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History of Titagarh Steels Ltd.

YEAR EVENTS 1981 - The Comp. was incorporated on 17th August at Calcutta. The main object of Comp. is to manufacture all types of general & special castings including bogies, couplers, crossings and other sophisticated steel castings, & processors of various classes of special steels & other types of ferrous and non-ferrous metals.

- The Comp. was promoted by Shri J. P. Chowdhary & Shri P. Chitlangia.

- The Comp. entered into a technical collaboration agreement with Sintokogic Ltd., Japan for utilising its patented vaccum moulding process, popularly known in India as `V-process'. The main advantages of `V-process' are that it helps to turn out steel castings to close dimensional tolerance & also eliminates many of common casting defects, such as shrinkage, pin-holes, sand fusion, cracks etc.

- The Comp. also entered into another agreement with Miner Draft Gear Comp. of USA, for manufacture of high capacity `miner' draft gears. This agreement was by way of sub-licence from the original licence in India i.e., Burn Standard Comp. Ltd.

1982 - 5,10,000 shares taken up by promoters, directors, etc., and 1,50,000 shares allotted to WBIDC.

1983 - The Comp. finalised a technical collaboration agreement with M/s. Midland Ross Corporation USA, for manufacture of National Super C-1 & other cast steel bogies.

- During May, 8,40,000 shares offered at par to the public.

1985 - The Comp. successfully negotiated collaboration agreement with an East European Comp. for manufacture of polyster films. The agreement was signed by newly promoted Comp. TSL Pragjoytish Polyesters Ltd.

1989 - Approval was sought from Government for foreign collaboration for the manufacture of high pressure industrial valves.

- The Comp. developed & produced prototype of 'Co-Co' bogie for locomotives with indigenous technology.

- In October the Comp. took over the control & management of M/s. Continental Valve limited [CVLs] located at Sohna near N. Delhi. Efforts were on to renew CVL collaboration with M/s. Gulde of W. Germany which had expired in 1988.

1991 - The Comp. negotiated for collaboration for manufacture of a wide range of specialised automatic centre buffer couplers and high performance draft gears with Les Apparells Ferroviares of France. The Comp. received a letter of intent for export order for products worth US $ 1.27 million.

- A new Comp. was copromoted in the name & style of Gullick Equipment, Ltd., as a joint venture with M/s. Gullick Dobson Ltd., of UK. This Comp. was to manufacture high technology underground & surface mining & material handling equipments. The project was to be located in W. Bengal.

- Titagarh Delloy S. A. [Belgiums] is an overseas subsidiary of the Company.

1993 - The Comp. undertook development of proto-type for all the three division.

- 30,00,000 bonus shares allotted in prop. 2:1. 15,00,000 right shares [prem. Rs.25 per shares] allotted in prop. 1:3. 43,79,100 shares allotted [prem. Rs.30s] to public.

1994 - Effective 1st April, The Titaghur Paper Mills Co. Ltd., [TPMLs] was merged with the Comp. on a part of diversification programme.

- As per the scheme of amalgamation 50,39,380 No. of equity shares of Comp. were allotted to the shareholders of erstwhile TPML in the ratio of one equity share of Comp. for every 10 equity shares of erstwhile TPML.

- During March/April the Comp. offered 43,79,000 No. of Equity shares of Rs.10 each at a premium of Rs.30 each as follows: 22,00,00 shares to the promoters, directors etc. [All were taken ups]. 4,35,000 shares to the FIs & 4,35,000 shares to the Indian Mutual Funds [only 5,40,000 shares were taken up. Remaining shares were taken up by promoterss] 80,000 shares to the employees [only 65,200 shares were taken up. Remaining shares were taken up by Publics]. 12,25,000 shares to the public. [All were taken ups].

- 5,03,938 No. of Equity shares issued to the shareholders of erstwhile `The Titaghur Paper Mills Co. Ltd.' on its merger with the Company.

1995 - The Comp. undertook a modernisation-cum-expansion scheme.

- The Comp. issued & allotted 13.5% fully convertible debentures to promoters on preferential basis. These were converted into 15,00,000 No. of equity shares of Rs. 10 each at a premium of Rs. 10 per share on 8th April, 1996.

- 15,00,000 No. of Equity shares arising on conversion of 13.5% FCD allotted to promoters as private placement basis.

1996 - Margins remained under pressure due to hike in interest costs and depreciation provision.

- The Comp. witnessed a strong demand for Railway wagons. The Comp. undertook to form a separate Comp. to take up wagon activities to give it a better focus. The Comp. also took up manufacture of railway related castings ie. high speed bogies, automatic centre buffer couplers etc.

1997 - The Comp. proposed to diversify into the manufacture of polyster film, facsimile machines, electronic goods & also to carry on the business of leasing & consultancy.

- The Comp. has already approached the West Bengal government to buy 30 acres of & to set up a new manufacturing facility for producing wagons.

- Titagarh Industries has decided to increase its authorised share capital from Rs 75 crore to Rs 125 crore, with the option of floating 50,00,000 preference shares of Rs 100 each.

- In a bid to make its paper business more viable, Titagarh Industries Limited [TILs] has decided to launch branded exercise books in the market.

- TIL is setting up a separate marketing network which would target at institutional buyers like schools which prefer their students buying exercise books directly from them.

1998 - The board of Titagarh Industries Ltd [TILs] has proposed to demerge paper & engineering divisions into two separate companies.

- Titagarh Industries has decided to spin off its steel & paper divisions into two separate companies as part of restructuring exercise to become competitive in terms of cost & quality.

1999 - Titagarh Industries is scouting for a strategic partner in the paper industry & is planning to set up a new newsprint plant.

2000 - Four Calcutta-based groups - Emami, Khaitan, Kitply & Titagarh Industries have joined hands to float a business-to-business electronic procurement portal www.MatManage.com.

2008

- Titagarh Industries Ltd has informed that Sri. Nand Kishore Mittal has appointed as Additional Director of Comp. with effect from December 15, 2007.

-Titagarh Industries Ltd has informed that the name of Comp. has been changed from 'Titagarh Industries Ltd' to 'Titagarh Steels Ltd' w.e.f. October 05, 2007 and Certificate of Incorporation dated October 05, 2007, issued by Registrar of Companies, West Bengal.