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History of Corn Products Comp. [Indias] Ltd.

YEAR EVENTS 1931 - The Comp. was incorporated on 6th May, under the name Corn Products Comp. [Indias], Ltd., as a wholly owned subsidiary of CPC International Inc., New Jersey, U.S.A. The Comp. became a public limited Comp. on 15th May, 1978. The Company manufacture a variety of consumer products, principally food products, as well as industrial products derived mainly from the modification of starch & glucose.

- Consumer products include glucose powder, curry powder fruit squashes, cordials, barley water fruit & synthetic syrups, tinned fruits & vegetables, processed foods such as custard powder, jelly crystals & baking powder, granulated gelatine, corn flour, anylum, verteriry glucose powder, anhydrous dextrose & liquid glucose. Industrial products include dextrine, core binders, modified starches & gums, liquid & powder adhesive, liquid caramel [edible food clours], maize & tapioca starches, monohydrate dextrose & liquid glucose.

- The trade marks used under licence from CPC international Inc., are `REX', `BROWN AND POLSON', `GLOBE', `CERELOSE' & `COPROCO'.

1966 - 17,000 bonus shares issued in August 1966 in prop. 17:1.

1977 - Shares subdivided on 12.9.1968. 2,80,000 bonus shares issued in propn. 14:9 in February 1978.

1978 - With the fresh issue of capital to the public during the year, CPC International Inc., U.S.A., offered for sale at par 1,60,000 shares of Comp. out of its holdings. Out of this 50,000 shares were reserved & allotted to the four trusts created for the welfare of employees of Company. 10,000 shares each were reserved & allotted to employees & Indian directors of the Company. The balance of 90,000 shares were offered for sales to the public.

- After the public issue of fresh capital & offer for sale during July, the holding of CPC International Inc., U.S.A. in the Comp. was reduced to 40% [3,00,000 No. of equity sharess].

- 3,15,000 new equity shares of Rs 10 each at a premium of Rs 8 per share for cash were allotted to CPC International Inc., U.S.A. in early 1992 pursuant to the automatic & compulsory conversion of part `A' of 14% debentures into new equity shares of the Company.

1985 - The Comp. launched `Trinka' a liquid soft drink concentrate Mazola a corn oil & `Rex' a sandwich spread.

1986 - Towards the end of year, the Comp. introduced Rex Jams.

- The Comp. privately placed with UTI, 50,000-15% non-convertible debentures of Rs 100 each for Rs 10 lakhs for working capital purposes.

1987 - The Comp. introduced in the market an improved version of REX Jam, REX Gulab Jamun mix & GLUCOVITA glucose energy tablets in different flavours.

- 24,000 pref. shares issued for cash at par on private placement basis to GIC and its subsidiaries.

1989 - New products were introduced such as 'Rex More Please' jams and 'Instapel ENER-G-Tablets during the year which led to an increase of 48% in the consumer products sales.

1990 - Preference dividends amounting to Rs 8,40,000 were in arrears for the period from 1st April, to 30th September 1992.

1991 - The Comp. had set up a new factory at Dharwad, for manufacturing jams & various other products.

- The Comp. issued in April 45,000-14% secured partly convertible debentures of Rs 250 each on `Rights' basis to the members of the Comp. [except CPC International Inc USAs] in the proportion 1 debenture: 10 equity shares held.

- Another 2,250-14% debentures were issued to employees under the Employees' stock option scheme. Rs 100 of face value of each debenture would be automatically & compulsorily converted into 10 equity shares of Rs 10 each on the expiry of six months from the date of allotment of debentures. Accordingly, 4,72,500 No. of equity shares were allotted in December 1991. The remaining Rs 150 of face value of each debenture would be redeemed at par during the 8th & 9th years respectively from the date of allotment of debentures.

1992 - During August-September the Comp. allotted an additional 3,45,153 new equity shares of Rs 10 each for cash at a premium of Rs 190 per share to CPC International Inc. thereby raising their stake in the Comp. to 51% [960,153 No. of equity sharess].

1995 - Comp. allotted 15,58,116 No. of equity shares of Rs 10 each at a premium of Rs 109 per share to the holding company, CPC International Inc. USA. This issue has raised the stake of CPC International Inc., USA in Comp. to 73%.

1996 - The Comp. successfully launched a range of `Knorr' soup mixes.

1997 - The Comp. introduced Knorr Instant Soups, giving the convenience of `One-cup serving `at a low unit price to the customers. The Comp. closed down its Dharwar plant, producing jam which had a low market share & a low margin.

- The Comp. proposes to change its name from the Corn Products Co. [Indias] limited to 'International Bestfoods Ltd.'

- CPIL introduced its Knorr range of soups in India. The brand is a top seller in the overseas market with annual sales exceeding $2 billion.

1998 - Corn Products Company, owners of Knorr brand of soups, have launched yet another soup offering-Knorr mixed vegetable soup. The new soup, thick & creamy, is 100% vegetarian, and contains a healthy mix of vegetables that will find favour with any fitness freak-pieces of carrot, cabbage, capsicum, spring onion, potato & kasuri methi.

- Barely ten days after Corn Products Co. India Ltd [CPCs] acquired the Captain Cook brand, the Comp. has made yet another acquisition - Tarla Dalal Foods [TDFs], a small manufacturing and marketing Comp. in the business of instant mixes and ready-to-eat products run by cookery specialist Tarla Dalal.

- Corn Products [Indias] is a subsidiary of New Jersey-based Bestfoods.

- Corn Productions will become one of top three salt manufacturers in the country. Tata salt of Tata Chemicals and Annapurna of Hindustan Levers are the two other major brands in the market. In India, Corn Products is known for brands such as Knoor soup, Rex Jelly & Browen and Polson custard powder.

- Corn Products Comp. [CPCs] a 74 per cent subsidiary of bestfoods, Wednesday announced its decision to rename the company as International Bestfoods Limited.

- The Comp. has closed its Industrial Division which manufactures Starces, modified Starches, Dextrines, Core Binders, Adhesives etc. on 31st March.

1999 - No News.