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History of Automotive Axles Ltd.

Automotive Axles Limited was promoted as a joint venture in 1981, between the Kalyani Group & Rockwell International Corporation, U.S.A. with the object of setting up a plant at Hootagalli in Mysore, Karnataka, to manufacture 20,000 sets per annum of all types of complete automotive axles and axle assemblies, including components thereof and corresponding brake sets. Commercial production commenced on July 1, 1984.

This delay in commencement of commercial production was due to the following factors:

1. time taken for obtaining the approvals for products from OE customers

2. delay in obtaining clearance for import of certain critical equipment

3. time taken for development of certain critical forgings and training manpower to achieve requisite skill levels

The Plant was set up at a cost of Rs. 303 million, which was financed through term loans of Rs. 218.3 million, an Equity issue of Rs. 82.5 million & the balance was financed out of Central subsidies [Rs. 1.5 millions] and deferred credit [Rs. 0.7 millions]. The Comp. entered the capital market with an issue of 16,50,000 Equity Shares at par in July, 1983 & the Issue was oversubscribed 8.03 times.

2002

-Appoints Mr Ashok Rao as President and Wholetime Director of Automotive Axles.

2003

-ICICI Mutual Fund through its various schemes acquires 795868 shares of Comp. representing 5.26% of paid up capital of company.

2004

-Automative Axles Ltd has informed that delisting of Companies Equity Shares from the Bangalore Stock Exchange & Pune Stock Exchange has been approved at the AGM held on January 29, 2004. The Comp. has further informed that Mr. Adelio Raschi has resigned as Director of Comp. wef January 29, 2004.

-Automotive Axles Ltd has informed that the Company Equity shares are delisted from Bangalore Stock Exchange w.e.f. February 19, 2004.

2008

-Automotive Axles Ltd has appoined Mr. Larry Dowers [who was an Additional Director on Boards] as the Director liable to retire by rotation at the Annual General Meeting held on January 18, 2008.