History of Voltas Ltd.

YEAR EVENTS

1954 - The Comp. was Incorporated on 6th September at Mumbai. The Comp. was promoted in 1954 by M/s. Volkart Brothers & Tata Sons Pvt. Ltd., to take over the Engineering and Import Division of M/s. Volkart Brothers in India.

- The Company manufacturing activities were originally carried on at its factory at Chinchpokli, Mumbai & covered air-conditioning & refrigeration equipment mining, electrical & agricultural equipment.

- The Comp. set up in Thane, Mumbai an up-to-date factory to manufacture wide range of air-conditioning & refrigeration and a range of mining equipments for which the Comp. had entered into a collaboration with leading manufacturers abroad.

- The Company distribution organisation is divided into two main groups - `Engineering' & `Marketing'.

- The marketing group consists of two main divisions, one dealing in drugs, pharmaceuticals & consumer products & the other in chemicals & vitamins. The Comp. deals in foreign as well as indigenous products, besides marketing its own products.

- The Comp. manufactures, sale & distribution of variety of products in the engineering, chemical & pharmaceutical industries such as agricultural, earthmoving, air-conditioning & refrigeration, textile machinery, machine tools, electrical & mechanical equipments as well as chemicals, pharmaceuticals & consumer products.

1956 - Shares sub-divided. 1,05,000 Rights shares then issued at par in prop. 7:10.

1963 - The Comp. promoted Scottish Indian Machine Tools Ltd., in Collaboration with Scottish Machine Tool Corporation of Glasgow for manufacture of machine tools.

1964 - The Comp. concluded a collaboration agreement with Eaton Yale & Towns, U.S.A., for manufacture of Yale fork-lift trucks. The Comp. has extensive domestic & international ties.

- The Comp. joined the Mine Safety Appliances Co., U.S.A., and Associated Battery Makers [Easterns] Ltd., Calcutta in the promotion of Mine Safety Appliances Ltd., Calcutta, a joint venture for manufacture of miners' electric safety cap lamps & other types of safety & protective equipment, appliances, detection & measuring devices.

1965 - 1,02,000 Rights Equity shares issued at a premium of Rs 25 per share in the proportion 2:5.

1966 - A new division, viz., the Agro-Industrial Products Division was added. The main operation of division consisted of sale & servicing of tractors & implements made by the International Tractor Co. of India. This division handles hydraulic equipment ranging from larger pumping sets to small irrigation pumps, sprinkler irrigation systems & oil engines & also handles veterinary products, pesticides & fertilisers.

- In Aug. 71,400 Bonus shares issued in prop. 1:5 & 4,500 shares issued [prem. Rs 75 per shares] to Common wealth Development Finance Co. Ltd., U.K.

1970 - In April, 85,580 Bonus Equity shares issued in the proportion 1:5.

1972 - 1,03,896 Rights Equity shares issued for cash at a premium of Rs 50 per share in June.

1973 - Arrears as on 31.8.1974 - Rs 4935, Arrears as on 31.8.1976 - Rs 200 [Approximatelys].

1979 - With effect from 1st July, Tata-Merlin and Gerin limited [TMGs], and the National Electrical Industries limited [NEIs], were amalgamated with the Company. In terms of Scheme of Amalgamation, members of The National Electrical Industries Ltd., were allotted for every 30 preference shares of Rs 100 each held, 20 `B' class equity shares of Rs 10 each & 15-11% redeemable mortgage debentures of Rs 100 each of Voltas Ltd., & for every 240 No. of equity shares of Rs 10 each of NEI held, 20 `B' class equity shares of Rs 10 each & 9-11% redeemable mortgage debentures of Rs 100 each of Voltas Ltd.

- Members of TMG were allotted for every 60 No. of equity shares of Rs 100 each held in TMG, 2 equity shares of Rs 100 each and 9-11% redeemable mortgage debentures of Rs. 100 each of Voltas Ltd.

- 4,420 No. of equity shares of Rs 100 each & 19,892 - 11% [1987-91s] were be allotted to the shareholders of Tata-Merlin & Gerin Ltd., & 14,117 `B' Equity shares of Rs 10 each and 9,605 - 11% [1987-91s] redeemable mortgage debentures of Rs 100 each were allotted to the shareholders of The National Electrical Industries limited The share were allotted in 1980-81.

1981 - The Comp. offered 5,00,000 - 13.5% secured convertible bonds of Rs 250 each at par. Out of this, 2,00,000 bonds were offered as rights to the existing shareholders & the balance 3,00,000 bonds issued to the public. Each bond carries an option to receive one equity share of Rs 100 each at par within three months after the expiry of three years from the date of allotment of bonds. The face value of each bond will be reduced by Rs 100 & the balance Rs 150 per bond will be repaid to the bondholders at the end of 10th year from the date of allotment of the bonds.

1982 - The Comp. proposed to set up an electrical business unit at Pune.

- The Comp. entered into an agreement with May and Christe of West Germany for manufacture of dry type transformers of cast-resin design.

- Voltas International Ltd., Perfect Moulds limited Voltas Switchgear Ltd., Vizat Investment Co. Ltd., are subsidiaries of Company. Nchovol F&E & Premium Granites limited are subsidiaries of Voltas International Ltd.

- The Comp. has distributorship rights in the following products: Drugs & pharmaceuticals by Merck Sharp and Dohme of India Ltd., Mumbai, drugs & pharmaceuticals by Roche Products Ltd., Mumbai, air compressors by Kirloskar Pneumatic Co. Ltd., automatic looms by National Machinery Manufacturers Ltd., & shovels by Tata Engineering and Locomotive Co. Ltd.

- The Air Pollution & Water Pollution project groups were amalgamated with the Electrical project group.

1983 - 1,91,708 No. of Equity shares issued on part conversion of 13.5% convertible bonds [91 shares issued during 1984/85s].

1985 - 3,00,000 No. of equity shares issued on part conversion of 13.5% convertible bonds.

1987 - The Comp. accepted the condition laid down by LIC which holds Rs 50.09 lakhs of debentures, that in the event of the Comp. making a public or rights issue of share capital during the period upto 31st October, 1987, the LIC should be given on one time basis the right to be allotted equity shares of a nominal value equivalent to 10% of its holdings of debentures on terms & conditions on which such equity issue is made.

1988 - The material handling business group successfully introduced up-to-date warehousing equipment to further enlarge its product range. The operations of machine tool division witnessed another successful year with the manufacturing capacity of all domestic principals being fully utilised.

- Air-conditioning & refigeration business group received Government approval for technical collaboration agreement convering large-sized efficient compressors.

- The machine tool division reached an agreement with Fanuc of Japan for technical collaboration to produce CNC drilling centres.

1989 - With effect from 1st March, 'Volrho Ltd.' was amalgamated with the Comp. as per the order of BIFR. The Comp. issued 4,44,445 No. of equity shares of Rs 10 each to the erstwhile shareholders of 'Volrho Ltd.'.

1990 - Approval was also received for extending Hitachi collaboration to the manufacture of absorption refrigeration machines. The materials handling business group proposed to extend its scope of activities to turn-key materials handling systems for mass production in engineering industries.

- A new model window air-conditioner was launched by appliances business group & it was proposed to add other consumer durables to the existing product range.

- The pharmaceutical & consumer products division suffered on Acc. of diminished margins in the pharmaceutical line and inadequate range in the consumer products business. The distribution of 'Hostess' brand of PEPSI snack foods commenced during the latter part of year. The transformer operations were adversely affected by industrial relations problems at Pune. The Engineering projects division suffered a setback.

- The machine tools division introduced Fanuc CNC drilling centres.

1991 - The performance of industrial machinery division was adversely affected due to a lock-out at the Company principal, Westerworks.

- The appliances business division launched the ductable split air-conditioner, specifically needed for shops, showrooms and general office areas. The Agro-Industrial Product division proposed to take up shortly the manufacture of drip irrigation equipment.

- The Agro-Industrial Product Division successfully tested to international standards, the indigenously built 36 KV SF6 breaker at CESI Test Laboratory, Milan, Italy.

- An agreement was signed for updating technology & for the manufacture of new models of P&H hydraulic cranes. The machine tools division signed a four-year extension of its sole selling agency agreement with Premier Automobiles limited The performance of chemicals division was adversely affected by import restrictions & high costs. The pharmaceuticals & consumer products division suffered a setback.

1992 - The Comp. restructured its operations into product group I comprising refrigerators, pharmaceuticals & consumer products & beverages while product group I[As] include textile machinery. Product group II consisted of machine tools, materials handling facility, industrial machinery, air-conditioning pumps and projects. Group III comprised of chemicals plant, chemicals division & agro-industrial products.

- Air-conditioning & refrigeration business & agro-industrial products & pumps division suffered a setback due to prevailing recession in the market & non-availability of Government funds as well as disturbances from December.

- The Agro industrial products & pumps division was bifurcated into two viz., pumps division & the farm & irrigation equipment operations division.

- The Comp. entered into technical agreements with Sulzer Pumps, Switzerland for former division & with Wade Manufacturing of USA for latter division.

- The Engineering projects division was combined with the agro-industrial products division, to constitute a new division viz., pumps & projects division.

- The Chemicals plant division introduced a new product Monocrotophos. The Electrical business group operations suffered a setback on Acc. of suspension of activities by virtue of lock out at the switchgear plant. Hence it is proposed to operate the said division through two separate wholly owned subsidiary companies Voltas Switchgear Ltd., & Voltas Transformers Ltd.

- With effect from 1st January, Wandleside National Conductors limited [WNC Ltd.s], was amalgamated with the Comp. as per the order of BIFR. The Comp. allotted without payment in cost 13,314 No. of equity shares of Rs 10 each to the erstwhile shareholders of WNC Ltd., in the ratio of one equity share of Rs 10 of Company for every three equity shares of Rs 100 each in WNC.

- Effective from 1st January, Wandleside National Conductors Ltd. [WNCs] was amalgamated with the Company. The erstwhile shareholders were allotted 13,314 No. of equity shares of Rs.10 each. This was as per scheme formulated by ICICI, the operating agency appointed by BIFR, as WNC became sick under the provisions of Sick Industrial Companies [Sp. Provisionss] Act, 1985.

- Necessary approvals were received for amalgamation of Hyderabad Allwyn limited [HALs] with Voltas limited As per the Scheme the erstwhile equity holders of HAL were to be allotted 12,56,828 No. of equity shares of Rs 10 each & 1,25,682 redeemable preference shares of Rs 100 each.

- During March/April the Comp. offered 99,20,000-14% secured redeemable partly convertible debentures of Rs 100 each to the equity shareholders on rights basis in the proportion of 1 debenture: 2 equity shares held [all were taken ups].

- 4,96,000 debentures offered to employees of Comp. on equitable basis [all were taken ups]. A total of 15,62,400 additional debentures were allotted to retain oversubscription both for shareholders as well as employees.

- Along with the rights issue, the Comp. offered 10,00,000-14% secured redeemable partly convertible debentures of Rs 100 each to non-resident Indians on private placement basis.

- Part A of Rs 60 of each debenture was converted into 1 equity share of Rs 10 at a premium of Rs 50 per share on 1st December. Part B of Rs 40 of each debenture was to be redeemed at par on the expiry of 7th year from the date of allotment of debentures.

1993 - The cooling appliances business launched four new products viz., water coolers filled with purifiers ductable & slim-line 3 tonne air-conditioners, ceiling mounted split in 1.5 & 3 tonne capacities & 2 tonne room split units.

- The pharmaceutical & consumer products division was closed during the year & had also withdrawn from the beverages business.

- A new division, the pumps & projects business division set up to manufacture & market circulating pumps in collaboration with Sulzer, Switzerland.

- The engineering projects division was merged with the pumps activity to provide the necessary project expertise.

- The WNC division commissioned the capillary tubes plant & was stabilising the working of its new thermostat plant.

- HAL, a sick industrial company, was merged with Voltas & the amalgamation was approved by Board for Industrial and Financial Reconstruction [BIFRs] in 1994.

1994 - The Home Appliances division introduced 250 L refrigerator in the market & a 100L refrigerator was expected to be launched in the first quarter of 1995-96.

1995 - The cooling appliances business division is to introduce new room air-conditioners to Toshiba design in October.

- Voltas gets 'Good corporate citizen award'

- The Comp. has introduced `Soft Look' models of refrigerator in 165 L. and 200 L segments. Comp. is also launching a premium Frost Free Refrigerator in collaboration with Hitachi.

1996 - Pumps & projected business division successfully developed, manufactured & commissioned the largest sizes of horizontal and vertical pumps in its range.

1997 - After 3 years of growth, the chemicals division faced difficulties during the year as vitamines & veterinary division was affected by liberalised imports under the advance licence scheme.

- A whole range of new products was launched both in the room air conditioning & split segments. The heavy equipment and packaged system division launched ozone-friendly centrifugals & superior quality energy efficient steam, fired vapour absoption machines with Hitachis `Paraflow' technology.

- The Comp. also entered into a lease rental agreement with SIPL for lease of factory premises of WNC for a period of 18 months for a total consideration of Rs 10.250 million.

- Voltas, India leading air-conditioning Comp. has been chosen to supply, erect & commission high-tech climate air-conditioning system for India first information technology park, a comprehensive facility for technology-oriented companies in electronics, information technology, telecommunication and related industries, now under construction at White Field, Bangalore.

- Voltas has launched two more frost-free refrigerators of 425 lts & 360 lts capacity.

- Voltas has been manufacturing thermostat for refrigerators and airconditioners at thermostat unit under a technical collaboration agreement with Robert Shaw, a subsidiary of Seibe.

- Voltas Ltd [chemicals divisions] manufacturing pesticides at Patencheru industrial zone, in Medak district of Andhra Pradesh, proposes to commission the final phase of its pollution control measure in accordance with the Andhra Pradesh Pollution Control Board [APPCBs] guidelines.

- Voltas Ltd has entered into an exclusive distribution agreement with the Hyundai Heavy Industries Ltd [HIIs] to market hydraulic excavators, wheel loaders, skid steer loaders & allied equipment & attachments in India.

- Well-diversified Voltas Limited is undertaking a capacity enhancement programme to increase the production capacity of modular steel furniture from the present 3,000 tonnes to 10,000 tonnes as its unit in Hyderabad.

- UNIT RIG, a division of Terex Corporation, USA, has entered into a distribution agreement with Voltas Ltd for marketing of their complete line of surface mining equipment exclusively for the Indian territory.

- Voltas Ltd has finalised yet another contract as original equipment manufacturer [OEMs] with one of white goods majors, LG Electronics, to manufacture & supply direct cool refrigerators.

1998 - Voltas recently commissioned Dadra plant, which has a capacity to produce about 40,000 units per annum if it worked one shift, can go up to one lakh units per annum if the strategic alliances worked out.

- Voltas, India largest airconditioner manufacturing company, has launched a new range of airconditioners named Voltas Vectra, Voltas Verdant, Voltas Vertis & Voltas Vosionarie.

- Voltas Ltd is tying up with 20th Century Finance to launch consumer finance schemes in a bid to aggressively push sales of its airconditioners.

- The diversified Tata group Comp. Voltas, after months of negotiations, has finally reached an agreement with sister Comp. Rallis India to sell its loss-making chemicals division.

- Voltas Ltd has entered into a distribution agreement with BT- Industries Group of Sweden, to provide marketing & product support, for BT complete range of warehouse trucks for internal materials handling.

- The Electrolux Group, the world largest household appliances manufacturer, has reached a final agreement with the Voltas Ltd to float a joint venture Comp. for manufacturing refrigerators & washing machines with equity holdings at 74:26 per cent respectively.

- Voltas Ltd has signed a contract with Coal India Ltd for the supply of hundred & sixty 120-tonnes capacity unit rig dump trucks. The contract was also entered into by Terex Corporation, US, Unit Rig, US & the World Bank project division of CIL.

- Rating agency ICRA has assigned `A1+' [highest safetys] rating to Rs 25 crore commercial paper of Voltas Ltd.

- Voltas is the only stock in the air conditioner sector which is in a major uptrend.

- The Comp. is hiking its installed capacity [of air conditionerss] at its Dadra Nagar Haveli plant to cater to rising demand. It is also slimming down -- a voluntary retirement scheme is in the offing to rid itself of excess labour.

- The Voltas brand & its operations in Refrigerators & Washing Machines were transferred to EVL from 1st October.

1999 - The industrial court of Mumbai has granted a stay on the Voltas Ltd voluntary retirement scheme [VRSs] in Mumbai following opposition from the Voltas Employees Union.

- Voltas - AirInternational limited is a joint venture between Voltas limited & Air International Grmp, Australia.

- The Comp. has doubled its installed capacity to 1.5 lakh room air-conditioning units annually.

- Electrolux & Voltas had inked the memorandum of understanding [MoUs] in June, 1998 & as per the sale pact under the MoU, four manufacturing units of Voltas Ltd were to be transferred to the joint venture Electrolux Voltas Ltd.

- Allwyn brand & its operations were transferred to EVL from 31st March.

- Voltas & LG Electronics India Ltd [LGEILs] have, meanwhile, entered into an agreement, whereby the latter would be sourcing approximately 6 lakh refrigerators units for a period of three years starting January 1, 2000.

- The Dadra facility has an installed capacity to manufacture up to 1.4-1.5 lakh airconditioners in two shifts, & Voltas is operating at 60,000-65,000 units per annum.

- Voltas, the diversified Tata group company, is seeking to enter into capacity sharing arrangements with multinational partners which have recently made their entry into India.

2000 - The Comp. has received a special award for completing the electro mechanical pumping project of Ahmedabad Municipal Corporation in 120 days.

- The Comp. has introduced a voluntary retirement scheme called Early Separation Scheme 2000 [ESSs] for its employees.

- The Unitary Products Group of Voltas, which includes the commercial refrigeration & contract manufacturing businesses, has signed an agreement with LG Electronics, to manufacure and supply over 12 lakh refrigerators.

- The Comp. has sold its wholly-owned subsidiary Voltas Foods and Beverages to a Mumbai-based company, & has roped in a multinational as strategic partner for Perfect Moulds.

- The Comp. has informed that, Voltas limited & IGE [Is] LTD. have divested their entire shareholding in Fanuc India Ltd., a joint venture Comp. between Fanuc Ltd., Japan, GE Fanuc Automation, N.A., USA, Voltas limited & IGE [Is] Ltd.

- L. G. Electronics India & Voltas entered into a tie-up under which the former will source 12,00,000 direct-cool refrigerators from the latter for next three years beginning January next.

2001 - Tata group Comp. Voltas limited is relaunching Voltas airconditioners under the `Verdant' brand, a premium model targeted at the retail segment.

- Tata group Comp. Voltas Ltd the air-conditioner [ACs] & cooling appliances major has posted a strong growth in the split air-conditioner segment.

- Ahmedabad-based Lok Prakashan, publisher of Gujarat Samachar, has increased its stake in Tata Group Comp. Voltas to 14 per cent from 13.3 per cent over the last fortnight & may soon launch an open offer for additional 20 per cent stake.

2002- N D Khurody appointed as Additional Director of Voltas.

2002-Voltas enters into a Joint Venture agreement with Sermo Montaigu, France for perfect moulds.

-Voltas Ltd has informed BSE that Perfect Moulds Ltd has ceased to be a subsidiary of Comp. consequent upon allotment of 30,00,000 equity shares of Rs 10 each by PML to Sermo Montaigu, France [Sermos], the joint venture partner, on July 06, 2002.The paid up capital of PML of Rs 130 million is now held in equal proportion of 50:50 ie 65,00,000 equity shares of Rs 10 each aggregating Rs 65 million each by Voltas & Sermo.

2003 - Voltas Ltd has informed BSE that Mr Bir D Singh Executive Director has retired from the services of Comp. on December 27, 2002. Accordingly, he ceases to be a Director & Wholetime Director of company.

-State Govt rejects tax sop to Voltas' new mfg unit in MP

-Voltas Ltd has informed that the Ahmedabad Stock Exchange [ASEs] has informed that the securities of Comp. would be delisted from the ASE wef January 15, 2004.

2004

-Voltas limited has informed that in response to their application for voluntary delisting, the Delhi Stock Exchange Association Limited [DSEs] has informed the Comp. vide its letter dated December 26, 2003 that the securities of Comp. have been delisted from DSE with effect from December 29, 2003.

-Voltas limited has informed that in response to the Company application for voluntary delisting, Pune Stock Exchange Limited [PSEs], has informed the Comp. that that the shares of Comp. delisted from PSE with effect from January 16, 2004

-Enters into a distribution tie-up with the 62 million euro Italian airconditioning major Uniflair, which specialises in the design, production & supply of precision air conditioning & cooling solutions for telecom & internet applications

-Voltas has launched a range of small capacity refrigerators targeted at semi-urban & rural markets in India.

-Ties up with RBS Home Appliances limited for use of 640 service centres that Voltas has across the country for after sales services

-- Simtools Ltd has now become a wholly owned subsidiary of Comp. on 27, August 2005.

- Chinese consumer durable giant Haier enters into a contract manufacturing agreement Voltas Ltd for air-conditioners & refrigerators.

-Voltas introduces new range of water dispensers

2005

-Voltas introduces new series of ACs, may set up plant in Uttaranchal

-Voltas secures order for world Tallest building

2007

-Voltas Ltd has informed that Universal Comfort Products Ltd [UCPLs] is a 50:50 joint venture Comp. between Voltas & Fedders International Air-conditioning Pvt Ltd [FIACPLs], a subsidiary of Fedders Corporation, USA.

2008

-Voltas Ltd has appointed Mr. Jimmy Bilimoria & Mr. S N Menon, Independent Directors have as Additional Directors of Comp. with effect from September 22, 2008.