Enter the first few characters of Company and click 'Go'

Nirlon Ltd. Company History and Annual Growth Details

YEAR EVENTS
1958 - The Company was Incorporated on 12th March, at Mumbai as a
private limited company under the name Nanubhai Industries Pvt.
Ltd. The name of the company was changed to Nirlon Synthetics
Fibres and Chemicals Pvt. Ltd., on 10th October, 1962. It was
converted into a public limited company on 13th March, 1963. The
company's nylon textile yarn plant went into production in
December 1982.

- The Company's object is to manufacture nylon (textile) filament
yarn, polyester filament yarn, nylon tyrecord, nylon tyre fabrics
conveyor belts and fan and V-belts.

1964 - 500 shares issued in 1959 without payment in cash. 50,000 shares
issued at par. (25,000 shares taken up by financial
institutions).

1967 - 21,000 bonus equity shares issued in prop. 1:10.

1976 - Shares subdivided in March. 7,90,000 shares offered to the
public (prem. Rs.22.50 per share) in May. 38,75,000 bonus shares
issued in March 1977 in prop. 5:4.

1978 - The Company entered into a technical collaboration agreement with
BTR Belting Ltd., U.K. for the purchase of know-how for the
manufacture of synthetic fabric reinforced conveyor belting,
such as nylon and polyester.

1979 - 11% debentures of Rs.250 lakhs were issued to augment the long
term resources for working capital. The rate of interest was
increased to 12% with effect from 1st October, 1982.

1981 - Steps were taken to increase the conversion capacity of nylon
tyre yarn into nylon tyre fabric from 1,860 tonnes to 4,250
tonnes per annum.

- A letter of intent was received for the expansion of the conveyor
belting production at Roha plant from 1,200 tonnes to 4,000
tonnes per annum.

- The expanded capacity would be in the width of above 1,600 as and
would consist of

- (i) Synthetic fabric reinforced conveyor beltings - 1,800 tonnes
per annum and

- (ii) Steelcord reinforced conveyor beltings - 1,000 tonnes per
annum.

- Steps were taken to implement the conversion capacity of nylon
tyre yarn into nylon tyre yarn fabric at 4,000 tonnes per annum
at a new location at Tarapur in Maharashtra state.

- 34,87,500 bonus equity shares in prop. 1:2.

1983 - The letter of intent for this project was converted into an
industrial licence.

- Approval from Govt. was obtained for technical collaboration with
M/s. Zimmer AG of West Germany for the expansion of nylon tyre
cord.

- The Company made a rights issue of 15% secured non-convertible
debentures for Rs.650 lakhs which was fully subscribed. The
allotment was made on 23rd April.

- The Company issued by private placement 4,00,000 - 15% secured
redeemable non-convertible debentures of Rs.100 each to Army
Group Insurance Fund. These debentures are redeemable in one
instalment on the expiry of 7 years from the date of allotment
at a premium of 5%. The proceeds were to be utilised to meet a
part of the cost of substantial expansion of nylon tyrecord
yarn/fabric capacity.

1984 - The output of the conveyor belt and V-belt plant at Roha was
satisfactory except for a brief loss of production for about
two months due to go slow by the workers.

- The letter of intent for expanding the nylon filament yarn
capacity to 6,000 tonnes per annum was converted into an
industrial licence. Application had been submitted to Govt. for
expanding the nylon yarn capacity by 12,000 tonnes per annum.
A separate plant was to be set up for this purpose in a backward
area in Maharashtra. Letter of intent was received for
increasing the polyester filament yarn capacity from 2,655 tonnes
to 3,500 tonnes per annum.

- A letter of intent was also received for the manufacture of 2,000
tonnes per annum of polyester industrial yarn which it proposed
to implement at its Roha plant.

- As a measure of diversification, it was proposed to manufacture
100 MT per annum of high performance carbon fibres. A letter of
intent was received for this project.

- Arrangement for resources were being finalised. The project was
likely to be delayed due to development of some problems in the
company's land at Panoli in the Bharuch district of Gujarat.

- The Company also proposed to implement a steelcord reinforced
conveyor belt project in collaboration with Clouth Gummiwerke AG
of West Germany. A separate company Clouth-Nirlon Ltd., had been
incorporated to implement this project in which Clouth Gummiwerke
would have 40% equity participation and would provide the latest
technology. On receipt of necessary sanctions, work on the
project was started.

- The company issued 22,50,000 - 15% secured non-convertible
debentures of Rs.100 each. These debentures are redeemable at a
prem. of 5% at the end of the 7th year from the date of allotment
in case of debentures issued under the non-cumulative interest
scheme, falling due on 26th June, 1992. Debentures issued under
the cumulative interest scheme are redeemable at a prem. of 5% in
3 yearly instalments of Rs.35 each commencing at the end of the
7th year from the date of allotment the redemption prem. being
paid in the first instalment.

1985 - The sales turnover, however, declined to Rs.173 crores due to a
steep fall in yarn prices, large imports of polyester yarn with
reduced import duty and a glaring distortion in price
relationship between blended spun yarns and synthetic filament
yarn.

- A letter of intent was received for the manufacture of 15,000
tonnes per annum of polyester filament yarn at Paithan, a
backward area in the Aurangabad district of Maharashtra.

- A letter of intent was received for effecting substantial
expansion of capacity of fans and V-belts from 12 lakhs nos. to
50 lakh nos. per annum in the Raigad district of Maharashtra.

- An application was made for broad banding of capacities of
nylon/polyester filament yarn and nylon tyre in keeping with
Govt. directive to broad band the capacities of the synthetic
yarn industry.

- The Company reassessed the product's potential and decided to
implement the letter of intent depending upon the marketability
of the product.

- With a view to diversify further, a joint sector project with
Gujarat Industrial Investment Corporation was being implemented
through Gujarat Tyres Ltd., for the manufacture of 5,00,000
tyres/tubes per annum in the first phase in Bharuch district of
Gujarat.

- The Company approached the controller of capital issues, for
issue of share capital in the new company and if approved, it
proposed to reserve a part of the said issue for preferential
allotment to shareholders of the company.

- The Company also signed an agreement with Karnataka State
Industrial Investment Corporation Ltd. for setting up a plant in
the joint sector for the manufacture of 6,000 tonnes of Nylon-6
yarn per annum.

- The Company sought to diversify into the manufacture of 1,00,000
tonnes of propylene, 1,00,000 tonnes of butadiene and 1,60,000
tonnes of polypropylene annually.

- Nirlon Investments Ltd., Filament Finance and Investment Ltd.,
Mentor Investments Ltd., Nestor Investments Ltd., Cassandra
Investments Ltd., and Nirester Finance and Investment Co. Ltd.
are subsidiaries of the company.

- The Company privately placed with UTI an additional 15% secured,
non-convertible debentures of Rs.100 each for Rs.250 lakhs.

- The Company issued 26,49,825 - 13.5% secured convertible
debentures of Rs.100 each on rights basis mainly due to the
shareholders and employees of the company. These debentures were
allotted on 18th June 1986. The Convertible portion of Rs.30
per debenture was converted into 2 equity shares of the company
at a prem. of Rs.5 per share on 18th December, 1986 and 52,99,650
No. of equity shares were allotted on this count. The
non-convertible portion of Rs.70 per debenture will be redeemed
in four equal instalments on the expiry of the 7th, 8th, 9th and
10th year from the date of allotment.

1986 - Government's approval was received for the application and the
licensed capacity for synthetic filament yarn including yarn/tyre
cord as increased to 13,655 tonnes per annum.

- The Company made a reference to BIFR as required under the Sick
Industrial Companies (Sp. Provisions) Act. 1985.

- 52,99,650 No. of equity shares allotted (prem. Rs.5 per share) in
part conversion of debentures.

1987 - IDBI was appointed as the lead operating agency and it undertook
to prepare the rehabilitation package.

1990 - The BIFR had published the proposed rehabilitation scheme and it
was hoped that it would be implemented in the near future.

1991 - Production of textile division declined by 14.62% due to cut in
nylon production.

- EX-MDS has submitted a revival scheme which was under
consideration of IDBI (the operating agency)/BIFR. The Appellate
Authority for industrial and Financial Reconstruction directed
the BIFR to first examine the rehabilitation scheme of the EX-MDS
and if this scheme was not found viable, then the proposals of
outsiders would be considered.

1992 - The revival scheme was under consideration of IDBI and BIFR.
Meanwhile, Government of Maharashtra had extended the protection
to the company as a "Relief Undertaking" under the provision of
the Mumbai Relief Undertaking (Sp.) Act, 1958, for a further
period of 12 months from July 21, 1993.

1993

-Rehabilitation Scheme sanctioned and implementation begins.

1999

-Offers its idle/surplus factory premises for licence at its Goregaon complex to leading Corporates.

2000

-Forms a Joint Venture company for its Conveyor Belting Division with its manufacturing
facility at Roha with a large, integrated, global player in belting production.

-Retains 26% of JV Equity

2003

-Factory Building areas of approx. 1,75,000 sq.ft. licensed at the Goregaon complex.

-Completes repayment of Secured loans & Public Debentures as per the Rehabilitation Scheme

2004

-Phase out of manufacturing at Goregaon.

2005

-Additional building area of approximately 150,000 sq.ft. licensed at Goregaon.

2006

-Achieves profit after depreciation and substantially completes implementation of the Rehabilitation Scheme.

-Deregistered from BIFR and is no longer a sick unit.

-Planning and design for an Information Technology (IT) Park of 23 acres, i.e. Nirlon Knowledge
Park (NKP) commences at Goregaon, Mumbai, at the company's erstwhile factory location.

2007

-Construction of Phase-I of NKP commences.

2008

-Construction of Phase-II of NKP commences.

2009

-NKP Phase-I is completed and substantially licensed to leading multinationals and corporates.

-Nirlon diversifies its 26% stake in its Conveyor Belt joint venture company with a substantial gain.

2010

-Wins Smart Living Awards for

-i. Best Safest Project.

-ii. Best Corporate Spaces - SEZ's & IT Parks.

-iii. Best Green Project - Commercial.

2011

-Construction of Phase-III of NKP commences.

-NKP Phases I & II are fully licensed.

-Completes a preferential issue of fresh equity for expansion and development of NKP.

2012

-Construction of NKP Phase-IV begins

-Nirlon - Nirlon wins Prestigious International Property Award.

2013
- Nirlon Wins Worldwide Achievers "Real Estate Award 2013"

2014
- Board recommended a Dividend of Rs. 0.75 paise per equity share (@7.5% on the face value of Rs. 10/- each ).
- Declares a dividend for the first time since 1985.

2015
-Singapore's sovereign wealth fund GIC has raised its holding in public listed Mumbai IT park firm Nirlon Ltd to 63.92 per cent by acquiring more shares in the open offer for Rs 568.32 crore ($90 million).

2016
-Development of NKP Phase-5 begins

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article