History of Kirloskar Brothers Ltd.
YEAR EVENTS 1920 - The Comp. was incorporated on 15th January, at, Kirloskarvadi, Maharashtra. It manufactures agricultural implements, power driven pumps, Sugarcane crushers, centrifugal pumps, sluice valves, reflux valves, concrete mixers, decorticators, machine tools, vertical turret lathes & horizontal boring machines etc. The Comp. also deals in other engineering products, which are marketed under the trade name `Kirloskar'.
- Kirloskar Silk Industries Ltd., Kirloskar Copeland Ltd., and Pooja Credits ar subsidiaries of Company.
1977 - 3,27,081 Bonus Equity shares issued in prop. 2:3 during 1975-76.
1978 - Some forfeited shares reissued or forfeiture annulled. 4,08,935 rights equity shares issued at par in prop. 1:2 during 1978-79. Arrears Rs 2,82,185.
1980 - 60,000-9% Pref. shares redeemed on 31st July 1981. Forfeiture on 32 No. of Equity shares annulled. Arrears Rs 11,624.
1982 - Forfeiture on 227 No. of equity shares of Rs 25 each annulled. Equity shares subdivided on 20th May 1983. Arrears Rs 10,549.
1983 - Two new joint venture companies were incorporated, viz., Kirloskar Rateau Ltd., a 100% export oriented unit in India and Rateau Kirloskar international, Paris as a marketing Comp. in co-operation with Alsthom Atlantique of Paris. Hence it became a subsidiary of Comp. since its incorporation on 23rd April, 1984.
- 1,980 Bonus Equity shares allotted on consolidation of fractional bonus coupons. 810 No. of equity shares forfeited.
1984 - Kirloskar Rateau Ltd., which was proposed to be set up plant near Kirloskar for manufacture & export of specialise multistage pumps, was not activised pending various approvals and clearances. The Comp. did not receive the necessary permission from the Govt. to invest in Kirloskar Rateau Ltd., though Alsthom Atlantique of Paris was granted the requisite permission.
- The Comp. issued 50,000-15% secured, redeemable, non-convertible debentures of Rs 100 [III Seriess], each at par as rights in the prop. 10 debentures for every 655 No. of equity shares held & 10 debentures for every 262-9.5% cumulative preference shares held.
- A further 25,000-15% secured, redeemable non-convertible debentures of Rs 100 each were privately placed. All the 75,000 debentures are redeemable under a non-cumulative interest scheme at a premium of 5% on 20th June, 1992, & under a cumulative interest scheme n three yearly instalments of Rs 35 each commencing from the expiry of 7th year of allotment with premium paid in the first instalments.
- Pref. shares redeemed on 1st July 1985. Forfeiture on some shares annulled.
1985 - Authorised capital reclassified.
1986 - The Comp. has entered into foreign collaboration agreements with M/s. Oil Tool Specialities Co., U.S.A., for manufacture of Christmas trees & conventional wellhead assembles; with M/s. Godiva Fire Pumps Ltd, U.K., for manufacture of fire fightings pumps & with M/s. Nikkiso Co Ltd., Japan for manufacture of canned motor pumps.
1988 - During September-October, the Comp. offered 3,45,000-14% secured non-convertible debentures of Rs 100 each [IV Seriess] on rights basis to the shareholders & debentures holders [I Seriess] in the following proportion:
- [is] 1 deb: 225 No. of equity shares to the equity shareholders & [iis] 1 deb: 1 deb. for debenture holders [ Seriess]. Only 74,486 debentures were taken up. The unsubscribed portion of 2,70,514 debs. were allotted on private placement basis. These debentures are redeemable at a premium of 5% on the expiry of 7 years from the allotment date.
- The Comp. privately placed with SBI Capital Markets, Ltd., 14%-1,00,000 secured redeemable non-convertible debentures of Rs 100 each. These debentures are redeemable in three equal annual instalments of Rs 35 each on 1st June of 1995, 1996 & 1997 at a premium of 5% included in the second instalment.
1989 - The mobile fire fighting pumpsets manufactured in technical collaboration with Godiva Fire Pumps limited U.K. was well received in the market.
- The Comp. received a letter of intent for expansion in the manufacture of hermetically sealed compressors from the existing 100,000 nos. to 500,000 nos. per annum.
1990 - On 26th July, the Comp. allotted 200,000-14% secured redeemable non-convertible debentures of Rs 100 each [VI Seriess] on private placement basis to LIC mutual fund. These debentures were to be redeemed in three equal annual instalments of Rs 35 each on the 1st June of 1995, 1996, 1997 respectively at a premium of Rs 5 per debenture.
- The non-cumulative debentures & 30% of cumulative debentures out of third series were redeemed on 19th June 1992.
1991 - The plant for manufacturing submersible pumps under licence from Ebara Italia S.P.A. was being erected in Shindewad, near Shirwal.
- The Comp. withdrew from SPP International Ltd., U.K., & SPP Inc., U.S.A. by disposing of its investments, after obtaining necessary approvals.
1994 - The first half of year was a difficult period for the Comp. with poor sales & profitability. This was attributed to re-engineering at the Company factories that led to disruption in production & confusion in respect of levy excise duty on pump components disrupting sales.
- 11,30,935 No. of Equity shares of Rs 10 each were allotted to associate companies on preferential basis.
- The Comp. entering into technical collaborations with world renowned companies for manufacture of pumps, machine tools and hermetic compressors.
- The Comp. received the Export Excellence Award from the Government of India for seventh year in a row.
1995 - The Cast Iron foundry at Kirloskarvadi was upgraded to meet international challenges, thereby increasing its productivity.
- Sigmund Pulsometer Pumps, Ltd., Reading, U.K. [SPPs], the Company sole distributors for U.K. & Western Europe proposed that a separate marketing Comp. be formed under the name SPP Inc., Baltimore, U.S.A. [SPPs] for handling the sale of certain other products developed with the help of SPP & manufactured by the Company.
- The Comp. signed a technical collaboration agreement with Corrocoat limited U.K. for manufacture of anti-corrosion coatings for pumps.
- During March, the Comp. allotted 11,30,935 No. of equity shares of Rs 10 each to associate companies on preferential basis. Subsequently in April 1995 the Comp. allotted 8,33,033 No. of equity shares at par to an associate company. - 8,33,033 No. of equity shares of Rs.10 each [prem. 211.83 per shares] were allotted against Warrants to Group companies on preferential basis.
1996 - A new series of canned motor pumps in the range of 0-200 KW will be introduced during the year.
- To enter the power generation sector the Comp. has signed a co-operation & Technology Transfer agreement with Finmeccahica S.p.A. Azienda Ansaldo of Italy for manufacture of steam turbines.
- 20,14,559 bonus shares issued in the prop. 2:5.
1997 - The Comp. inaugurated its Anti Corrosion coating plant at Kirloskarvadi with a capacity of 150 tonnes per annum.
- The Comp. has allotted 20,14,559 No. of equity shares of Rs. 10/- each as Bonus Shares by capitalisation of part of share premium account.
- The Comp. is negotiating a technical tie-up with Japanese silk major, Mitsubishi, for bringing in the world highest grade silk to India.
- KBL has entered into a technical cooperation agreement with Taramomeccanica SpA [TMs], Italy for CVP.
- Kirloskar Brothers signed a memorandum of understanding with the Laos government for a joint venture to manufacture high capacity pumps for irrigating agricultural farms.
1998 - KBL signed an agreement with Ebara Corporation of Japan, the world second largest manufacturer of pumps & turbines, to manufacture that company range of hydro turbines up to 10 MW capacity for a single unit.
- India second concrete volute pump station built by KBH at National Thermal Power Corporation 2500 MW Super Thermal Power Project at Vindhyachal was commissioned.
1999 - Toyota-Kirloskar, the 50:50 joint venture betweenToyota and Kirloskar Brothers, is setting up its first service station-cum-showroom at Goregoan in suburban Mumbai.
- KBL has entered into a distribution agreement with Erhard Gmbh & Co, Germany, one of leading manufacturers of gate, butterfly, ballcheck
2000
-Moved its entire business of sales & distribution of fluid pumps & a part of its projects business on-line, for both the domestic as well as international customers.
2001
-Approves a proposal for buyback of its shares
-Increases its stake by acquiring 4,91,016 more equity shares in KOEL, the Comp. informed the Bombay Stock Exchange.
-Bagged two orders worth Rs 519 crore, including Sardar Sarovar Nigam Rs 442-crore contract to manufacture & commission pump stations in Saurashtra
-Introduces a Voluntary Retirement Scheme [VRSs] for workers & technicians at its Dewas plant [Madhya Pradeshs].
-Received an order from Gujarat Mineral Development Corporation ltd for supply of circulating water pumping package on a turnkey basis for its 2x125 mw Akrimota Thermal Power Project valued at about Rs 30 crore.
2003
-Bagged an Order worth US $ 5,000,000/- from the Ministry of Water Resources & Meteorology, Phnom Penh, The Royal Government of Cambodia.
-Board approved for investments to be made in a Special Purpose Vehicle overseas with a view to exploring business & marketing opportunities
-Acquires certain assets & businesses of UK-based SPP Pumps Ltd, a part of Thyssen Bornemiscza Group.
-Invested 19,50,000 GBP [Rs 14,90,77,500s] in the share capital of JV Comp. incorporated in the United Kingdom.
-Declares 'SLK Birth Centenary Year Special Interim Dividend' @ 100% on the equity shares of Comp. for year 2003-2004
2004
-Company & Hindustan Construction Comp. Ltd [HCCs] had jointly submitted a bid for Devadula - Godavari lift Irrigation Scheme of Government of Andhra Pradesh. The Contract has been awarded to HCC & the Comp. as joint bidders.
-KBL bags contract worth 1240 million
-Kirloskar Brothers Ltd [KBLs] launched its new generation submersible pump `Champion 2'
-Kirloskar Brothers Ltd has informed that it has bagged an order worth Rs 41,40,00,000 from Bharatiya Nabhikiya Vidyut Nigam Ltd acting through Nuclear Power Corporation of India Ltd, Mumbai for design, drawing, manufacture & supply etc of 3 primary sodium pumps, its spares & accessories
-Delist from Pune Stock Exchange w.e.f. October 14, 2004.
2008
-Kirloskar Brothers Limited has informed that at the Annual General Meeting of Comp. held on July 18, 2008, the members have approved re-appointment of retiring directors i.e. Mr. S. S. Marathe, Mr. P.S. Jawadekar, Mr. M. G. Padhye & Mr. Rahul C. Kirloskar.
