History of Grasim Industries Ltd.
1947
- The Comp. was Incorporated on 25th August, at Gwalior. The Company Manufacture viscose staple fibre, carbon-di-sulphide, sulphuric acid, sodium sulphate, rayon & cotton fabrics, rayon grade pulp, paper, etc. The Comp. also owns an engineering workshop.
1951
- 1,50,000 Right Pref. shares issued at par in prop. 3:1, 24,50,000 Right Equity shares issued at par in prop. 49:1.
1953
- 1,33,000 Right equity share of 1951 subscribed. In October, 10 lakh Rights equity shares issued at par [Prop. 5:6 Equity or Pref.s].
1956
- In September 1955, 4,57,000 Right Equity shares issued at par [Prop. 1:2.50 equity and/or Pref.s]
1959
- 50,000 Pref. shares issued at par in propn. 1:50 [Only 765 shares taken ups].
1963
- The Comp. purchased a cotton textile mill at Bhiwani [Punjabs] with an installed capacity of 18,000 spindles & 286 looms & named it as Bhiwani Textile Mills.
1967
- The Comp. applied to Government for permission to establish a polynosic fibre unit in Harihar [Karnatakas] with a production capacity of 100 tonnes per day.
1968
- In December, 5,00,000 bonus equity shares issued in propn. 1:10.
1969
- In August 2,00,000 - 9.3% Pref. shares offered to public. In August 1970, 11,00,000 bonus equity shares issued in propn. 1:5.
1971
- 765 `B' Pref. & 1725 `A' Pref. shares redeemed on 31.3.1972.
1974
- The Comp. received a letter of intent for setting up a polynosic fibre unit at Harihar [Karnatakas] with a production capacity of 100 TPD.
- The Comp. revalued the machinery & equipment of its staple fibre & pulp units. The Comp. again revalued the major items of plant & machinery installed in its staple fibre and pulp division as on 1st April, 1980. The value of assets of the Company caustic soda plant & new power plants situated at Birlanagram, Nagda were revalued as on 1st April, 1985.
- 39,60,000 Bonus equity shares were issued in prop. 3:5.
1976
- 52,80,000 Bonus Equity shares issued in the prop. 1:2.
1979
- The Comp. participated in a joint venture project in Bihar for the manufacture of 33,000 tonnes of caustic soda per annum. For this purpose, a new Comp. under the name & style Bihar Caustic and Chemicals, limited was formed. - 20,00,000 No. of Equity Shares issued [Prem. Rs 25 per shares] 1,00,000 shares reserved & allotted to employees; 3,64,918 shares allotted as Rights to shareholders who were individuals in prop. 3:25 & 15,35,082 shares offered to public.
1980
- The Comp. joined as co-promoter with Tamil Nadu Industrial Development Corporation, limited for setting up an aluminium fluoride manufacturing plant in Ramnad, a backward district in Tamil Nadu. For this purpose, a new Comp. under the name and style Tamil Nadu Fluorine and Allied Chemicals, limited was incorporated.
- The Comp. entered into a collaboration agreement with the State Industrial & investment Corporation of Maharashtra [SICOMs] for setting up a gas-based sponge iron project with a capacity of 4 lakh tonnes per annum.
1982
- The Comp. issued 18,75,000-13 1/2% convertible bonds of the face value of Rs 160 each for an aggregate amount of Rs 30 crores. Rs. 40 out of each bond is convertible into 2 equity shares of Rs 10 each at a premium of Rs 10 per share on 1st April 1983. The balance of Rs 120 per bond will be repayable at par in 5 equal annual instalments commencing from the 8th year from the date of allotment.
1984
- The Comp. received a letter of intent for manufacture of stable bleaching powder with an annual capacity of 10,000 tonnes to be implemented in two phases of 5,000 tonnes per annum each.
1985
- A collaboration agreement was entered into with LVD Company N.V., Belgium for manufacture of sophisticated balers for the man-made fibre industry.
- The Comp. joined as one of co-promoters in Indo-Gulf Fertilisers & Chemicals Corporation, limited [INDOGULFs], which set up a project for manufacture of 1,350 tonnes per day of ammonia & 2,200 tonnes per day of urea at Jagdishpur, Uttar Pradesh.
1986
- The Comp. entered into collaboration agreement with Nevmag of W. Germany for manufacture of wide range of equipments from spinning down to cutter for polyester, polyamide, polypropylene & acryulic fibre machineries. The Comp. also explored the possibilities for entering into collaboration for the manufacture of specialised equipment for petrochemical and other chemical industries.
- Stable bleaching powder [SBPs] was marketed under the brand name 'Vikram SBP' & a beginning was also made in the exports market.
- The name of Comp. was changed from Gwalior Rayond Silk Mfg. [Wvg.s] Co., limited to the present one with effect from 22nd July.
1987
- The plant continued to remain closed. The strike by workmen since 7th July, 1985 was called off consequent to a conciliation agreement arrived at on 27th October, 1988 & resumed production on 29th June, 1989.
- A letter of Intent was received to install 5,000 worsted spindles at Malanpur in Bhind District, a backward A class area. The licensed capacity of caustic soda plant was re-endorsed at 90,000 tonnes per annum.
- The Comp. proposed to participate in the Mangalore Refinery and Petrochemicals Ltd., a joint venture formed by Indian Rayon & Industries Ltd., Hindustan Petroleum Corporation, limited to the extent of 12% in the equity capital of Company. This joint venture was to have a capacity of 3 million tonnes per annum a petrochemical complex to produce a minimum of 2,50,000 tonnes per annum of ethylene.
- A letter of intent was received to set up a gas-based sponge iron project with an installed capacity of 6 lakh tonnes per annum in the Raigad District of Maharashtra.
- Approval from Government was received for setting up a project for the manufacture of colour T.V. glass shells in foreign technical collaboration with the Asahi Glass Company, Ltd., Japan.
- Kerala Spinners, Ltd., Gwalior Properties and Estates Ltd. [GPELs] & Seshasayee Properties limited [SPLs] are the subsidiaries of the Company. During the year, Turquoise Investments & Finance limited & Trapti Trading and Investments limited became subsidiaries of GPEL & SPL respectively.
- The Comp. allotted 60,00,000 - 14% non-convertible secured debentures [VI seriess] of Rs 100 each. These debentures are redeemable at a premium of 5% of face value in three annual instalments commencing from 8.12.1994.
1988
- The Engineering Division entered into a technical agreement with Thai Acrylic Fibres, limited for providing technical know-how. M/s. Andhra Pradesh Rayons entered into a technical collaboration agreement with the Comp. for supply of 45 tonne/day viscose staple fibre plant on a turnkey basis valued at Rs 38 crores.
- The Comp. introduced successfully during the year Grasim 'MASTERWEAR' readymade shirts & trousers.
- Steps were initiated to set up the poly aluminium chloride and the chlorosulphonic acid projects. The Poly Aluminium Chloride [PACs] project was commissioned in the 3rd quarter of 1990. The Commissioning of Chlorosulphoric Acid project was delayed because of strike in the supplier plant which resulted in the delayed delivery of plant & machinery.
- It was proposed to set up a hydrogen peroxide project with an installed capacity of 6,000 tonnes per annum at Nagda in collaboration with a renowned Comp. of U.S.A.
- During December, the Comp. offered 92,85,714 - 12.5% secured redeemable partly convertible debentures of Rs 70 each for cash at par of which the following were reserved for allotment on a preferential basis:
- [is] 71,42,857 debentures to the equity shareholders of the Company in the proportion 7 deb: 40 equity shares and
- [iis] 4,64,286 debentures to employees [including Indian working directorss]/workers of Comp. on an equitable basis. The remaining 16,78,571 debentures along with the unsubscribed portion, if any, from the preferential quota were to be offered to the public. Additional 13,92,857 debentures allotted to retain oversubscription.
- The convertible portion of Rs 35 out of face value of each debenture was converted into one equity share of Rs 10 each at a premium of Rs 25 per share on 31st March, 1989. The non-convertible portion of Rs 35 out of each debenture was to be redeemed at par in three annual instalments of Rs 10, Rs 10 and Rs 15 on the expiry of 7th, 8th & 9th years respectively from the date of allotment of debentures.
1989
- The cotton textile mill unit working was affected by protracted labour unrest & strike by workmen.
- The Comp. issued 115,00,000-14% secured redeemable non-convertible debentures of Rs 100/- each [VIIth Seriess] on rights basis to resident Indian equity shareholders, in the ratio of 245 debentures for every 1000 equity shares held. Additional 15,74,982 debentures were allotted to retain over subscription. As per the terms, the entire amount of Rs 100/- will be redeemed in three equal annual instalments beginning at the end of 6th year from the allotment date with a premium of Rs 5/- per debenture.
- During September, the Comp. issued 1,04,16,666-12.5% secured redeemable partly convertible debentures [IInd Seriess] of Rs 120/- each to the existing equity shareholders in the ratio of 21 debentures for every 100 equity share held. All were taken up. Additional 15,62,500 debentures issued to retain oversubscription. 5,20,834 debentures were also offered to employees/workers of Comp. but only 61,940 debentures were taken up. The balance of 4,58,894 debentures were allowed to lapse.
- As per the term of issue, Rs 60 of each debenture was converted into one equity share of Rs 10 each at a premium of Rs 50 per share at the end of six months from the allotment date, i.e. on 1.6.1990. The balance Rs 60/- of each debenture was to be redeemed at par in three equal annual instalments of Rs 20/- each at the end of 7th, 8th & 9th years from the allotment date. This issue was made to part finance the sponge iron project.
1990
- The Comp. received two letters of intent for setting up new green field site portland cement plants each having an annual capacity of one million tonnes-one in Baloda Bazar, Dist. Raipur [M.P.s] & the other at Shambhupura, Dist. Chittorgarh [Rajasthans].
- The Comp. issued 1,30,00,000-14% secured redeemable non-convertible debentures of Rs 100/- each [IXth Seriess] and 25,00,000-14% secured redeemable non-convertible debentures of Rs. 100/- each [VIIIth Seriess] to finance new cement plant at Raipur [M.P.s].
1991
- The Engineering division undertook to manufacture equipments for dairy & sponge iron plants. It also manufactured and supplied the state of art technology lift-box design baling press with autorotation & auto-bale weighing device. It also explored the possibility of supplying know-how & consultancy services along with plant & machinery to existing and potential manufacturers of rayon - both fibre & filament, in China.
- The working of mill was affected to some extent by labour problem leading to a forced lock-out in the spinning section since February 17th, 1992 & resumed to work with effect from 10th October. - The Comp. issued & allotted 15,00,000-14% non-convertible debentures [XI Seriess] of Rs 100 each. These are redeemable in three instalments commencing from 26th March, 1997. The Company issued & allotted 155,00,000-18% non-convertible debentures of Rs 100 each [X Seriess] redeemable in three annual instalments Commencing from 18th October, 1997.
1992
- An aggregate of 6,933,745 GDS were offered at an initial price of US $12.98 per GDS by managers concurrently to [is] qualified institutional buyers [UIBss] in the USA & [iis] persons in offshore transactions.
- The Comp. proposed to issue Euro equity to the tune of UA $100 million to investors abroad. The Comp. proposed to issue another Euro equity to the tune of US $125 million.
1994
- The cotton textile mill unit undertook to set up a new unit 'Elegant Spinners' with 14,000 spindles. - The Comp. issued the following debentures on private placement basis: [is] 160,00,000-16.5% [xiii Seriess] redeemable in 3 instalments commencing from 11.7.2000, [iis] 70,00,000-15% debentures redeemable in 3 annual instalments commencing from 19.1.2001.
1995
- A new range of fabric under the brand name ADONIS was introduced.
- Birla Capital International AMC limited an asset management Company was set up as a joint venture with Capital Group International Inc., a major US based investment management organisation. The Unit launched Birla Advantage Fund in February.
- The Comp. undertook to set up joint venture power projects to be set up in U.P. and M.P. These are to be set up in Collaboration with Powergen Plc., U.K. for Rosa power project of 1000 MW & Bina Power project of 1000 MW detailed techno economic study was undertaken.
- The Comp. undertook to set up a joint venture, Alexandria Carbon Black Co., in Egypt to produce 20,000 tpa of Carbon black at full capacity with an equity participation of an approximate value of US $ 2.25 million, i.e. Rs 7.10 crores representing 15% of the total equity capital.
1996
- A new synthetic denim with an universal blend of polyster, viscose, cotton was launched under the brand name SUMO.
1997
- The Cotton textile division launched a novel denim brand `Jusilk' using a blend of polyester & jute, along with a unique water repellent denim.
- In order to establish its own viscose fibre spinning facilities the Comp. entered into a leave & licence agreement with Eastern Spinning Mills and Industries, Ltd., Calcutta for running its spinning unit for a period of 3 years from 27th July, 1984. This spinning unit had an installed capacity of about 25,000 spindles.
- A new division, Vikram Premium RMC was formed for production of Ready Mixed Concrete. The Comp. applied for an industrial licence to set up a gas-based fertiliser plant for the manufacture of 4.5 lakh tonnes of ammonia & 7.5 lakh tonnes of urea per annum in U.P.
- The flagship Comp. of Aditya Birla group, Grasim is setting up yet another plant to manufacture rayon grade pulp.
- Grasim Industries Ltd., a flagship Comp. of Aditya Birla Group, has reached final stages of negotiation with the Rajasthan Government for setting up 200 TPD rayon grade pulp plant at Amarpura, about 100 km from Bikaner.
- Grasim Industries Ltd., has signed an agreement with National Securities Depository Ltd., [NSDLs] & MCS limited to dematerialise its shares. Grasim has its in-house share department.
- The Comp. is setting up a new plant in Pondicherry for the production of radial tyres.
1998
- Grasim Industries Limited [GILs] has claimed to have developed a synthetic suiting for first time in the country.
- Vikram Ispat, a unit of Grasim Industries & a part of the Aditya Birla group, has bagged Maharashtra Government export award for highest export of hot briquetted iron [HBIs] which is an integral ingredient of steel sector.
- Shareholders of Indian Rayon limited will get three shares of Grasim limited for every ten shares held, as a part of cement business restructuring by A.V. Birla group.
- Vikram Cement, a unit of Grasim Industries, Mandasaur has won the IMC Ramakrishna Bajaj National Quality Award Trophy, and Hindustan Lever unit at Chindwara has bagged its certificate of merit for 1998.
1999
- Grasim Industries limited has suspended production at its pulp and staple fibre units located at Mavoor, Kerala for want of raw material.
2000
- Grasim Industries Ltd, the Aditya Birla group company, has launched market-seeding for its new micro grade viscose staple fibre - Grasi Soft.
- Grasim Industries limited proposes to merge its wholly owned subsidiary Dharani Cements limited with the company.
- The Comp. has hived off the Software Division, called Birla Consultancy & Software Services into a separate subsidiary.
- The Comp. has launched Kool Wool, a polyester viscose blended suiting fabric, under the Graviera Suiting umbrella name.
2001
- The Textiles division of Grasim Industries limited has introduced a trouser fabric, Aquasoft.
- Dharani Cements Limited, a wholly owned subsidiary of the company, has been amalgamated with the Comp. under the Scheme of Arrangement in terms of section 391/394 of Companies Act 1956 effective from 1st November, 2000.
- The Comp. has transferred its Software Division to its wholly owned subsidiary Comp. Birla Technologies Limited, effective 1st February.
2002
- Birla Technologies ceases to be subsidiary of Grasim Industries
-Grasim, Pantaloon in technical tie up to manfacture Viscose Staple Fibre [VSFs]
-Grasim, L&T set up joint task force for logistics, promotion & procurement of raw materials
-Acquires additional 2.84% stake of L&T, increases the stake to 12.89%
-Stops production at Staple Fibre Plant located at Nagda due to water shortage
-Restarts production at Staple Fibre Plant located at Nagda
- Grasim Industries hikes its holding further in Larsen and Toubro [L&Ts] which stands at 13 per cent as on June 30
-Approves sale of equity shares in Mangalore Refineries to ONGC
-Mops up Rs 50cr through inverse floater
-Acquires 1.26 lac shares of Larsen and Toubro, takes its stake to 14.15%
-Increases its stake in L&T to 15.15 per cent
-SEBI asks Grasim to put on hold L&T open offer
-Sends legal notice, challenging Larsen and Toubro attempt to demerge the cement business into a separate company
2003
-Puts forward alternate proposal for L&T cement demerger
-Agrees to pay Rs 130 per share for acquiring the cement Comp. formed by splitting engineering & construction major Larsen and Toubro
-Acquires L&T cement business
-SEBI clears the hurdle, allows Grasim to make open offer for L&T
-Enhances L&T open offer size by 10.49 lakh shares
-Delists from Bangalore Stock Exchange
-Grasim open offer for L&T pie fetches poor response, grabs only 2% through open offer
-Grasim mops-up $50-ml loan from SBI
-Revises open offer price for L&T cement division to Rs 170 per share from Rs 130 per share
-Resumes operations at Nagda plant
-Divests its holding in Indo Gulf Fertilisers Ltd [IGFLs], holding in the Comp. comes down from 12.6% to nil
- Re issuance of GDR
-Appointed Shri Y P Gupta as an Additional Director.
-Delisted the shares of Comp. from its Stock Exchange.
-Shri Shailendra K Jain has been reappointed as the Whole Time Director of Comp. for a period of 3 years wef December 1, 2003.
2004
-Acquires majority stake in Ultra Tech CemCo Ltd [Ultra Techs], the demerged Cement business of L&T
-AV Birla Group flagship Grasim Industries' textile & apparel unit has launched 'Venetia' range of fabric, with the promise of delivering international class suite-length at an 'affordable' Rs 5,000
-Grasim Industries signs an agreement with ST Telemedia and TM International to acquire stake in Idea Cellular
-Delist from the Madhya Pradesh Stock Exchange [MSEs], with effect from December 13, 2004
2008
- Grasim Industries Ltd has informed that the Board of Directors of Comp. at its meeting held on October 23, 2008, has appointed Shri. A K Dasgupta as an Additional Director of Company.
