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Bajaj Hindusthan
BSE: 500032|NSE: BAJAJHIND|ISIN: INE306A01021|SECTOR: Sugar
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Company History - Bajaj Hindusthan
Bajaj Hindusthan Limited (BHL) was incorporated on 23rd November, 1931
 under the name - The Hindusthan Sugar Mills Limited - on the
 initiative of Jamnalal Bajaj - a businessman, confidante, disciple
 and adopted son of Mahatma Gandhi. He sought Gandhiji's blessings in
 this new venture, which, apart from being a sound commercial
 proposition would also meet a national need. Till then, there were
 barely thirty sugar factories in the country. 
 The site selected for the first plant was at Golagokarannath,
 district Lakhimpur Kheri in the Terai region of Uttar Pradesh (UP),
 an area rich in sugar cane. The original crushing capacity of the
 factory was 400 tons of cane per day (tcd). Subsequently, this
 capacity was increased in stages and is currently 13,000 tcd. The
 distillery Unit at this plant commenced production during the end of
 World War II in 1944. In the initial few years, the major output was
 in the form of power alcohol as an additive to petrol, which was then
 in short supply. The unit was the first to supply alcohol-mixed petrol
 to the army. 
 
 YEAR                       EVENTS
 1931 - The Company was incorporated in 1931 at Mumbai.  The Company
        manufacture sugar and its allied products and cement.
 
 1968 - In December, 48,000 `A' Pref. shares offered for public
        subscription and 24,000 right equity shares offered at par
        in the proportion 1:6.
 
 1969 - 84,000 bonus equity shares issued in the proportion 1:3.
 
 1972 - 84,000 bonus equity shares issued in the proportion 1:3.
 
 1980 - The Cement factory at Udaipur started production from 26th
 March.
 
 1982 - 1,12,000 bonus equity shares issued in prop. 1:3.
 
 1985 - A sugar factory with 1,250 tonnes capacity per annum
 commenced
        operation at Sampornanagar in the cane supply zone of Gola
 Palia
        sugar factories.  Due to the Government's policy of importing
        sugar from foreign countries, free market prices remained
        subdued.
 
      - A stack reclaimer for uniform feeding of timertone and 2
 diesel
        sets of 4 MW each were installed during the year.  It was
        proposed to instal a X-Ray analyser and programmable logic
        controller (PLC) for computerised quality control of cement.
 
      - In order to meet part of the power requirements, additional
        diesel sets of total 10 MW capacity was proposed to be
 installed.  
 
      - 1,12,000 bonus equity shares issued in prop. 1:4.
 
 1986 - Government increased proportion of free sugar from 45% to
 50%.
  
      - The operations of Distillery  unit continued to be affected
        due to heavy duties levied by Government.
 
 1987 - The working of cement unit was adversely affectd due to
        depressed price realisation owing to over-supply of cement
        coupled with steep increase in the cost of various inputs.
 
 1988 - The name of the Company was changed from Hindustan Sugar
 Mills
        Ltd. to Bajaj Hindustan Ltd. on 27th June.
 
 1989 - The working of the Cement Division was not satisfactory due
 to
        all round increase in input costs.
 
      - During September/October, the company issued on rights basis
        10,00,000-14% secured redeemable non-convertible debentures of
 Rs
        100 each in proportion 9 debentures : 5 equity shares.  All
 were
        taken up.
 
 1990 - The working of the cement division suffered due to delay in
        stabilisation of the production process and labour problem.
 
      - Construction Boards Ltd., is a subsidiary of the company.
 
 1991 - With effect from 1st April, Sharda Sugar & Industries Ltd.
        (SSIL) was amalgamated with the Company.  As per the terms of
 the
        scheme 1,46,246 equity shares of Rs 10 each of the Company
 were
        allotted without payment in cash to members of SSIL in the
 ratio
        of 2 equity sharers of the Company for every 5 shares held in
        SSIL.  This allotment was made in early 1991.
 
      - Plant operations were completely suspended from 26th May to
 18th
        June 1991, and from 14th December, 1991 to the end of January
        1992.
 
      - The Company proposed to dispose of the cement unit in view of
        liquidity crunch and to rationalise the operations of the
        Company.  The Company entered into Agreement for sale of its
        current plant to S. K. Udaipur Udyog Ltd. (a company promoted
 by
        Straw Products Ltd.) for Rs 147.50 crores.
 
      - As per the terms of agreement 1,46,246 No. of equity shares
 were
        allotted as fully paid-up to the erstwhile shareholders of
 SSIL.
 
      - The Company held the entire share capital of 15,010 equity
 shares
        of Rs 100 each (Rs. 85 paid-up) and 15 equity shares of Rs
 100
        each fully paid-up of Construction Boards, Ltd.
 
      - In October/November, the Company issued 28,73,000 - 12.5%
 fully
        convertible debentures of Rs 40 each at par to the equity
        shareholders on rights basis in the proportion of 1 debenture
 : 2
        equity shares held.
 
      - The Company issued 14,25,000-14% non-convertible debentures of
 Rs
        100 each at par to the shareholders on rights basis in the
        proportion of 1 debenture : 4 equity shares held.
 
      - Another 71,250-14% non-convertible debentures were issued to
 the
        employees of the company.
 
      - Only 2,809 debentures were taken up.  The remaining 14,93,441
        debentures devolved on the underwriters.
 
      - The Company had on 23rd December, allotted 14,96,250 Secured
        Redeemable Non Convertible Debentures of Rs. 100/- each
        aggregating to Rs. 14,96,25,000 and 29,86,600 Fully
 Convertible
        Debentures of Rs. 40/- each for an aggregate amount of Rs.
        11,94,64,000.
 
 1992 - Production of industrial alcohol was lower at 150 lakh litres
        and 142 lakh litres respectively due to the partial control
 on
        molasses imposed by the U. P. Government.
 
      - 526 shallow borings were installed and 135 pump sets
 distributed,
        resulting in additional increase of 5260 acres under
 irrigation.
 
      - 21 India Mark II hand pumps were installed with assistance
 from
        CAPART and the Jamnalal Bajaj Foundation making safe drinking
        water facilities available to about 6300 villagers.
 
      - 90 ordinary hand pumps were installed on 50% subsidy to
 benefit
        about 900 villagers.
 
      - Company was the first to set up a full-scale Primary Effluent
        Treatment Plant way back in 1960.
 
      - The Company has since installed a full-scape Primary and
        Secondary Treatment Plants based on French technology for
        separately treating sugar factory's effluent with significant
        results.
 
 1993 - The Company has signed the Agreement for Sale (Memorandum of
        Understanding) on 10th June, and is likely to handover the
        possession of the Cement Plant.
 
 1994 - Production of industrial alcohol continued to decline to 65
        lakh litres and 38 lakh litres respectively due to the
        unfavourable policies of the government.
 
 1995 - 29,86,600 equity shares issued on conversion of 12.5% fully
        convertible debenture of Rs 40 each of which 28,73,000 shares
 and
        1,13,600 shares now allotted to the shareholders and
 employees
        respectively.
 
      - The Company has received a Letter of Intent from Central
        Government for installation of a new sugar plant at
 Shardanagar,
        Lakshimpur, Dist. Kheri, U.P. with a capacity of 2500 TCD.
 
 1996 - The Company Installed one No. Falling Film Evaporator body of
        3000 sq.m. heating surface to work as second body of D E V C
 to
        result in steam economy at evaporator station.
 
      - The Company Installed one No. Evaporator body of 1600 sq.m.
        heating surface and configuration of evaporator is made such
 that
        the plant can run continuously without periodical shut-downs
 for
        cleaning.
 
 1997 - The project of upgradation of the boiler and power stations
 at
        Palia has been commissioned in February.
 
      - Indian Institute of Sugarcane Research also established
        collaborative varietal selection trials at Company's research
        farm to identify appropriate varieties developed by them for
        cultivation in the area.
 
      - Company's research-cum-demonstration farm bagged 2nd highest
        sugarcane yield prize in the State with 189 Ton yield/Ha.
 
      - During the year, the free market sugar price constantly
 remained
        under pressure due to heavy sugar stocks which have also
 resulted
        in higher burden of interest on the Company.
 
      - Necessary modifications in the system have been done and
 energy 
        efficient Condensors have been installed for economy in use
 of
        energy.
 
      - Multistage Turbo Generator Set of 3 MW have been installed.
 
      - Installation of One No. 120 tons per strike capacity pan for
 'C' 
        massecuite boiling was commissioned.
 
 1998 - Dumping of sugar by countries like Pakistan, Brazil and a few
        others at cheaper rates have affected the domestic industry.
 
      - Launched the Minikit scheme under which 200 saplings of early
        varieties were given to farmers for multiplying their own
 seed
        for next crop planting.
 
      - The company treated 704 tonnes of sugarcane seed by Moist Hot
 Air
        Method and distributed 5643 Danti and Palkati and installed
 1350
        borrings and subsidised 290 D/Engines under irrigation scheme
 to
        cover about 5000 Ha area.
 
      - One Dynamic Steam swept Semikestner rising film evaporator
 body
        of 3000 mw H.S. has been installed to improve evaporation in
 the
        Double effect and Quad system.
 
      - One new low head centre steam entry design pan of 120 ton
 strike
        capacity is commissioned.  Two Nos. Continuous Centrifugal
 have
        also been added.
 
 1999 - During the year its Golagokarannath plant started crushing on
        November 22, 1998, and achieved installed capacity of 9000
 TCD,
        while its Paliakalan plant started crushing on November 30,
        1998, with an installed capacity of 7000 TCD.
 
      - The Gola and Palia units have introduced the early and high
        sugarcane varieties as available to the extent of 20% and 10%
        respectively.
 
      - The Company has entered into an Agreement with National
        Securities Depository Limited (`NSDL') to enable investors to
        hold and trade in Company's shares in electronic form with
 effect
        from 15.2.1999.
 
      - During the year heavy floods occurred in Gola and Palia areas
        affecting about 30,000 dwellers.
 
      - During the year Company also joined hands with Family
 Planning
        Association of India wherein a Project office is opened at
 Gola
        with necessary infrastructure.
 
      - Biomethanation plant of 750 M3 capacity per day has been
        installed and commissioned to treat the spent wash of the
        distillery.
 
 2002
 
 -Bajaj group increases its stake by acquiring 9.5% stake from UTI for
 Rs 7.9 crore
 
 -Bachhraj & Co. Pvt. Ltd. has acquired 4,50,000 shares amounting to
 5.153% and the shareholding after acquisition is 34,69,625 shares
 amounting to 39.730%. Jamnalal Sons Pvt. Ltd. has acquired 4,21,559
 shares amounting to 4.827% and the shareholding after acquisition is
 5,19,359 shares amounting to 5.946%. The combined total (for promoter
 group as a whole) are holding 8,71,559 shares amounting to 9.980% and
 the shareholding after acquisition is 39,88,984 shares amounting to
 45.677%. The mode of acquistion is through off-market purchases on
 August 19, 2002
 
 2003
 
 -Bajaj Hindusthan Ltd has informed that the Board of Directors of the
 Company at its meeting held on June 19, 2003 re-appointed Shri.
 Shishir Bajaj as a Managing Director for a period of 5 years w.e.f.
 July 1, 2003.
 
 -Acquires 5,000-tcd plant of Monnet Sugar in UP
 
 -First unit to crush 20 million quintals of cane during the drought
 year 2002-03 
 -Achieved record profit of Rs. 283.51 million in FY 2003 
 
 
 2004
 
 -Overtakes Balrampur Chini Mills to become the most profitable sugar
 company in the country
 
 -Bajaj Hindustan ties up term loans worth Rs 400 cr with SBI.
 
 -Bajaj Hindustan to acquire 24 UP sugar mills
 
 -New 7,000 TCD plant near Meerut commenced operations in November
 2004 
 
 
 2005
 
 -Bajaj Hindusthan raises US$ 100 mn through GDRs & FCCBs
 
 -Bajaj Hindusthan acquires Pratappur Sugar & Industries
 
 -Bajaj Hindusthan commissions three new sugar plants
 
 2006
 
 -Bajaj Hindusthan sets up 100% subsidiary to manufacture Medium
 Density Fibre and Particle Boards 
 
 -Bajaj Hindusthan's achieves 180% increases in Net Profit
 
 -Bajaj Hindusthan raises US $ 255.604 mn through GDRs and FCCBs
 
 2007
 
 -Bajaj Hindusthan Ltd has Appointed Mr. Kushagra Bajaj as Joint
 Managing Director of the Company for a period of 5 years w.e.f. April
 24, 2007.
 
 -Bajaj Hindusthan Ltd has appointed Mr. Kausik Adhikari, Asst.
 Company Secretary as Compliance Officer of the Company with effect
 from August 01, 2007.
 
 2008
 
 -Bajaj Hind to enter infrastructure sector
 
 2009
 
 - Bajaj Hindusthan Ltd has informed that the Board of Directors of
 the Company at its meeting held on March 12, 2009, has appointed Dr.
 Sanjeev Kumar, as a Whole-time Director on the Board of the Company
 with effect from March 12, 2009.
 
 2010
 
 -MOU signed between Government of Uttar Pradesh and Bajaj Hindusthan
 Ltd. for 1980 MW power project.
 
 -MOU signed between Government of Uttar Pradesh and Bajaj Hindusthan
 Ltd. for another 1980 MW thermal power project in Bargarh area of
 Chitrakoot District.
 
 2011
 
 -Bajaj Hindstn - Board recommended  Dividend of Rs 0.40 i.e (40%)
 
 -Bajaj Hindustan Ltd Issues Rights in the Ratio of 2:1
 
 2012
 
 -Kushagra Bajaj embarks on a power play.
 
 -BajajHindstn - Board recommends Dividend of Rs 0.10 i.e (10%)
 
Source : Dion Global Solutions Limited
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