SENSEX NIFTY
Akzo Nobel India > Company History > Paints/Varnishes > Company History of Akzo Nobel India - BSE: 500710, NSE: AKZOINDIA
YOU ARE HERE > MONEYCONTROL > MARKETS > PAINTS/VARNISHES > COMPANY BACKGROUND - Akzo Nobel India
Akzo Nobel India
BSE: 500710|NSE: AKZOINDIA|ISIN: INE133A01011|SECTOR: Paints/Varnishes
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Sep 30, 15:44
1261.85
-16.95 (-1.33%)
VOLUME 4,957
LIVE
NSE
Sep 30, 15:44
1266.20
-15.3 (-1.19%)
VOLUME 11,230
Company History - Akzo Nobel India
1953
 
 - On 5th November, a Declaration of Intention was signed by the
 Government of India, Imperial Chemical Industries Ltd., U.K. and
 I.C.I.
 (India) Pvt. Ltd., to form a company for the manufacture of
 commercial
 blasting explosives, safety fuses, etc.
 
 1954
 
 - The Company was incorporated as a public limited company in the
 State
 of West Bengal to implement the agreement and the Certificate of
 Commencement of Business was obtained on 19th August.  The Company
 manufacture explosives and accessories of all kinds, blasting
 equipment, chemicals, Industrial and other preparation and
 fertilisers.
 
 1955
 
 - A technical collaboration agreement was executed between the
 Company
 and Imperial Chemical Industries Ltd., who agreed to act as
 consultants
 to the Company and provide the Company with the necessary technical
 information.
 
 1959
 
 - 24,00,000 shares held by ICI Ltd., U.K. and 6,00,000 shares by the
 President of India.
 
 1965
 
 - 4,30,000 shares issued at a premium of Rs 12 per share; 57,000
 shares
 reserved for allotment to the resident directors and employees and
 3,73,000 shares offered to public.  13,73,000 shares offered to
 public.
 13,72,000 Bonus shares issued in prop.  2:5.
 
 1967
 
 - In Oct/Nov. 16,80,000 `A' series No. of Equity shares issued at
 par:
 (i) 76,00,000 shares to ICI Ltd., U.K.; (ii) 21,50,000 shares to
 IFCW;
 (iii) 19,00,000 shares to the President of India; (iv) 21,67,200
 shares
 to members of the company other than the President of India and ICI
 Ltd., U.K. and (v) 28,62,800 shares to public.  `A' Series shares
 became pari pasu with the existing shares from 1.10.1970.
 
 1975
 
 - Industrial licence was received for the manufacture of 1,000
 tonnes
 per annum of nitrocellulose, both blasting soluble and industrial
 grade.  This plant was commissioned in August 1978.
 
 1978
 
 - Industrial licence was received, Collaboration agreements were
 signed
 with Imperial Chemical Industries Ltd., U.K., Benfield Corporation,
 U.S.A. and Toyo Engineering Corporation, Japan.
 
 - During Jan./Feb. 71,60,667 Bonus shares issued in prop. 1:3. 
 After
 the bonus issue, 3,41,000 shares issued as rights (prem.  of Rs 5
 per
 share; prop. 1:34) to resident Indian shareholders.
 
 1979
 
 - The Company offered 5,00,000 redeemable partially convertible
 secured
 debentures of Rs 500 each for cash at par as rights to equity
 shareholders in the proportion 1:58.  These debentures carry
 interest
 at the rate of 10 1/2% payable half-yearly on 31st March and 30th
 September.
 
 1980
 
 - The Company received a letter of intent for the manufacture of 100
 tonnes of primary reforming catalyst at Panki, in collaboration with
 Imperial Chemical Industries PLC The boilers were commissioned in
 April/May 1983 and generation of steam commenced.  Letters of intent
 were in hand for the manufacture of 100 tonnes per annum of
 permethrin/cypermethrin for application as a cotton pesticide and
 for
 the manufacture of methyl chlorosilanes.
 
 1982
 
 - With effect from 1st October, the Alkali & Chemical Corporation of
 India Ltd. (ACCI), Chemicals & Fibres India Ltd. (CAFI) and Crescent
 Dyes & Chemicals Ltd. (CDC) were amalgamated with the company.
 
 - In terms of the Scheme of Amalgamation, the Company issued and
 allotted to the members of the merged companies without payment in
 cash
 31,000-11% cumulative preference shares of Rs 100 each and 89,18,121
 No. of equity shares of Rs 10 each as follows:
 
 - (i) 31,000-11% preference shares of 12,51,213 No. of Equity shares
 of
 Rs 10 each to members of ACCI in proportion of 1 Pref.: 1 Pref. and
 2
 equity: 7 equity respectively,
 
 - (ii) 59,86,908 No. of equity shares of Rs 10 each to members of
 CAFI
 in the proportion 4:5, fractional entitlement being sold and
 distributed at pro rata basis, and
 
 - (iii) 16,80,000 No. of equity shares of Rs 10 each to members of
 CDC
 in the proportion of 7:10.
 
 - At the option of the holder of any debentures, 20% of the face
 value
 of each debenture i.e. Rs. 100 out of Rs 500 held by him is
 convertible
 into six equity shares of Rs 10 each of the Company at a premium of
 Rs
 62/3 per shares on 1st October.
 
 - If the Company makes a bonus issue of equity shares before 30th
 June,
 the entitlement to equity shares of the debentureholder shall stand
 augmented in the same proportion in which augmentation took place in
 the issued equity shares capital of the Company consequent upon the
 bonus issue.
 
 - Debentureholders not exercising the option will be paid Rs 100 per
 debenture on 1st October, and the balance Rs 400 in 5 annual
 instalments of Rs 80 each on 30th September commencing from 1983
 together with the interest accrued thereon.
 
 - 29,68,824 No. of equity shares of Rs 10 each were issued at a
 prem.
 of Rs 5 2/3 per share in conversion of debentures and were allotted
 on
 1.10.1982.
 
 1983 
 
 - The Company issued 15% non-convertible debenture of Rs 100 each
 for
 Rs 1,500 lakhs as rights to meet the requirements of working capital
 and also the normal capital expenditure.
 
 1984 
 
 - The turbo generator for the captive power plant at Panki was
 commissioned on 16th July.  The project for the primary reformer
 catalyst at Panki was commissioned in September.
 
 - A letter of intent was received for the manufacture of 3 tonnes
 per
 annum of uinapyramine salts.
 
 - Industrial licences were received for expanding the paint
 manufacturing capacity at Rishra and for the Quinapyramine salts
 projects.
 
 - The name of the Company was changed from Indian Explosives Ltd.,
 to
 IEL Ltd.  Effective from 25th May, 1989, the name was again changed
 to
 ICI India Ltd.
 
 1985 
 
 - A modified letter of intent was received for the manufacture of
 certain new drug items and for production of membrane cells for use
 in
 caustic chlorine manufacture.  Another application was made for
 installation of an additional 450 tonnes per day ammonia stream with
 matching urea capacity of the Panki factory.  This project was
 proposed
 to be set up based on the lattest energy efficient technology of ICI
 plc. U.K.
 
 - Pref. shares redeemed on 31.7.1986.
 
 1986
 
 - The letter of intent for expanding polyester staple capacity to
 30,000 tonnes per annum was converted into an industrial licence.
 
 1987 
 
 - New products such as Maxilite gloss and emulsion and a masonry
 paint
 were added to the existing range.  Dulux colour centres were set up
 at
 major centres to provide advice in areas of home decoration.
 
 - The Company awaited Government clearance for production of
 membrane
 cells and coating of electrodes for use in caustic chlorine
 manufacture.  Approvals were awaited for polyurethanes, toner resins
 projects and the fourth ammonia - urea stream project at Panki.  The
 Company also proposed to apply for letters of intent seeking
 investment
 opportunities in other speciality and effects chemicals.
 
 1989 
 
 - The Company introduced in the market new coil coating paint.
 
 - The foreign collaboration application for the manufacture of
 Accinox
 ZC, a rubber chemical was approved by Government.  Application was
 made
 for a Letter of Intent for the manufacture of Methyl methacrylate
 and
 the related Polymers, dispersions and sheets, Government approval
 was
 also sought for introducing in India the latest generation synthetic
 pyrethroid, lambdacyhalothrin, with the existing licensed capacity
 for
 cypermetrin.  Approval from Government was received for production
 of
 FM-21 membrane cells and coating of electrodes.
 
 1990
 
 - MRTP approval was received for the manufacture of high quality,
 high
 yielding hybrid seeds for cereals and oil seeds.
 
 1991
 
 - The antiozonant `Accinox Zc' plant at Rishra commissioned.  A
 letter
 of intent for methane diphenyl di-isocyanate was received.
 
 1992 
 
 - With a view to reinforce a competitive edge, the range of bulk
 products was extended by the introduction of `Poweran' series.
 
 - Never decorative and refinish paints were launched thereby
 improving
 the operating efficiencies.
 
 - High quality hybrid seeds of sunflower and maize were launched.
 
 - A Memorandum of Understanding was entered into between the Company
 and Nalco Chemicals Company, U.S.A. (Nalco) for the manufacture of
 speciality chemicals and industrial application.
 
 - The Company and Nalco would each subscribe for upto a maximum of
 40%
 in the equity capital of the joint venture company and the remaining
 shares accounting for 20% of the total equity would be offered
 either
 to Indian public and/or to financial institutions, depending upon
 the
 final scheme of finance to be approved by Govt.
 
 - The Company made an application for a letter of intent for the
 manufacture of 12,000 tonnes per annum of speciality chemicals.  The
 new Company's factory was proposed to be set up at the Rishra, West
 Bengal.
 
 1993 
 
 - New products in the growing segment of decorative paints were
 introduced.  The introduction of `Dulux', `Maxilite' and `Cobra'
 brands
 increased the growth in paints volume.
 
 - The Company introduced `Tenoclor' - a fixed dose cardiovascular
 combination with diuretic in 1994-95.
        
 1995 
 
 - Agrochemicals were transferred to a joint venture with Zeneca plc
 U.K. to ensure a strong market position through continued
 introduction
 of new products and technologies.
 
 - The Company was progressively replacing Nitroglycerine based
 packaged
 explosives with emulsion and for the purpose a new small diameter
 emulsion manufacturing facility was commissioned at Gomia. 
 Formation
 of joint venture for initiating explosives with the Emign Bickford
 Company USA was being implemented.
 
 - The launch of international ICI brands `Weathershield' and
 `Duette'
 added strength to the production fortfolio.
 
 1996 
 
 - A Joint venture with The Ensign Bickford Company, USA initiating
 Explosives Systems India Ltd. was formed.
 
 - A new paints plant at Thane was commissioned in December.
 
 1997 
 
 - The new state-of-the-art 20 million litres per annum automotive
 refinish and decorative paint manufacturing facility was
 commissioned
 in March 1998 at Mohali near Chandigarh.
 
 - New products like Lignocaine Buprenorphine, Neostignine, Maxigard
 and
 ICIDIL were launched.
 
 - Imperial Chemical Industries plc., U.K. the holding Company, holds
 2,07,76,213 No. of equity shares of the Company.
 
 1998
 
 - ICI (India) Limited is set to form a joint venture company with
 Herberts of Germany for manufacturing and marketing automotive
 paints
 in India and the Asia Pacific regions.  The two companies have
 already
 entered into a technical tie-up for manufacturing and marketing
 automotive coating in India and Asia.
 
 - ICI India, a subsidiary of Imperial Chemical Industries Plc of UK,
 signed a joint venture with Gujarat State Fertilisers and Chemicals
 (GSFC) to market acrylics products of GSFC.
 
 - ICI India Ltd. a partly owned subsidiary of ICI plc of the UK, has
 acquired the nitrocellulose business of Asha Nitrochem Industries
 Ltd.
 at Valsad in Gujarat.
 
 - ICI which has set up new paint factories at Thane, and Mohali in
 Maharashtra is slated to commission another plant at Chennai.
 
 - An agreement has been entered into with Zeneca Ltd. of UK for the
 sale of ICI India's 49 per cent shareholding in Zeneca ICI
 Agrochemicals Ltd.
 
 - The company has also entered into an agreement with Nalco
 Chemicals,
 USA, for the sale of its 40 per cent shareholding Nalco Chemicals
 India
 Ltd.
 
 1999 
 
 - Initiating Explosive Systems India Ltd, ICI India's joint venture
 with The Ensign Bickford Company (EBCo) of the US, is all set to
 introduce the EXEL, Handide range of detonators in the country.
 
 - The company has signed an agreement with Orica Investment Pvt. 
 Ltd.,
 Australia, a subsidiary of Orica Ltd for transfer of its explosives
 business, including its shareholding in the share capital of IES
 India
 Ltd., to Indian Explosive Ltd., a joint venture to be established
 with
 orica Ltd.  The company will hold 51 per cent of the issued share
 capital of Indian Explosives Ltd. and the balance 49 per cent will
 be
 held by Orica Ltd.
 
 2000 
 
 - ICI India Ltd, subsidiary of ICI Plc of the UK, has embarked on a
 restructuring drive to focus on specialty products and paints to
 align
 businesses in line with the global parent.
 
 - ICI India Ltd, a subsidiary of British multinational ICI Plc, is
 open
 to acquisitions of brands and companies that synergise with its core
 competency and portfolio.
 
 - ICI India is exiting from the polyurethane business by selling off
 the business to Huntsman Corporation of US.  The Company is also
 hiving
 off its motor and industry paint business into a 50:50 joint venture
 with Berger Paints.
 
 2002 
 
 - ICI India is set to enter the flavours & fragrances business, and
 has
 commissioned an in-house study of the market.
 
 - ICI India Ltd has decided to redesignate the following Wholetime
 Directors with effect from April 01, 2002. 1. Mr R L Jain whose
 current
 designation is Wholetime Director and Chief Operating Officer will
 be
 designated Wholetime Director and Chief Executive Officer, Paints.
 2.
 Mr M R Rajaram whose current designation is Wholetime Director will
 be
 designated Whole Director and Chief Financial Officer.
 
 -ICI India transfers pharmaceuticals business to Nicholas Piramal.
 
 -ICI India Ltd has informed BSE that Mr Suresh Chandra, a nominee of
 the Government of India, has resigned and ceased to be a Director of
 the Company w e f July 05, 2002.
 
 -Sudhir Krishna appointed as Director of ICI India.
 
 2003
 
 -ICI India announces change in the management
 1. Mr Ashok Ganguly, Chairman has decided to retire
 2. Mr Aditya Narayan, MD has decided to resign 
 3. Mr Rajiv Jain has been appointed as MD along with current role as
 CEO.
 
 -ICI India has reported a 34% growth in the net profit at Rs.
 107.7cr.
 
 -ICI India has entered into an agreement with Orica Investment Pvt
 Ltd of Australia
 for the sale of its 51% holding in Indian Explosive ltd for a
 consideration of Rs.666.4 miilion
 
 2004
 
 -ICI India to seek members Approval to divest Nitrocellulose and
 Trading Businesses through Postal Ballot
 
 -ICI India Ltd has informed that Mr Sudhir Krishna, a nominee of the
 Government of India, has ceased to be a Director of the company wef
 January 21, 2004.
 
 -ICI Paints introduces Supergloss 5-in1, a unique enamel paint for
 wood and metal surfaces.
 
 -Nitrocellulose and Trading business transferred to Nitrex Chemicals
 India Pvt. Ltd.
 
 -Unveils new acrylic latex based paints Dulux Weathershield Max and
 Tileshield for exterior walls and roof tiles respectively in the
 Kerala market
 
 2006
 
 -ICI India, paint division, launched its Dulux ColourFutures 2006,
 new range of shades based of annual forecast of international colour
 trends, in the city on March 18.
 
 -ICI Paints has launched Inspira, 4-wall finish super premium paint,
 in the Kerala market.
 
 2007
 
 -ICI India Ltd has informed that the registered office of the Company
 has been shifted from Chowringhee Road, Kolkata to Middleton Street,
 Kolkata with effect from January 08, 2007.
 
 - ICI India Ltd has appointed Mr. Sandeep Batra as a Whole-time
 Director of the Company with effect from April 01, 2007.
 
 -Registered Office of the Company has been shifted From Chowringhee
 Road, Kolkata to Middleton Street, Kolkata
 
 2008
 
 -ICI India Ltd has appointed.Mr. A J Britt has been appointed as a
 Director of the Company w.e.f. May 12, 2008.
 
 2009
 
 - ICI India Ltd has appointed Mr. Nihal Kaviratne as an Additional
 Director of the Company w.e.f. March 30, 2009.
 
 - ICI India Ltd, the domestic subsidiary of AkzoNobel's decorative
 paints business, has announced the appointment of Mr Amit Jain as its
 Managing Director (MD). Mr Jain, who will be relieving Mr Rajiv Jain
 from this position, was earlier with MTV Networks, Coca-Cola and
 Viacom-18.
 
 2010
 
 -AkzoNobel was one of the big winners at this week’s inaugural
 Transform Awards, the UK’s only dedicated celebration of rebranding,
 brand transformation and reputational change.
 
 -AkzoNobel to add new plant at Ningbo site in China.
 
 -AkzoNobel formally acquires Dow powder business  
 
 -Company has changed its name from ICI (India) Ltd. to Akzo Nobel
 India Ltd.                                                      
                                                           
 2011
 
 -A new steam pipeline installed as part of a joint project between
 AkzoNobel and Dutch waste processing company 
 
 -AkzoNobel's Let's Color film wins prestigious TED award 
 
 -AkzoNobel completes acquisition of Schramm Holding AG  
 
 2012
 --AkzoNobel completes acquisition of Chinese surfactants producer 
 
 -AkzoNobel has cemented its position as a global sustainability
 leader after being ranked in first place in the Chemicals supersector
 on the prestigious Dow Jones Sustainability World Indexes (DJSI) 
 
 -AkzoNobel Wins European Responsible Care Award 
 
 
 
 
 
 
 
 
 
Source : Dion Global Solutions Limited
Quick Links for Akzo Nobel India
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.