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History of Stone India Ltd.

YEAR EVENTS 1931 - The Comp. was incorporated on 15th January, as a Private Limited Comp. & was converted into a Public Limited company on 25th October, 1972.

- The main objective of Comp. is to manufacture sale and Service of train lighting equipment & related equipments including dynamos, switchgear & alternators, pantograph for electric locomotives & electrical multiple units, superheater element for locomotive boilers, ball & joints, return bends and brake regulating equipment for railway rolling stocks, fractional horsepower motors, complete air conditioning/ refirgeration equipment for railways & buses, control panels, stators, rotors & traction Motors. The Comp. also manufactures certain classified equipment for government of India.

- The Comp. took over as a going concern the business of selling agencies or braches of then J. Stone and Co., limited [a company incorporoated in the U.K.s], carried on at Calcutta, Chennai, Mumbai & other places in India & Ceylon. It also established a workshop in Calcutta to undertake the manufacture of various items of train lighting equipment, such as kent couplers, junction boxes, light fittings & carriage fans.

1972 - Prior to November entire capital of Rs.53,57,000 was held by Stona-Platt Overseas, limited London. In November, 3,57,130 shares issued at par through a prospectus. Of these, 17,856 shares reserved for subscription for cash by Indian directors and employees of Company. 3,39,274 shares offered to the public.

1976 - The name of Comp. was changed from Stone and Co. [Indias] Ltd. to Stone-platt Electrical [Indias] limited During the year it was again changed to Stone India limited during 1986-87.

1983 - The Comp. implemented the Railway orders for freight airbrakes.

1984 - 5,95,220 bonus shares issued in prop. 2:3.

1986 - The Comp. developed a range of loco value systems for Indian Railways.

1987 - However, these profits declined due to the upward revision of the administered prices of steel & non-ferrous metals, strike in the Central Government Public Sector undertakings in West Bengal & low prices for many products.

1988 - A solar powered system for navigational buoys using the latest photo sensing lanterns, charge controllers & maintenance free batteries was developed & launched.

- 9,92,033 bonus equity shares issued in prop. 2:3.

1991 - The Comp. achieved allround improvement in its opertions, despite the adverse effect of various factors like increase in costs & interest rates, cutback in the expenditures by some important customers & severe competition.

- The Comp. is a subsidiary of Stone Platt Overseas limited U.K. and is an important member of Stone-Platt Group which made available to the Comp. technical assistance for manufacture of train lighting & air-conditioning equipment. The Comp. renewed its technical collaboration agreement with Svenska Aktiebolagest Bromstregulator for manufacture of break regulatings equipment for railway rolling, stock. The Comp. also has a technical collaboration agreement with L. Faively of France for the manufacture of Pantographs for electric locos & electric multiples unit coaches.

- The Comp. had indigenously developed a design for AC instrument cooling fan. The Comp. had finalised a technical collaboration agreement with Goldstar, Republic of Korea, for transfer of technology of instrument cooling fans.

- 9,92,000 rights shares issued at par in prop. 2:5.

1992 - The Comp. issue 9,92,000 No. of Equity Shares Rs.10 each of Rights basis in the ratio of two new Equity Shares for every five existing Equity Shares held in the Company.

1993 - The Comp. has entered into a Technical Collaboration with SAB WABCO, Netherlands for manufacture of C3W Distributor Valve in cast iron version for Railway Rolling Stock Brake System.

1995 - The Comp. has entered into technical arrangement with Avon Polymer Products Ltd., U.K. to implement the Rubber Component manufacturing Project at Thane.

1996 - During the year under review Doon-Valley Investment & Finance Comp. limited ceased to be a subsidiary of Company.

1997 - The Comp. has been engaged in the manufacture of high technology electrical & mechanical engineering equipment for the Railway & Defence at its factories located at Taratalla, Calcutta, & at Thane, Mumbai.

- The Comp. came out with a public issue of 24,40,600 - 16 percent secured redeemable partly convertible debentures of Rs. 50 each aggregating Rs. 12.20 crore

1999 - The Comp. has set up a rubber manufacturing plant, Skylark Rubber Products, at Thane in Maharashtra.

- Stone India proposes to launch more new products in the current year in areas of railway braking systems, air-conditioning and secondary components for defence sector.

2000 - The GP Goenka-controlled Stone India Ltd will be spun off into a new joint venture with a German arm of US-based railway equipment supplier Westinghouse Air Brake Co. Ltd, or Wabco.

- Westinghouse Air Brake Technologies Corporation Inc., USA has agreed to form with the Comp. a joint venture in India for the railway products business.

2003

-IDBI chalks out rejig package for Stone India

2007

- Stone India Ltd has informed that the Comp. has received an initial development order for supply of 5 sets of 180 KVA Static converter for Locomotive application to Indian Railways.