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History of Balaji Industrial Corporation Ltd.

1984

- The Comp. was incorporated as Pvt limited on 13th March, in the name of Arun Ingots Pvt. limited The Comp. was promoted by Lalitha Sankar, S.B. Sankar Sankaranarayanan, & G.S. Venkataraman and S.P. Swamy. The Company was converted into a Public Limited Comp. on January 22, 1992.

1992

- The name of Comp. has been changed to Balaji Steel Corporation Limited on 30th March.

1993

- 6,60,000 No. of equity shares of Rs 10 each allotted to promoters, their friends & relatives. 79,38,000 No. of equity shares were issued through a prospectus in September 1992 of which 27,80,000 shares were allotted on a firm basis to promoters, directors, etc. Of the remaining 2,57,900 shares reserved for allotment on a preferential basis to employees. Balance 49,00,100 shares 12,89,700 shares were allotted to retain oversubscription. 5,16,000 shares to promoters; 38,700 to employees; 75,50,000 public & all were taken up.

1994

- A Comp. by name 'Nivee Industries Ltd.' was amalgamated with the company as per order received from the High Court of A.P. on 23rd September.

- The Comp. has a distillery unit namely Paramount Distilleries, Hyderabad with a capacity to manufacture 24 lakh number of cases per annum & a steel unit in Nellore with a capacity to produce 48,000 tpa of steel.

- As per the scheme of amalgamation Nivee were allotted 4 No. of equity shares of Comp. for every 3 equity shares held by them.

- The Comp. was invested to become one of partners by state Govt. of Tamil Nadu along with SPIC group in developing an infrastructure their park called Madras Industrial Park Ltd.

- The Comp. installed a metal printing unit for printing on aluminium sheets at Pondicherry for ultimate conversion to roll on pilfer proof caps to cater to the requirement of liquor industry.

- The name of Comp. was changed to Balaji Industrial Corporation limited in view of deverse business interests undertaken by the Company.

- 120,00,000 No. of equity shares of Rs 10 each allotted per share of amalgamation. 20,00,000 shares allotted to promoters on private placement basis.

1995

- The Comp. acquired the bulk carrier of 35804 DWT namely 'M.V. Balaji Diplowat'.

- The Comp. proposed to import a secured land plant & machinery for manufacture of steel wires rods.

- With a view to expansion & production of value added products the company acquired the re-rolling mill owned by Krishnaveni Enterprises Pvt. Ltd., Nellore.

- The installed capacity of 49,500 tonnes of tursteel & steel sections were to be increased in a phased manner to 34,650 tonnes and 44,500 tonnes during the first year & 3rd year respectively.

2000

- The Comp. has closed down its shipping division by selling its Ship 'Balaji Diplomat' during April.

2004

-Balaji Industrial Corporation becomes Sick Industrial Comp. under SICA