History of Blue Star Ltd.
YEAR EVENTS 1949 - The Comp. was Incorporated on 20th January, at Mumbai. The Comp. manufacture commercial refrigeration equipment including water coolers, beverage coolers, bulk ice markets, deep freezers, pre-fabricated walk-in-collers, packaged air-conditioners and components for large central refrigeration & air-conditioning plants. The Comp. also act as distributors for various products.
1953 - The Companies at Calcutta, Chennai & Blue Star Industries, Mumbai & Blue Start Industries, Mumbai became wholly owned subsidiaries of Company.
1969 - The subsidiaries were amalgamated with the holding Comp. which was then converted into a public limited Comp. with the present name.
- Prior to the public issue during the year, the capital comprised of 5,000 preference shares of Rs 100 each & 3,66,000 No. of equity shares of Rs 10 each. Out of these, 1,400 No. of equity shares were issued without payment in cash & 1,01,000 No. of equity shares were issued as bonus.
1970 - In November 1,14,500 Right Equity shares offered at par in the proportion 1:4 & allotted in early 1971.
1974 - 425 Pref. Shares converted into 4,250 No. of equity shares in October. 2,13,525 Bonus Equity shares issued in prop. 3:10 in November 1975.
1976 - The Comp. had set up a joint venture in Dubai, with a local group of engineers, for design & installation of central air-conditioning & refrigeration systems.
1979 - 4,62,637 Bonus equity shares issued in prop. 1:2.
1980 - The Comp. set up a new unit at Bharuch, a backward area in Gujarat. It was inaugurated on 8th December.
1981 - The Comp. issued 50,000 redeemable rights debentures of Rs 100 each at par during March/May to the resident equity shareholders of Comp. in the proportion 1 Debenture: 25 Equity. The Debentures carry interest at the rate of 13.5% with an additional interest of 1% per annum linked to the dividend rate. The debentures are redeemable in two instalments of Rs 50 each in the eighth & ninth year after the date of allotment.
1983 - The Comp. signed technical collaboration with York International, U.S.A. for manufacture of centrifugal packaged chillers & air handling units used in central air conditioning plants.
1984 - Expansion of Thane plant for manufacture of centrifugal packaged chillers as well as for production of new range of walk-in-coolers & air handling units was undertaken.
1985 - The Comp. privately placed with UTI, LIC & GIC & its subsidiaries 15% secured redeemable non-convertible debentures for a total value of Rs 4 crores.
1986 - Additional plant & machinery were installed for indigenous manufacture of centra pack centrifugal chillers.
- Industrial licence was sought for a project to manufacture computers, peripherals & instruments in a phased manner in association with Hewlett-Packard, U.S.A.
- The Comp. had received a letter of intent for manufacture of Electronic Private Automatic Branch Exchange [EPABXs] & a technical collaboration agreement was signed with Jeumont-Schneider of France. The Comp. also undertook to manufacture analytical instruments in Gandhinagar.
- A new joint venture called Yokogawa Keonics Ltd., was set up with Yokogawa Electric Corporation [KEONICSs] for manufacture of centrum distributed control system & micro processor based single loop instruments.
- 13,32,395 bonus equity shares issued in prop. 3:5.
1987 - A new agreement was signed with York International, U.S.A. for manufacture of semi-hermetic reciprocating chillers in the range of 30 TR to 230 TR at the Thane factory.
1989 - The Comp. introduced during the year reciprocating compressors in collaboration with York International USA. Several new models of packaged air-conditioners, air handling unit & water coolers were introduced.
- The Comp. allotted on a private placement basis 14% redeemable non-convertible debentures for a total value of Rs 5 crores. These debentures were redeemable in four annual instalments commencing from 11th June, 1992.
1990 - Several new models of split air-conditioners & a new line of key telephone systems were introduced during the year.
1991 - Some of new products introduced during the year were a new tine of refrigerators, full range of room & split air-conditioners, mini water cooler, mortuary chambers & an improved line of compact energy-efficient packaged air-conditioners.
- The Comp. commenced manufacture of absorption of chillers with technolgy from Mitsubishi, Japan at the Thane factory. Mini water coolers, mortuary chambers & an improved line of compact & energy efficient packaged air conditioners, were manufactured.
- The range of EPABX & key telephone systems manufactured at Gandhinagar were rationalised by focussing on smaller system which were more suited to Indian business needs. - 35,53,054 bonus equity shares issued in prop. 1:1 & allotted in April 1991.
1992 - 28,42,443 Rights shares issued in May 1993 [Prem. Rs 25; prop. 2:5s] 9,075 Pref. shares redeemed on 15.6.1993 pursuant to provisions of Companies Act, 1956.
1993 - Pursuant to a resolution taken up during the year the Company acquired the entire paid up capital in USIN International, USA, making it a wholly owned subsidiary of Company.
1994 - The Comp. entered into a joint venture in Malaysia. - 1,00,000 No. of equity shares allotted to company employers under stock option scheme.
1995 - The Comp. proposed to set up a plant for manufacture of state-of-the-art room, split & packaged air conditioners ranging from ITR to 20 TR capacities in technical collaboration with Rheem Manufacturing company, USA at Dadra.
- During September, the Comp. issued 35,00,000 shares at a premium of Rs 47 per share to promoters group. 135,48,551 shares issued as bonus in prop. 1:1.
1997 - The Comp. entered into technology tie-up with Kolpak, U.S.A. for coldrooms & Climatrol, Italy for double skin airhandling units.
- The Comp. also has technical collaborations with Mitsubishi, Japan; York International, US.
- The Comp. recently entered into an agreement with Holland-based Baan Infosystems, a major developer of enterprise resource planning [ERPs] software, for providing solutions around Baan products.
- Blue Star has set up an ERP division within the international software division.
- The Comp. has recently commissioned the state-of-the-art plant at Dadara for producing ducted & non-ducted airconditioning equipment in collaboration with Rheem of the U.S. A higher growth rate is planned for international business in central airconditioning projects. It has already entered UAE & Malaysian markets.
- Bluestar has announced a short voluntary retirement scheme [VRSs], which will be valid till October 31, 1997.
- The air-conditioning major, Blue Star Ltd, is believed to be exploring the possibility of pulling out of joint venture with Yokogawa. The joint venture is engaged in manufacturing process control equipment.
- Blue Star has a Software Centre in Bangalore & a wholly owned subsidiary USIN Inc in California, USA.
- Blue Star Ltd has inaugurated its new software development centre in Bangalore. The centre is equipped to develop software for Hewlett Packard & its customers in the US, Europe & Asia Pacific. The Comp. also has two software development centres at Seepz, Mumbai for client-network applications.
- During July, the Comp. commissioned a facility for the manufacture of ducted & non ducted air-conditioners in collaboration with Rheem of USA. 1998 - The joint ventures of Comp. are with Yokogawa & Stork Comprimo in India & with Arab Malaysa in Malaysia. The business partners of Comp. include Mitsubishi, Electrolux, Racal, Heatcraft, York, Hitachi, Krautakraemer, Scientific Atlanta, Nicolet, Philips, Geho pumps, Neles Jamesbury & among other.
- USIN International Inc., became a 100% subsidiary of company marketing software services.
- The Comp. is the country largest import house for professional electronic equipment & represents world-renowned manufacturers on an exclusive basis. The range covers medical equipment, material testing machines, test & measuring instruments, data communication systems & analytical instruments.
- The four companies with whom the manufacturing collaborations have been signed are York International Corporation, Climatrol of Italy, Kolpak of US & Bohn, also of US.
- Blue Star is the country largest player in the central air-conditioning segment. The company, which has an installed capacity of 1 lakh units at the Dadra plant, is planning to contract manufacture components as well as finished products for its competitors.
- Blue Star is also entering into a technical tie up with York International Corporation of US for screw chillers and industrial refrigeration equipment.
- The Comp. has set up an ancillary unit in Billimora to manufacture ducts. Another ancillary unit has been set up at Noida in collaboration with Waterloo Corporation, UK to manufacture grillers & diffusers.
- Bajaj Auto Finance Ltd [BAFLs], has entered into a tie-up with Godrej GE Appliances, Korean consumer durables conglomerate LG & air-conditioning major Blue Star to finance their consumer durables.
- The Comp. has entered into a manufacturing collaboration with the US-based Kolpak, a leader in pre-fabricated PUF panels. It has been in a tie-up with US refrigeration equipment major Bohn since 1995.
- The Comp. has set up special training centres at its manufacturing unit in Thane & regional office in Chennai.
- The Comp. has bagged its first renovation & modernisation project for year from NTPC, Talcher, Orrisa.
- Blue Star brand name will change to Blue Star York from June onwards consequent upon York International Corporation's decision not to form an equity partnership in India & instead to expand its 15-year-old technical tie-up with Blue Star to cover the entire product range of Indian air-conditioning & refrigeration company,' Blue Star vice-president Neeraj Seth informed.
- A new Comp. Blue Star Infotech [UKs] Ltd., was incorporated in UK as a subsidiary of Comp. to tap the software market in Europe.
1999 - Blue Star Ltd has signed a new technology transfer agreement for taking up manufacture of York new range of air-conditioning equipment, in its Thane plant, within the next few months.
- Blue Star has introduced new generation energy efficient packaged airconditioner fitted with imported Copeland Scroll compressors.
- The Comp. has entered into a strategic alliance with Racal Datacom, UK, for integrated services, digital network, fibre optics, etc.
2000 - Blue Star limited have become distributors in India for high speed internet backbone routers of Juniper Networks Inc.
- Thermal Engineering Systems of UK has entered into an exclusive manufacturing licence agreement with Blue Star, New Delhi, for manufacturing & selling its high humidity `Humidicoil' range of post harvest cooling systems in the country.
2001 - Blue Star has launched a new range of sleek, sylish & contemporary turo rotary room airconditioners.
2002
-Shareholders approve for special resolution to buyback equity shares of face value of Rs.10 each from open market through electronic trading mechanism of exchange.
-BOD delcares an interim dividend @ Rs 5.50 per equity share of Rs.10 each.
-Mr Uday S Kotak resigns from the Board of Directors of company.
-Launches a revolutionary Central & packaged airconditioning system to offer quantum leap in energy efficiency.
2003
-Appoints Mr Pradeep Mallick as the new Additional Director on the Board of company.
-Closes the Buyback scheme on Feb 3.
-Inducts AFL Logistics for complete transfer & warehousing of finished goods for a period of 2 years, with a view to outsource the logistics.
-Mr Gurdip Singh appointed as the new Director of company.
-Changes in Management: Mr. Nawshir H Mirza appointed as an additional Director of Company, Mr. Satish Jamdar has been elevated to the Board as an Executive Director of Company, his promotion being effective from November 01, 2003.
2004
-Blue Star signs alliance pact with Hanbell for compressors
-Blue Star Ltd has launched a series of contemporary technology airconditioning systems for a wide range of applications.
Tandem Scroll Chillers: It has upgraded its existing range of scroll chillers [10-39TRs] range incorporating high efficiency Tandem Scroll compressors. With a multiple compressor design, these units give 15-17% better energy efficiency. They are also equipped with micro-processor controller with remote monitoring features.
These units are available in air cooled [10-24-36 TRs] & water cooled [11-26-39 TRs] options & are ideal for small offices, residences, hotels, hospitals, etc.
Special Application Chillers: Here is a new range created for process cooling applications. It comes in 4 models, all air cooled in the range of 5-15 TR with the larger 2 models incorporating 2 compressors each.
Telecom Airconditioning System: Working in close coordination with Telecom players, the Comp. has developed a rugged highly reliable airconditioning unit for unmanned mobile shelters.
When Reliance Telecom needed special airconditioning units for its network, Blue Star R&D team worked with them & brought out a special unit incorporating scroll compressors for energy efficiency & bottom air discharge for installation convenience.
Apart from telecom shelters, these units have found application in UPS control & other high heat generating applications.
-Blue Star Limited has bagged a Rs 12-crore order for air conditioning the research & development [R&Ds] facility of Microsoft at Hyderabad
- Blue Star Ltd introduces new range of mega split air-conditioners for light commercial market such as small offices & showrooms. The three-tonne air-conditioner is priced at Rs 47,000
