History of Wartsila India Ltd.

YEAR EVENTS 1986 - The Comp. was incorporated as a public limited Comp. on 25th April, at New Delhi & obtained the Certificate of Commencement of Business on 17th June, 1986. It was promoted by Dy Wartsila Ab, Finland [in equity participation with Finnish Fund for Industrial Development Corporation Ltd.s], Shapoorji Pallonji & Co. Pvt. limited & Banaras House limited The main objects and activities of Comp. include the manufacture of high power diesel generating sets/engines in the range of 500 KW to 7500

1987 - The Comp. entered into a technical assistance and licence agreement & technical assistance & services agreement with Oy. Wartsila Ab, Finland [WARTSILAs] in May 1987, under which the Comp. was licensed to manufacture in India, Diesel Generating sets in the power range of 500 KW to 7,500 KW.

1989 - The technical collaboration agreement was transferred to Oy Wartsila Diesel International Ltd; a wholly owned subsidiary of Oy Wartsila Ab, formed exclusively to cater to diesel technology business.

- Under the financial agreement, Wartsila agreed to contribute to the equity capital of Comp. alongwith Finnish Fund to the extent of 40% of total equity capital.

- One DG set rated for 4 MW output was delivered.

- 70 shares subscribed for by signatories to the memorandum of association. 89,99,930 shares issued at par of which the following shares were reserved & allotted:

- [is] 22,50,000 shares to by Wartsila Ab, Finland; [iis] 13,50,000 shares finished Fund for Industrial Development Corporation Ltd.; [iiis] 9,29,930 shares to Shapoorji Pallonji and Co. [Pvt.s] Ltd. [SPCs]; & [ivs] 4,70,000 shares to Banaras House limited [BHLs]. - Out of remaining 40,000 shares, the following shares were reserved for preferential allotment: [is] 10,00,000 shares to UTI [All were taken ups]; & [iis] 4,50,000 shares to Employees/Workers of Comp. as also to those of SPC & BHL [only 79,100 shares taken ups].

- The balance 25,50,000 shares, alongwith the unsubscribed portion of 3,70,9000 shares of employees quota, were offered for public subscription during May, 1989. Additional 6,00,000 shares issued to the public to retain oversubscription. 4,00,000 shares were also allotted to foreign collaborations [2,50,000 shares to Oy Wartisila Ab, & 1,50,000 shares to Finnish Fund for Industrial Development Corpn., Ltd.s] to maintain their shareholding at 40%.

1990 - The depreciation of rupee against Finnish Mark adversely affected the performance of Comp. as it lead to increase in the cost of imports.

- The Comp. started a training centre at Khopoli to impart training to its own engineers and technicians. It was set up under the guidance of WARTSILA.

1991 - Five power plants aggregating 56 MW in captive power were commissioned.

1995 - The parent Comp. METRA entered into an agreement with Fincantieri of Italy to merge the operations of its diesel division Grandi Motori Trieste SpA, Diesel Ricerche SpA & New Sulzer Diesel [NSDs] with Wartsila Diesel International limited Oy to form `Wartsila NSD Corporation'.

- 20,34,000 Right equity shares issued at a prem. of Rs. 131.25 per share to Wartsila Diesel Industries Ltd.

1997 - With the merger of operations of `Wartsila' & `Sulzer' & the change in name of Wartsila Diesel International limited Oy to Wartsila NSD Corporation, the name of Comp. was changed from `Wartsila Diesel India Ltd.' to the Wartsila NSD India Ltd.

- Duff & Phelps India has assigned as Ind D1+ rating to the Rs.15-crore commercial paper programme of Wartsila Diesel India limited The rating indicates very high certainty of timely payment.

- WDL will supply DG sets for 117.5 mw independent power producer being set up in Madurai by Balaji Industries.

- The Comp. has installed around 1,100 MW of captive power generation capacity at 77 sites around the country.

1998 - The Comp. has an installed capacity of 25 sets a year at its Khopoli plant, which remains underutilised.

- The company engine sets, capable of operating on a wide variety of heavy fuel such as LSHS, high-speed diesel & furnace oil, would stand to gain the most from this boom.

- The Comp. had successfully reduced its outstanding debt. The Comp. has entered certain new lines of business which includes operation & maintenance of power plants.

- Wartsila India is a subsidiary of Wartsila NSD of Finland, which is one of largest power genset suppliers in the world.

- Wartsila NSD Operations India Ltd, a 100 per cent subsidiary, has been formed.

- The Comp. is forming a 50:50 joint venture with Coastal Corporation, USA for supply of heavy fuels, primarily to the customers of their power plants.

1999 - The Comp. is also O&M contractor for DG sets [52mws] for Gujarat Ambuja Cements unit at Vadinar in Gujarat. The operations and maintenance is done by its 100 per cent subsidiary.

2001 - The name of Comp. has been changed from Wartsila NSD India limited to Wartsila India Ltd effective 1st January.

2002

-Wartsila Corp holds 6,562,442 shares of Wartsila India & Wartsila Technology holds 3,637,300 shares of Wartsila India.

-Authorises DSP Merill Lynch Ltd as its agent to send the required daily reporting of open market purchases to NSE.

2003

-Wins the contract for operating & maintaining the 25mw power plant & Asea Brown Boweri Ltd for distributing electricity in Tronica City.

2004

-Wartsila introduces new model of dual-free engines

-Wartsila has bagged an order from TEBMA for Mumbai port trust for two tugs of 32 tone Bollard pull capacity

-Wartsila India executes agreement with GAIL for supply of Gas at MP

2005

-Wartsila India signs MoU with PTC

-Wartsila India mulls gear box unit at Khopoli

2006

-Wartsila India Ltd has appointed Mr. Vishram Panchpor as the Comp. Secretary of Company