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History of Hindustan Wires Ltd.

YEAR EVENTS 1959 - The Comp. was incorporated on 28th March, at Calcutta.

- The main object of Comp. is manufacture of high tensile, spring-steel, concrete re-inforcement, signal, galvanised, hard, bright & annealed wires, wire ropes & other allied products.

- Kobe Steel Works, limited & its subsidiary Shinko Wire Co., Ltd., Japan were the Company collaborators for manufacture of tyrebead, pre-stressed concrete & other high tensile wire. Shinko Wire Co., limited & Okura Trading Co., Ltd., Japan were the Company technical collaborators for manufacture of specialised wire such as cycle spoke, high tensile, galvanised signal spring steel, cable armouring & profile.

- All shares issued to promoters, directors, etc.

1960 - 2,00,000 shares issued to Director, etc., & 2,50,000 shares offered to the public.

1969 - In October, 1,50,000 No. of equity shrares & 32,000 Pref. shares offered to the public. In March 1970, 3,25,000 Bonus Equity shares issued in prop. 1:2.

1973 - 3,25,000 Bonus Equity shares issued in the prop. 1:3.

1974 - 5,20,000 Right Equity shares issued at par.

1981 - A plant was set up with a capacity of 6,000 TPA of high tensile wire at Faridabad. Another plant to manufacture 1,00,000 nos. LPG cylinders per annum was also commissioned during the year.

1982 - An automobile tyre bead wire plant was commissioned at Faridabad.

1984 - A unit was set up for manufacture of 4 lakh TPA of LPG cylinder Valves. Also, another plant with an installed capacity of 1 lakh LPG regulator was commissioned during 1987-88.

- The Comp. had to cut down production of L.P.G. cylinders because of suspension of deliveries by oil companies for a few months.

1985 - The Comp. took up modernisation & upgradation programme.

- The Comp. revalued its land & building & machinery as on 30th June. The net surplus arising out of this was transferred to revaluation reserve under capital reserves.

1989 - Production activities were adversely affected due to acute shortage of M.S. Wire Rods & lock-out for 52 days at Faridabad works due to inter-union rivalry.

- The Comp. privately placed with BOB Fiscal Services, limited and SBI Mutual Fund 14% non-convertible debentures of aggregate face value of Rs.400 lakhs. These debentures are redeemable at a premium of 5% in three equal instalments beginning from 1995-96.

1991 - The Comp. undertook a modernisation & renovation programme of its plants at Sodepore & Faridabad. Funds under the Equipment Finance Scheme of Industrial Reconstruciton Bank of India and Industrial Finance Corporation of India were availed to part finance the programme.