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History of Triveni Engineering and Industries Ltd.[Olds]

YEAR EVENTS 1993 - During the year, major customer, Oil and Natural Gas Commission [ONGCs] had serious labour problems in their entire western region. ONGC labour were agitating against Oil and Gas fields being given to private developers, but, they extended agitation towards drilling contractors who were doing work for ONGC.

- The Comp. had signed contracts for 4 rigs & were fortunate to get one working before agittion became militant.

- The Company rights offer of 52,72,930 No. of equity shares at a premium of Rs. 40 per share aggregating to Rs. 2636.46 lacs closed on 5.6.93 & was oversubscribed.

- The Comp. has a Technical Services Agreement with our Foreign Collaborator M/s Pool Company.

1994 - During the year, the Company issued Equity Capital increased by Rs.523.92 lakhs as a result of Right Issue of Equity shares allotted in July, '93.

1995 - During the year under report TOFSL Trading & Investments limited has become wholly owned subsidiary of Comp. by virtue of acquision of Shares in the Company.

1996 - The Comp. had installed a `Cell Cooling Tower' to cool the vapour condensate water where the consumption of power was much higher.

- The Comp. has absorbed & adapted the technology for manufacturing steam turbines & also for micro hyde turbines, & surface pollution products.

1997 - During the year, the Comp. sold 49% stake in GEC Alsthom Triveni Ltd, to GEC Alsthom [Holdingss] India limited & GEC Alsthom Mauritius Ltd.

- The Comp. proposed to reduce manpower at both the units at Bangalore & Naini. Accordingly, separate Voluntary Retirement Schemes [VRSs] were proposed at both the units in an attempt to reduce the work force at Bangalore from 277 [including supervisorss] to 232, & at Naini from 210 to 80.

- The Comp. commissioned a modern water treatment plant for the city of Agra.

- The Comp. has absorbed & adapted the technology for manufacturing steam turbines, micro hydel turbines, & surface pollution products.

1998 - The rating assigned to the partly convertible debenture issue of Triveni Engineering & Industries Limited [TEILs] has been downgraded to A from A+, by Credit Rating Information Services of India Limited [CRISILs].

- Towards the end of year, the group has entered into a technology transfer agreement with the US-based Lufkin, a major in the area of gear-box manufacturing.

- The group has also tied up with Flexibox, UK in a 50:50 joint venture to form Triveni Flexibox Ltd.

1999 - The board of directors of Comp. has approved the revised exchange ratio, in respect of amalgamation of Gangeshwar Ltd [GLs] with the Comp. -- one equity share of Comp. for every one equity share of GL without any reduction in share capital of GL.

2000 - Trading in the equity shares [Series EQs] & 14 per cent NCDs [Series N2s] shall be suspended with effect from April 26 on Acc. of its amalgamation into Gangeshwar Ltd in the ratio of 1:1.