History of Otis Elevator Comp. [Indias] Ltd.
1953
- The Comp. was incorporated on 30th October, as a private limited company. It was converted into a public limited Comp. on 11th August, 1972. The Comp. manufacture, installation, servicing repairs and maintenance of various types of elevators & their components, escalators & travolators & high speed gearless elevators operating at a speed of 700 ft. per minute.
- Otis Elevator Co., New Jersey, U.S.A., the foreign collaborators, were authorised by Indian Government to undertake phased manufacture of lifts [elevatorss] in India and, for that purpose, allowed to float a subsidiary company.
1956
- 2,500 Right Shares issued in prop. 5:4.
1958
- 15,500 Shares issued.
1964
- 15,000 Right shares issued in prop. 3:4.
1967
- 15,000 Right shares issued in prop. 3:7.
1968
- 20,000 Bonus shares issued in prop. 2:7.
1972
- 20,000 Bonus shares issued in prop. 2:7.
1973
- On 31st July, the Comp. entered into a revised technical assistance agreement with Otis Elevator Co., U.S.A. as the previous one was in force till 30.6.1970.
- On 8th January, the Comp. entered into an exports sales agency agreement with Otis Elevator Co., U.S.A.
1974
- Shares subdivided. 2,25,000 shares offered to the Indian public [prem. Rs 10 per shares] during May 1975.
1976
- 4,50,000 Bonus shares issued in prop. 2:5.
1980
- 9,45,000 Bonus shares issued in prop. 3:5.
1984
- 25,20,000 Bonus Equity shares issued in prop. 1:1.
1985
- The Comp. received approval from Government to increase its licensed capacity from 937 to 1,396 elevators per annum. Further application was made to Government for expansion of its licensed capacity to 2,800 elevators per annum.
1987
- The Comp. proposed to introduce new generation of Otis products such as 11 VTR & 13 VTR geared machines, medium range door-operator systems, electronic doorway obstruction detectors & automatic rescue device in the event of power failure.
- At the Company R&D Centre a simplified & compact microprocessor based operational control system for geared elevators was developed.
1989
- The performance of R&D Centre was adversely affected mainly due to stagnant conditions in the construction industry, agitation by workmen in the Kandivli factory & regional offices & power shortages.
- 3,16,800 No. of Equity shares issued [Prem. Rs 90 per shares] to resident Indian shareholders in prop. 1:7 as Rights. Another 15,338 shares [Prem. Rs 90 per shares] were allotted to employees.
1990
- 446 shares issued on rights basis NRIs [Other than parent Companys] vide resolution dated 28.8.90 [Prem. Rs 90 per shares].
1992
- The Comp. proposes to diversify into software development activity to fully exploit its in-house capabilities.
1993
- 56 No. of Equity shares were issued to 4 Shareholders out of the Rights issue made in 1990. During January 1994, the Comp. allotted 8,98,404 rights equity shares
1994
- A new model OTIS-2001 elevator incorporating upgraded technology and enhanced aesthetics was introduced.
- Four new state-of-the-art elevatoring system viz., Otis 2001 for medium size residential apartments & other Hydraulic elevator for low rise building were introduced.
- 62,71044 bonus equity shares issued in prop. 1:1.
1997
- A range of high-performance & aesthetically upgraded products with current technology was developed & released to meet the augmenting market.
- With a view to increasing production capacity, the Comp. set up a State-of-the-art manufacturing facility at Jigani industrial area near Bangalore with a capital outlay of Rs 18 crores with technical assistance from Otis Elevator Co. USA & Nippon Otis, Japan.
- Otis Elevator Comp. [Indias] has been awarded the ISO 9002 certification for applying a quality assurance system in marketing, installing, modernising & servicing of elevators & escalators.
- Otis Elevator Comp. [Indias] limited has announced the launch of new safety device to counter power failures & technical snags that bring moving lifts to a halt. Otis claims that it is the first Comp. to introduce the new device in India.
- Otis Elevator Comp. [Indias] Limited has offered a Voluntary Retirement Scheme [VRSs] to its permanent employees & a manufacturing plant at Kandivli & its headquarters in South Mumbai in view of the changing & competitive environment.
1998
- Otis Elevator Comp. & Dongyang Heavy Industries signed a stock purchase agreement to form a joint venture Comp. in south Korea called Otis Korea Elevator Co Ltd, to sell, install & maintain elevators & escalators.
- The agreement results from negotiations between Dongyang Heavy Industries & Otis that started three years ago. It follows a letter of intent signed by two companies in Seoul on December 17, 1997.
1999
- Otis Elevator [Indias] is one of oldest joint ventures between an Indian & an American promoter, established some 45 years ago.
- Otis Elevator Co. [Indias] is the market leader in the domestic elevator industry. It has a technical-cum-financial collaboration with Otis Elevator Co. New Jersey, numero uno in the global arena. The American collaborator holds close to 45 per cent stake in the Indian venture.
- Otis Elevator [Indias] will thus become a subsidiary of Otis Elevator of USA, which is a subsidiary of $25.7-bn United Technologies Corporation.
2001
- Mr. R.R. Bajaj has resigned from the board & he also ceased to be the chairman of company.
2002
- Otis Elevator Comp. India Ltd has informed that Mr Patrick L Hosts has resigned from the Board of Directors of company. Mr Randy Wilcox has been appointed as Director, to the causal vacancy arised due to resignation of Mr Patrick L Hosts.
