposed to
indeginise the production in course of time.

1986 - The range of coated abrasive products was expanded by the
addition of silicon carbide water proof papers, rolls, emery
cloth sheets, emery papers and other coated specialities.

- With the assistance from Norton Company, the Industrial Ceremics
division proposed to develop a market for industrial ceramics.

1987 - As part of technology absorption and adaption programme,
speciality resins and abrasive combinations were developed.

- The Company's business made progress as planned and satisfactory
progress was also achieved in the indeginisation programme.

1988 - The Company was taking steps to strengthen its production base
with additional capital expenditure.

1989 - The centre carried out a company-wide `Benchmarking' project of
Grindwell's product vis-a-vis domestic and international
competitor's product.

1990 - On 14th February, a new unit for silicon carbide plant Micogrits
was commissioned.

1991 - A number of new products were added to the industrial ceramics

- The Company issued 59,410-17% redeemable debentures of Rs 100
each. These are redeemable in two equal annual instalments on
2.1.2000 and 2.1.2001 at premium of Rs 5 per debenture to be paid
on 2.1.2001. Also 1,50,000-18% redeemable debentures of Rs 100
each were issued on private placement basis with the UTI. These
are redeemable in three equal annual instalments on 26.11.1993,
26.11.1997 and 26.11.1998, at a premium of Rs 5 per debenture
payable in the second instalment.

1992 - The Abrasive material division's business was adversely affected
by erratic power supply and hike in power tariffs especially
because the Company's silicon carbide and aluminium oxide
business are highly dependent on power and its cost.

1993 - The New Jumbo coating plant was commissioned in March which
comprises modern plants incorporating Norton technology. Company
has successfully implemented the maker tandemisation project.

1995 - The Company has introduced several new and improved products and
strengthened its market. The Company is setting up a new
focussed plant dedicated to the manufacture of specific products
near Nagpur.

1996 - Coated abrasive business was affected due to negative growth in
the tannery and plywood segments.

- The Company has issued 69,20,000 No. of equity shares of Rs 10
each as fully paid bonus shares in the proportion of 1:1.

- International Power Semiconductors Ltd., is a subsidiary of the
Company. An order was passed on 8th March, 1990 by Mumbai High
Court directing the Company to wind up the subsidiary.

- 22,89,435 No. of equity shares of Rs 10 each at a prem. of Rs
238.75 per share allottred on preferential basis to Compaigne de
Saint-Gobain to enable it to increase its combined holding to

2001- Grindwell Norton Ltd has informed BSE that the shareholders of the Company has authorised the Board of Directors of the Company to sell the Fused Casts Refractories business to SEPR Refractories India Ltd. at a consideration of not less than Rs 60 million.


-Signs a sale agreement with SEPR Refactories India Ltd.


-Sells its holding of 3450 equity shares of Rs.100 each representing 10% of the paid up capital of M./s Saint Gobain Diamant Winter Ltd.


-Grindwell Norton Ltd and Orient Abrasives Ltd (OAL) has signed a Memorandum of Understanding (MOU).


-Grindwell Norton has given the Bonus in the Ratio of 1:1

-Company has splits its Face value of Shares from Rs 10 to Rs 5

--Registered Office of the Company has been shifted from Army & Navy Building, 148, M.G. Road, Mumbai - 400 001 to Leela Business Park, 5th Level, Andheri-Kurla Road, Marol, Andheri (East), Mumbai - 400 059


-Grindwell Norton Ltd has informed that Mr. Joseph Andrew Jude Pereira has been appointed as an alternate director to Ms. M A Chupin with immediate effect in the meeting of the Board of Directors of the Company July 25, 2007.


- Grindwell Norton Ltd has informed that the Board of Directors has appointed Mr. A C Chakrabortti as the Chairman of Board in its Meeting held on July 24, 2009.


- Grindwell Norton Ltd has informed that the Board of Directors, through Circular Resolution appointed Mr. Mikhil Malvinder Narang as additional director w.e.f. February 24, 2010.


-Mr. Guillaurne Jean Philippe Texier as Appointed as Additional Director of the Company.


-The Company had acquired industrial land in the state of Gujarat, for setting up a manufacturing facility for High Performance Refractory Business.


- The Company has recommended a dividend of Rs. 6.50/- per equity share of Rs. 5/- each.

- The Board of Directors have appointed Mr. Deepak Chindarkar, Vice President - Finance & IT, as the Chief Financial Officer of the Company.


- The Company has recommended a dividend of Rs. 6.50/- per equity share of Rs. 5/- each.

- The Company has appointed Mr. Benoit d'Iribarne as Alternate Director to Ms. M-A. Chupin.

-Grindwell Norton has allotted 5,53,60,000 ordinary equity shares as Bonus Shares to the Members of the Company entitled.