1934 - The Comp. was Incorporated in the name & style Asbestos
Cement Ltd., as a private limited Comp. under the Indian
company Act, VII of 1913 with two corporate shareholders viz.,
C.P. Cement Co. Ltd., [which subsequently in 1936 merged with
other companies to form Associated Cement Companies Ltd.s] and
Turner and Newall Ltd., U.K.
- The company object is to manufacture asbestos cement sheeting
products such as corrugated roofing sheets, corrugated curved
tanks, roofing extractors, etc., as well as accessories for
roofing sheets. The products are marketed under the brand name
- The name of Comp. was changed to Asbestos Cement [Pvt.s] Ltd
as required under the Companies Act, 1956. The name was again
changed to Asbestos Cement Ltd., in 1960 when the Comp. became
a deemed public limited Comp. under Section 43A of
Company Act, 1956.
- The Comp. was the first to set up facilities for
manufacture of asbestos cement roofing sheets in India with the
commissioning of its first factory in May at Kymore in Madhya
Pradesh [formerly Central Provincess]. The manufacturing
business was expanded progressively by establishing a second
sheeting factory at Mulund [Mumbais] in 1937, a third factory at
Calcutta in October 1938 & a fourth factory at Podanur near
Coimbatore in Tamil Nadu in November 1953.
- Issued 9,500 shares [1,500 shares without payment in cashs] to
Turner and Nowall limited U.K. & 2,000 shares to Associated Cement
1937 - 17,500 rights shares issued at par in prop. 7:4.
1938 - 6,500 rights shares issued at par in prop. 13:5 on 27th January,
& 6,000 rights shares issued at par in prop. 6:34 on 28th
1939 - 18,500 rights shares issued at par in prop. 37:80 on 27th July.
1953 - 40,000 bonus shares issued in prop. 2:3 on 15th January.
1954 - 50,000 bonus shares issued at par in prop. 1:2 on 4th March.
1957 - A second sheeting plant was installed in the Kymore factory.
Plants for manufacture of pipes were added at all these
factories between 1938 & 1963.
- The Comp. has research facilities at Kymore & Mumbai.
Research & development activities are being carried out in
close cooperation with the Research & Development units of
Turner and Newall Plc., U.K.
- 35,000 rights shares issued at par in prop. 7:30 on 6th March.
1966 - By October, the capital of Comp. increased to 2,46,667 No.
of equity shares of Rs.100 each through a series of rights issue
& two bonus issues out of which Turner and Newall Ltd., U.K.
held 1,86,900 No. of equity shares & ACC held 59,767 No. of
- 61,667 bonus shares issued in prop. 1:3 on 11th October.
1981 - The Comp. set up a full-fledged Research centre at Bangalore
to enlarge & intensify its efforts in the areas of development
of partial substitutes for asbestos fibre, recycling of waste,
optimising the use of raw materials, development of newer better
products as well as production techniques.
1983 - On 3rd October, Turner and Newall Ltd., U.K., transferred with the
approval of Reserve Bank of India, 45 fully paid equity
shares of Rs.100 each in the Comp. to each of six Indian
directors & three senior executives of Comp. ie., totally
45 No. of equity shares at Rs.225 per share.
- Thus by 3rd October out of capital of 2,46,667 No. of equity
shares of Rs.100 each of Company, ACC held 64,167 No. of
equity shares & Turner and Newall International Ltd., U.K., held
1,82,455 No. of equity shares & the balance 45 No. of equity
shares were held by 6 Indian directors & 3 senior executives of
- Equity shares were subdivided into shares of Rs.10 each on 10th
October. After the offer for sale during November, the equity
shareholding of Turner and Newall International Ltd., U.K., was
reduced to 12,20,000 No. of equity shares of Rs.10 each or 49.5%.
- With effect from 24th October, the name of Comp. was
changed from Asbestos Cement Ltd., to Everest Building Products
limited The name of Comp. was again changed with effect from
18th September, 1990 to 'Eternit Everest Ltd.' to reflect the
company association with Belgian Eternit Group.
- During November, Turner and Newall International Ltd., U.K.,
offered for sale out of its holdings, 6,04,550 No. of equity
shares of Rs 10 each of Comp. at a premium of Rs 12.50 per
- Out of this, 56,150 shares were reserved & offered on a
preferential basis to employees & Indian directors of the
Company, their relatives & friends, resident in India [only
42,300 shares were taken ups].
- The balance 5,48,400 shares along with the unsubscribed portion
of 13,850 shares out of reserved quota i.e., 5,62,250 shares
were offered for sale to the public. After this offer for sale,
the holding of Turner and Newall International Ltd., U.K., was
reduced from 74% to 49.5%.
1986 - Though production increased, the sales tonnage was marginally
lower than the previous year mainly due to non-availability of
materials from the Mulund unit where the operations remained
suspended till 20th June.
- The Comp. entered into a 10 year technical collaboration
agreement with T and N Materials Research Ltd., U.K. for
upgradation of existing technology as well as for gradual
introduction of product range using alternative fibres.
1988 - Intermittent strike in certain departments at Mulund works
continued throughout the year resulting in loss of production.
- Turner and Newall International Ltd., U.K., transferred its
shareholding in the Comp. to Eteroutremer S.A., Belgium who are
the holding Comp. of ETERNIT group with headquarters in
1989 - Production declined due to strike by workers at Mulund works and
Podanur works for a prolonged period.
1990 - 24,66,670 bonus shares issued in prop. 1:1 in December.
1991 - Due to recessionary conditions, production was regulated to low
sales demand. Despite steep rise in cost of principal raw
material, profits were satisfactory due to improved realisation
from sales & effective control over costs.
- Out of initial capital of Comp. of 11,500 No. of equity
shares of 100 each, Turner and Newall Ltd., U.K., held 9,500 No. of
equity shares [1,500 shares issued without payment in cashs] and
Associated Cement Companies limited [ACCs], held 2,000 shares.
1993 - 49,33,340 bonus shares issued in prop. 1:1 on 16th March 1994.
1994 - 49,33,340 bonus shares issued in prop. 1:2.
1995 - A new factory was commissioned at Nashik in March.
1997 - During the year, the second machine at the company new plant at
Lakhmapur was commissioned.
1998 - The performance of Comp. was adversely affected by
continued depressed economic conditions that affected industrial
activity & excess capacity in the industry resulting in huge
inventory & pressure on margins.
- Eternit Everest Ltd has been awarded the Inter-Industry State
Safety Award for 1994, 1995 & 1996. The award, instituted by
the National Safety Council of India, has been awarded to Eternit
Everest for its Kymore Works at Madhya Pradesh.
1999 - ETERNIT Everest Ltd [EELs], engaged in manufacture of fibre cement
products, has set up a new production line at its Lakhampur plant
near Nashik, Maharashtra.
- Eternit Everest, is a MNC engaged in the production of cement
based products [like asbestos sheetss] & building materials.
The Comp. belongs to Eternit Group of Belgium [which holds a
49.50 percent stake in the companys] & ACC [with 26 percent
stakes]. The Comp. was out of sight on the bourses, largely
because of lull in the housing sector in the last two
2002-The Eternit Everest Ltd is now subsidary ACC.
- The consequent to transfer of 74,00,010 shares by Eteroutremer S.A. & Nefibouw B.V. [Foreign promoterss] to Associated Cement Companies limited At the said meeting Mr.P.K.Sinor, Mr. A.K.Jain & Mr. N.H.Italia have been appointed as Additional Directors on the Board of Directors.Mr D C Shroff has also been re-appointed as Additional Director [Independents] on the Board of Directors.
-Eternit Everest Ltd has informed that Mr Arun K Batra Managing Director EEL has resigned & the Board has accepted Mr Batra resignation.The Board has appointed Mr M L Gupta as an Additional Director of Comp. & also as Managing Director of EEL for a period of two years. The Board has also appointed Mr Manish Sanghi, Director-Marketing EEL as an Additional Director & has also appointed him as Wholetime Director of EEL for a period of two years w e f from aforesaid date.
-Everest Industries enters into an Agreement with Dansk Eternit, Denmark
-Adani Group inks pact with Holcim to take over Everest Industries
- Everest Industries Ltd has informed that M/s. Deloitte Haskins and Sells, Chartered Accountants, New Delhi have been appointed as Statutory Auditors of Comp. to hold office from the conclusion of 74th Annual General Meeting held on July 27, 2007 till the conclusion of next Annual General Meeting.
-Everest Industries Ltd has appointed Mr. M L Narula as Additional Director on the Board of Directors of Comp. effective from January 30, 2008.