History of NLC Nalco India Ltd.
YEAR EVENTS 1987 - The Comp. was incorporated in West Bengal on 16th December, as a public limited Comp. & obtained the Certificate of Commencement of Business on 3rd February 1988. The Comp. was jointly promoted by Nalco Chemical Co. of U.S.A. & IEL Ltd., with an equity participation of 40% each.
1988 - The Comp. entered into an agreement on 29th July, with IEL Ltd., to acquire the business in water treatment chemicals of IEL Ltd., with effect from 27th September, 1988.
- The Comp. entered into an agreement dated 1st August, with Nalco, U.S.A., under which Nelco, U.S.A., provided technical know-how, designs, drawings, other technical information, assistance & services so that the Comp. is able to design, build & operate the plant. As per the agreement, the Company agreed to pay Nalco Chemical Co. of U.S.A., a technical know-how fee of US $105,000 [net of Indian taxess] in three specified instalments.
- By an agreement dated 2nd June, IEL Ltd., has agreed to provide the company, at cost on no profit basis, with technical and management advice to enable the Comp. to implement the project.
- The Comp. has also entered into a contract with Kinetic Technology India Ltd., 73-74 Nehru Place, New Delhi for design engineering & consultancy services for project.
- The Comp. undertook a project to set up a new plant at Rishra with an installed capacity per annum of 4,000 tonnes of oilfield chemicals, 5,000 tonnes of water treatment chemicals, & 2,000 tonnes of industrial additives/process chemicals.
- The Comp. set up its own organisation/establishment make available on request, certain services, utilities and infrastructural facilities to support the manufacture and distribution of company products for which IEL Ltd., will charge the Comp. at cost.
- With the public issue of equity shares, the Comp. offered, without any link to equity share, 2,75,000-14% secured non-convertible debentures of Rs 100 each for cash to the public.
- Only 440 debentures were taken up & the remaining 2,74,560 debentures developed on the underwriters [99,858 debentures on Bank of India, 49,929 debentures on Grindlay Bank Plc., and 24,915 debentures on Allahabad Banks].
- The debentures are redeemable in three yearly instalments of Rs 33, Rs 33 & Rs 34 respectively commencing from the end of the 6th year from the date of allotment with a premium of 5% of the face value payable along with the second instalment at the end of 7th year.
1989 - Seven shares were subscribed by signatories to the Memorandum of Association. 49,99,993 No. of equity shares were then issued for cash at par of which 20,00,000 shares to Nalco Chemical Co., U.S.A., & 19,99,993 shares to IEL Ltd., were reserved and allotted on firm basis. Of the remaining 10,00,000 shares, 2,50,000 shares were offered on preferential baasis to employees [including Indian working directorss]/workers of Comp. but only 5,000 shares were taken up. The balance 7,50,000 shares, along with the unsubscribed 2,45,000 shares of employees quota were offered for public subscription during February 1989. All shares were taken up.
1995 - Nalco Chemical Company, USA acquired a majority stake in the Comp. by acquiring shares from ICI India limited consequent to this acquisition, the Comp. became a subsidiary of Nalco Chemical Company, USA.
2000 - The Comp. will initially integrate the operations of newly-acquired Aqua Chemicals and Systems Mfg limited with its own, & take a decision on a merger only when the subsidiary reaches a higher profitability levels.
2002
- Nalco Chemicals Board approves amalgamation of Aqua Chemicals and Systems.
-Nalco Chemicals renames as Ondeo Nalco India Ltd
2004
-Ondeo Nalco India Ltd has informed that the merger of Aquazur India Private limited with the Comp. has become effective from January 1, 2004.
2007
- Comp. name has been changed from Ondeo Nalco India Ltd to NLC Nalco India Ltd.
