History of Asian Paints Ltd.
1945
- The Comp. was incorporated as a private limited Comp. under the name of Asian Oil & Paint Comp. Pvt. limited It was converted into a public limited Comp. in 1973. The Comp. manufacture a wide range of surface coatings catering to different end-uses. It also manufactures vinyl pyridine latex used in the manufacture of rubber tyres.
- The Comp. expanded its products range, developed its own technology, set up a distribution network penetrating in smaller towns and ploughed back a large part of earnings into creation of new facilities.
1965
- The name was changed from Asian Oil & Paint Comp. Pvt. limited to Asian Paints [Indias] Pvt. Ltd.
1974
- A major modernisation programme was undertaken to streamline the paint production facilities by improving the layout of machines, addition to balancing equipment & replacement of old machinery. The Company embarked on phased modernisation of resin manufacturing facilities as well.
- The Bhandup plant of Comp. is reportedly the largest single paint factory in the country & one of most up-to-date with sophisticated machinery & equipment for manufacturing a wide range of paints & other products besides adequate resin manufacturing capacity to meet its entire requirements.
1975
- Bonus Equity shares issued in the prop. 1:2 in 1961, 1:3 in 1962, 1:1 in 1966, 1:2 in 1969, 2:3 in 1971 & 1:2 in 1975.
1978
- 1,00,000 Bonus Equity shares issued in the prop. 2:3.
1980
- 50,000 unclassified shares classified as prefernece shares and issued. They are redeemable during the period 30.6.1987/1990.
1982
- The main objects of public issue of capital during August, were to fulfill the listing requirements of Stock Exchange & to provide part of finance for increased operations.
1983
- Equity shares subdivided. 10,00,000 Bonus shares issued in prop. 2:5, 16,85,185 No. of Equity shares issued [prem. Rs 13 per shares] through prospectus in August 1982. Out of these, 84,259 shares and 33,704 shares were reserved for preferential allotment to the employees and to the business associates of Comp. respectively. 15,67,222 shares offered to the public of which 4,21,296 shares were offered to NRIs on repatriation basis.
1985
- The Comp. undertook to set up a third paint unit at Patancheru, a notified backward area near Hyderabad, for manufacture of 15,000 MT of paints & enamels.
- A letter of Intent was obtained for setting up a fourth paint plant in Uttar Pradesh with a capacity of 23,000 tonnes per annum of paints, varnishes & enamels & 65,000 tonnes per annum of synthetic resins [for captive consumptions].
- The Comp. entered into a collaboration agreement with Nippon Paints Co. Ltd., Japan, to obtain technical know-how to manufacture powder coating & coil coatings under an exclusive licence. Necessary manufacturing facilities for powder coatings with a capacity of 300 MT were installed & commissioned at Kasna plant during 1992-93.
- 31,11,111 Bonus equity shares issued in prop. 3:5.
1987
- The Comp. commissioned a plant for manufacture of synthetic rubbers lattices with a capacity of 1,200 tonnes per annum. The Company received a letter of intent to manufacture 9,000 tonnes of phthalic anhydride. The project would be based on imported Van Heyden low energy process technology with engineering package from Davy McKee of Cologne, West Germany. The project was commissioned in March 1990. But, a fire accident in the succeeding month damaged a storage tank, nearby pipes & support structures. The plant was repaired and restarted only in August 1990.
- The Comp. jointly with Tamil Nadu Industrial Development Corporation [TIDCOs] promoted a joint sector Comp. under the name Pentasia Chemicals limited [PCLs], for manufacture of 3,000 TPA of pentaerythritol & 1,800 TPA of sodium formate. The project commissioned in March.
- 41,48,148 Bonus equity shares issued in prop. 1:2.
1988
- The Comp. issued 9,00,000 - 14% secured non-convertible debentures of Rs 100 each to ICICI, UTI, LIC, GIC, NIC, New India Assurance Company Ltd., Oriental Insurance Co., Ltd & United India Insurance Co., limited on private placement basis. These debentures are redeemable in five equal instalments on the expiry of 5th, 6th, 7th, 8th & 9th year from the date of allotment at a premium of Rs 5 per debenture.
1989
- A scheme of arrangement was finalised for vesting of assets and liabilities of Company Apcotex division with Apcotex Lattices limited [ALLs]. As per the scheme of arrangement, one equity share of Rs 10 each of ALL was allotted without payment in cash to the shareholders of Asian Paints [Indias] Ltd., for every 13 equity shares held by them in the company, i.e., Asian Paints [Indias] Ltd.
- The first phase of project with an initial installed capacity of 16,000 tonnes per annum was commissioned during the year.
1990
- Asian Paints [South Pacifics] Ltd., in Fiji & Asian Paints [Tongas] Ltd., are two joint venture set up abroad with the Comp. supplying the necessary know-how. Both these are the Company subsidiaries and the equity participation by Comp. amounted to 51% in the former and 25% in the latter as at 31st December. Asian Paints [South Pacifics] Ltd., holds an additional 25% in the equity capital of Asian Paints [Tongas] Ltd.
- The Comp. also set up two more joint ventures under the names and styles of Asian Paints [Nepals] Pvt. Ltd., & Asian Paints [S.I.s] Ltd., both of which are subsidiaries of Company.
- The Comp. had set up a joint venture unit Asian Paints [Vanuatus] Ltd., for manufacture of paints & enamels in the Pacific Island of Vanuatu. The Vanuatu Comp. had issued 54,000 ordinary shares of US $1 each to the Comp. as fully paid-up shares against the plant and machinery supplied.
1991
- Pentasia Chemicals Ltd., became a subsidiary of Company. Pentasia Investments Ltd., is a subsidiary of Company.
- The Comp. acquired 19,10,000 equity share of Rs 10 each in the share capital of Pentasia Chemicals Ltd., from TIDCO in May. Consequently, PCL became a subsidiary of Company.
- The Comp. issued 5,00,000 - 17.5% secured non-convertible redeemable debentures of Rs 100 each aggregating to Rs 500 lakhs to Unit Trust of India on private placement basis. These debentures are redeemable in three equal instalments on the expiry of 6th, 7th & 8th years from the date of allotment at a premium of Rs 5 per debenture.
1992
- 74,66,666 Bonus equity shares issued in prop. 3:5.
1993
- Sales of phthalic division was lower due to planned shutdown of the plant for 25 days & also due to lower selling prices.
- The Comp. undertook to set up a joint venture unit along with its overseas subsidiaries, in Queensland, Australia for manufacture of paints, enamels & varnishes. The Comp. was to invest a $2,00,000 in the share capital of Asian Paints [Queenslands] Pvt. limited a joint stock company, Australia.
1994
- The Comp. proposed to expand its existing capacities for the manufacture of paints & enamels to 50,000 tonnes per annum at each of its plants in Ankleshwar, Patancheru & Kasna.
- The Comp. placed before the operating agency approached by BIFR, the proposal to amalgamate with itself Pentasia Chemicals Ltd.
1995
- Pantasia Chemicals limited [PCLs] was merged with the Company. The assets & liabilities of erstwhile PCL are vested with the Company with effect from 1.10.1994.
- The Comp. undertook to set up a joint venture unit for the manufacture of paints, enamels & varnishes in the Republic of Mauritius. The joint venture involves a total cost of 1,83,00,000 Mauritius Rupees of which 49% will be financed by Comp. & the balance from Mauritian parties.
- 199,11,110 No. of Equity shares allotted as bonus shares on 1.1.1996. Another 2,94,000 No. of Equity Shares of Rs 10 each were allotted by the Comp. in pursuant to the order of BIFR to PCL in prop. 1:25.
1996
- The Comp. proposed to set up a fifth point manufacturing plant at Ratnagiri, Maharashtra.
- During 21st February, a fire broke & in the paint manufacturing block of Mumbai plant causing extensive damage to the materials stored in the block.
- A joint venture Comp. viz. Asian PPG Industries Pvt. limited ws set up alongwith PPG Industries, Inc. of USA to market and/or manufacture automotive paints & certain Industrial products as may be decided upon mutually between the partners.
1998
- As at 31st March, a sum of Rs 1008 lakhs was outstanding against loans from Financial Institutions.
- The new initiative to install 350 colourworlds received encouraging response & made significant contribution to performance. Three new products, NC range of wood finishes, ACE exterior emulsion & Asian wall putty were launched.
- Asian Paints, the Rs.737.20 crore paints major, has launched a new marketing thrust with the introduction of one-stop colour shop for paints complete with a software for consumers to choose & select their different shade combinations.
- Asian Paints, India No.1 Paint Comp. recently, launched their latest offering `Asian Paints Colour World'.
- Credit Rating Information Services of India Ltd [Crisils] has assigned a `AAA' rating to the proposed non-convertible debenture [NCDs] obligation of Asian Paints Ltd [APLs].
- Two subsidiaries of Asian Paints - Pentasia Chemicals & Pentasia Investments - have been merged with the parent Comp. following the approval of Board for Industrial and Financial Reconstruction [BIFRs].
- Asian Paints Limited, the largest paint Comp. in India, launched its first exclusive showroom in Mumbai.
1999
- The Comp. has joint venture companies in the overseas market. All these ventures are doing well & have a strong hold in their respective markets.
- In its first-ever acquisition overseas, Asian Paints Ltd [APLs] has acquired a 76 per cent equity stake in Sri Lanka-based Delmege Forsyth & Co [Paintss] Ltd.
2000
- Asian Paints has launched two variants in polyurethane [PUs] wood finish under the brand name Opal.
- The Comp. has proposed to issue bonus shares in the ratio of three shares for every five shares held.
- Asian Paints has opened a manufacturing plant in oman in partnership with a local company.
- Asian Pains has acquired the entire paints business of Pacific Paints Company based in Australia for over Rs 1 crore.
- Asian Paints has lifted the lockout at its factory in Uttar Pradesh. The Comp. suspended operations at Kasna in July after the workers resorted to a 'sit-in-strike'.
2001
- Asian Paints has introduced Utsav Enamel for festive season.
- Asian Paints has appointed senior parnter of solicitor firm Crawford Bailey and Co, R A Shah & Deputy Director, National Chemical Laboratory Dr Swaminathan Sivaram as directors on the company board.
- Asian Paints India Ltd has posted a marginal drop in net profit at Rs 29.62 crore for quarter ended September 30, 2001.
2002
-Approves voluntary delisting of shares from the following stock exchanges:
1. The Ludhiana Stock Exchange Association Ltd. 2. The Calcutta Stock Exchange Association Ltd. 3. The Stock Exchange, Ahmedabad 4. Madras Stock Exchange Ltd. 5. The Delhi Stock Exchange Association Ltd. 6. The Hyderabad Stock Exchange Ltd. 7. Vadodara Stock Exchange Ltd.
-Revamps its international operations, transferres shares in its subsidiaries in Fiji, Tonga, Solomon Island, Vanuata, Australia & the Sultanate of Oman to the Mauritius based subsidiary Asian Paints International
-Executes agreement for purchase of 60% equity capital of SCIB Chemicals S.A.E., Egypt
-Launches its $3 million joint venture with Bangladesh-based Confidence Cements in which the holds 51 per cent stake
-Acquires controlling stake of 50.1 per cent in Berger International, Singapore, for Rs 58 crore, appoint Jalaj Dani as CEO
2003
-Board recommends issue of bonus shares by capitalisation of Reserves in the ratio of 1 equity share for every 2 equity shares held on the record date
-Asian Paints, via its Singapore-based subsidiary - Berger International - inks a technology & brand licensing agreement with PT Abadi Coatings Solusi, an Indonesian paint company
-Shareholders approve the Scheme of Arrangement proposed to be made between Pentasia Investment Ltd with Asian Paints India Ltd & the consequential reduction of share capital of Asian Paints India Ltd.
-Berger International starts restructuring exercise to curtail cost
-Acquires Taubmans Paints [Fijis] limited through its subsidiary in Fiji, Asian Paints [South Pacifics] Ltd [APSPs]
-Acquisition of 9.2% shares in ICI India Ltd.
-Asian Paints bags Ken Sharma award
2004
-10th Asian Paints Star Screen Weekly Awards- aura of mystery
-Asian Paints launches paint solutions for kids'
2005
-Berger Intl partners with Filipino firm Dutch Boy
