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Blue Star
BSE: 500067|NSE: BLUESTARCO|ISIN: INE472A01039|SECTOR: Consumer Goods - White Goods
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Company History - Blue Star
YEAR                                                          EVENTS
 1949 - The Company was Incorporated on 20th January, at Mumbai.  The
              Company manufacture commercial refrigeration equipment
 including
               water coolers, beverage coolers, bulk ice markets, deep
 freezers,
              pre-fabricated walk-in-collers, packaged
 air-conditioners and
             components for large central refrigeration and
 air-conditioning
             plants.  The Company also act as distributors for
 various
             products.
 
 1953 - The Companies at Calcutta, Chennai and Blue Star Industries,
              Mumbai and Blue Start Industries, Mumbai became wholly
 owned
             subsidiaries of the Company.
 
 1969 - The subsidiaries were amalgamated with the holding company
 which
              was then converted into a public limited company with
 the
              present name.
 
           - Prior to the public issue during the year, the capital
 comprised
             of 5,000 preference shares of Rs 100 each and 3,66,000
 No. of
             equity shares of Rs 10 each.  Out of these, 1,400 No. of
 equity
             shares were issued without payment in cash and 1,01,000
 No. of
             equity shares were issued as bonus.
 
 1970 - In November 1,14,500 Right Equity shares offered at par in
 the
             proportion 1:4 and allotted in early 1971.
 
 1974 - 425 Pref. Shares converted into 4,250 No. of equity shares in
             October.  2,13,525 Bonus Equity shares issued in prop.
 3:10 in
             November 1975.
 
 1976 - The Company had set up a joint venture in Dubai, with a local
              group of engineers, for design and installation of
 central
              air-conditioning and refrigeration systems.
 
 1979 - 4,62,637 Bonus equity shares issued in prop. 1:2.
 
 1980 - The Company set up a new unit at Bharuch, a backward area in
              Gujarat.  It was inaugurated on 8th December.
 
 1981 - The Company issued 50,000 redeemable rights debentures of Rs
 100
              each at par during March/May to the resident equity
 shareholders
              of the Company in the proportion 1 Debenture: 25 Equity.
  The
              Debentures carry interest at the rate of 13.5% with an
 additional
               interest of 1% per annum linked to the dividend rate. 
 The
              debentures are redeemable in two instalments of Rs 50
 each in the 
              eighth and ninth year after the date of allotment.
 
 1983 - The Company signed technical collaboration with York
               International, U.S.A. for the manufacture of
 centrifugal packaged
               chillers and air handling  units used in central air
 conditioning
               plants.
 
 1984 - Expansion of the Thane plant for manufacture of centrifugal
              packaged chillers as well as for the production of a new
 range of
              walk-in-coolers and air handling units was undertaken.
 
 1985 - The Company privately placed with UTI, LIC and GIC and its
              subsidiaries 15% secured redeemable non-convertible
 debentures
               for a total value of Rs 4 crores.
 
 1986 - Additional plant and machinery were installed for the
 indigenous
              manufacture of centra pack centrifugal chillers.
 
            - Industrial licence was sought for a project to
 manufacture
              computers, peripherals and instruments in a phased
 manner in
              association with Hewlett-Packard, U.S.A.
 
            - The Company had received a letter of intent for the
 manufacture
              of Electronic Private Automatic Branch Exchange (EPABX)
 and a
               technical collaboration agreement was signed with
              Jeumont-Schneider of France.  The Company also undertook
 to
              manufacture analytical instruments in Gandhinagar.
 
            - A new joint venture called Yokogawa Keonics Ltd., was
 set up with
               Yokogawa Electric Corporation (KEONICS) for the
 manufacture of
               centrum distributed control system and micro processor
 based
               single loop instruments.
 
            - 13,32,395 bonus equity shares issued in prop. 3:5.
 
 1987 - A new agreement was signed with York International, U.S.A.
 for
             manufacture of semi-hermetic reciprocating chillers in
 the range
             of 30 TR to 230 TR at the Thane factory.
 
 1989 - The Company introduced during the year reciprocating
 compressors
              in collaboration with York International USA.  Several
 new
              models of packaged air-conditioners, air handling unit
 and water
              coolers were introduced.
 
            - The Company allotted on a private placement basis 14%
 redeemable
               non-convertible debentures for a total value of Rs 5
 crores.
               These debentures were redeemable in four annual
 instalments
               commencing from 11th June, 1992.
 
 1990 - Several new models of split air-conditioners and a new line
 of
              key telephone systems were introduced during the year.
 
 1991 - Some of the new products introduced during the year were a
 new
              tine of refrigerators, full range of room and split
              air-conditioners, mini water cooler, mortuary chambers
 and an
              improved line of compact energy-efficient packaged
              air-conditioners.
 
            - The Company commenced manufacture of absorption of
 chillers with
               technolgy from Mitsubishi, Japan at the Thane factory. 
 Mini
               water coolers, mortuary chambers and an improved line
 of compact
               and energy efficient packaged air conditioners, were
               manufactured.
 
             - The range of EPABX and key telephone systems
 manufactured at
               Gandhinagar were rationalised by focussing on smaller
 system
                which were more suited to Indian business needs.
       
             - 35,53,054 bonus equity shares issued in prop. 1:1 and
 allotted in
               April 1991.
 
 1992 - 28,42,443 Rights shares issued in May 1993 (Prem. Rs 25;
 prop.
              2:5) 9,075 Pref. shares redeemed on 15.6.1993 pursuant
 to
              provisions of the Companies Act, 1956.
 
 1993 - Pursuant to a resolution taken up during the year the Company
             acquired the entire paid up capital in USIN
 International, USA,
             making it a wholly owned subsidiary of the Company.
 
 1994 - The Company entered into a joint venture in Malaysia.
  
            - 1,00,000 No. of equity shares allotted to company's
 employers
              under stock option scheme.
 
 1995 - The Company proposed to set up a plant for manufacture of
              state-of-the-art room, split and packaged air
 conditioners
              ranging from ITR to 20 TR capacities in technical
 collaboration
              with Rheem Manufacturing company, USA at Dadra.
 
           - During September, the Company issued 35,00,000 shares at
 a
             premium of Rs 47 per share to promoters group. 
 135,48,551 shares
             issued as bonus in prop. 1:1.
 
 1997 - The Company entered into technology tie-up with Kolpak,
 U.S.A.
              for coldrooms and Climatrol, Italy for double skin
 airhandling
              units.
 
            - The company also has technical collaborations with
 Mitsubishi,
               Japan; York International, US.
 
            - The company recently entered into an agreement with
               Holland-based Baan Infosystems, a major developer of
 enterprise
               resource planning (ERP) software, for providing
 solutions
               around Baan's products.
 
            - Blue Star has set up an ERP division within the
 international
               software division.
 
            - The company has recently commissioned the
 state-of-the-art
               plant at Dadara for producing ducted and non-ducted
               airconditioning equipment in collaboration with Rheem
 of the
               U.S. A higher growth rate is planned for international
 business
               in central airconditioning projects.  It has already
 entered
               UAE and Malaysian markets.
 
             - Bluestar has announced a short voluntary retirement
 scheme
                (VRS), which will be valid till October 31, 1997.
 
             - The air-conditioning major, Blue Star Ltd, is believed
 to be
                exploring the possibility of pulling out of the joint
 venture
                with Yokogawa.  The joint venture is engaged in
 manufacturing
                process control equipment.
 
              - Blue Star has a Software Centre in Bangalore and a
 wholly owned
                 subsidiary USIN Inc in California, USA.
 
              - Blue Star Ltd has inaugurated its new software
 development
                centre in Bangalore.  The centre is equipped to
 develop
                software for Hewlett Packard and its customers in the
 US,
                Europe and Asia Pacific.  The company also has two
 software
                development centres at Seepz, Mumbai for
 client-network
                applications.
 
           - During July, the company commissioned a facility for the
             manufacture of ducted and non ducted air-conditioners in
             collaboration with Rheem of USA.
  
 1998 - The joint ventures of the company are with Yokogawa and Stork
              Comprimo in India and with Arab Malaysa in Malaysia. 
 The
              business partners of the company include Mitsubishi,
 Electrolux,
              Racal, Heatcraft, York, Hitachi, Krautakraemer,
 Scientific
              Atlanta, Nicolet, Philips, Geho pumps, Neles Jamesbury
 and among
              other.
 
             - USIN International Inc., became a 100% subsidiary of
 the company
                marketing software services.
 
             - The company is the country's largest import house for
                professional electronic equipment and represents
 world-renowned
                manufacturers on an exclusive basis.  The range covers
 medical
                equipment, material testing machines, test and
 measuring
                 instruments, data communication systems and
 analytical
                 instruments.
 
              - The four companies with whom the manufacturing
 collaborations
                 have been signed are York International Corporation,
 Climatrol of
                 Italy, Kolpak of the US and Bohn, also of the US.
 
               - Blue Star is the country's largest player in the
 central
                 air-conditioning segment.  The company, which has an
 installed
                 capacity of 1 lakh units at the Dadra plant, is
 planning to
                 contract manufacture components as well as finished
 products
                  for its competitors.
 
               - Blue Star is also entering into a technical tie up
 with York
                 International Corporation of the US for screw
 chillers and
                 industrial refrigeration equipment.
 
              - The company has set up an ancillary unit in Billimora
 to
                manufacture ducts.  Another ancillary unit has been
 set up at
                Noida in collaboration with Waterloo Corporation, UK
 to
                manufacture grillers and diffusers.
 
             - Bajaj Auto Finance Ltd (BAFL), has entered into a
 tie-up with
               Godrej GE Appliances, Korean consumer durables
 conglomerate LG
               and air-conditioning major Blue Star to finance their
 consumer
                durables.
 
             - The company has entered into a manufacturing
 collaboration with
                 the US-based Kolpak, a leader in pre-fabricated PUF
 panels.  It
        has been in a tie-up with US refrigeration equipment major
 Bohn
        since 1995.
 
      - The company has set up special training centres at its
        manufacturing unit in Thane and regional office in Chennai.
 
      - The company has bagged its first renovation and modernisation
        project for the year from NTPC, Talcher, Orrisa.
 
      - Blue Star's brand name will change to Blue Star York from
 June
        onwards consequent upon York International Corporation's
        decision not to form an equity partnership in India and
 instead
        to expand its 15-year-old technical tie-up with Blue Star to
        cover the entire product range of the Indian air-conditioning
        and refrigeration company, Blue Star vice-president Neeraj
        Seth informed.
 
      - A new company Blue Star Infotech (UK) Ltd., was incorporated
 in
        UK as a subsidiary of the company to tap the software market
 in
        Europe.
 
 1999 - Blue Star Ltd has signed a new technology transfer agreement
 for
              taking up manufacture of York's new range of
 air-conditioning
              equipment, in its Thane plant, within the next few
 months.
 
           - Blue Star has introduced new generation energy efficient
 packaged
             airconditioner fitted with imported Copeland Scroll
 compressors.
 
           - The company has entered into a strategic alliance with
 Racal
             Datacom, UK, for integrated services, digital network,
 fibre
             optics, etc.
 
 2000 - Blue Star Ltd. have become distributors in India for the high
 speed internet
              backbone routers of Juniper Networks Inc.
 
           - Thermal Engineering Systems of UK has entered into an
 exclusive manufacturing
              licence agreement with Blue Star, New Delhi, for
 manufacturing and selling its high
              humidity `Humidicoil' range of post harvest cooling
 systems in the country.
 
 2001 - Blue Star has launched a new range of sleek, sylish and
 contemporary turo rotary 
              room airconditioners.
 
 2002
 
 -Shareholders approve for the special resolution to buyback equity
 shares of the face value of Rs.10 each from open market through
 electronic trading mechanism of the exchange.
 
 -BOD delcares an interim dividend @ Rs 5.50 per equity share of Rs.10
 each.
 
 -Mr Uday S Kotak resigns from the Board of Directors of the company.
 
 -Launches a revolutionary Central and packaged airconditioning system
 to offer quantum leap in energy efficiency.
 
 2003
 
 -Appoints Mr Pradeep Mallick as the new Additional Director on the
 Board of the company.
 
 -Closes the Buyback scheme on Feb 3.
 
 -Inducts AFL Logistics for the complete transfer and warehousing of
 finished goods for a period of 2 years, with a view to outsource the
 logistics.
 
 -Mr Gurdip Singh appointed as the new Director of the company.
 
 -Changes in Management:
 Mr. Nawshir H Mirza appointed as an additional Director of the
 Company, Mr. Satish Jamdar has been elevated to the Board as an
 Executive Director of the Company, his promotion being effective from
 November 01, 2003.
 
 2004
 
 -Blue Star signs alliance pact with Hanbell for compressors
 
 -Blue Star Ltd has launched a series of contemporary technology
 airconditioning systems for a wide range of applications. 
 
 Tandem Scroll Chillers:
 It has upgraded its existing range of scroll chillers (10-39TR) range
 incorporating high efficiency Tandem Scroll compressors. With a
 multiple compressor design, these units give 15-17% better energy
 efficiency. They are also equipped with micro-processor controller
 with remote monitoring features.
 
 These units are available in air cooled (10-24-36 TR) and water
 cooled (11-26-39 TR) options and are ideal for small offices,
 residences, hotels, hospitals, etc.
 
 Special Application Chillers:
 Here is a new range created for process cooling applications. It
 comes in 4 models, all air cooled in the range of 5-15 TR with the
 larger 2 models incorporating 2 compressors each.
 
 Telecom Airconditioning System:
 Working in close coordination with Telecom players, the Company has
 developed a rugged highly reliable airconditioning unit for unmanned
 mobile shelters.
 
 When Reliance Telecom needed special airconditioning units for its
 network, Blue Star's R&D team worked with them and brought out a
 special unit incorporating scroll compressors for energy efficiency
 and bottom air discharge for installation convenience.
 
 Apart from telecom shelters, these units have found application in
 UPS control and other high heat generating applications.
 
 -Blue Star Limited has bagged a Rs 12-crore order for air
 conditioning the research and development (R&D) facility of Microsoft
 at Hyderabad
 
 - Blue Star Ltd introduces  new range of mega split air-conditioners
 for the light commercial market such as small offices and showrooms.
 The three-tonne air-conditioner is priced at Rs 47,000
 
 2005
 
 -Blue Star joins hand with FCE
 
 -Blue Star sets up new factory at Kala Amb in Himachal Pradesh
 
 2006
 
 -Blue Star ties up with ISA, Italy for Supermarket Refrigeration
 
 -Blue Star opts for a 5 for 1 stock split
 
 -Blue Star launches UVC Emitters to improve Indoor Air Quality
 
 -Company has splits its Face value of Shares from Rs 10 to Rs 2
 
 2007
 
 -Blue Star sets up its fifth factory at Wada, Thane District 
 
 -Blue Star and Arctic India join hands to promote Air Management
 
 
 2008
 
 --Blue Star to acquire Naseer Electricals
 
 -Blue Star bags Rs 104 crore order from Delhi Metro Rail Corporation
 Limited (DMRC) for 7 Underground Metro Stations.
 
 -Blue Star launches wide range of Star-rated Split Air-conditioners
 
 2009
 
 -Blue Star launches innovative cooling solution for storage of seeds
 
 -Blue Star to aggressively promote LEED consultancy services for
 Green Buildings
 
 -Blue Star bags order for airconditioning Raipur airport
 
 2010
 
 - Blue Star Ltd has appointed Mr. Vir S. Advani as a Wholetime
 Director of the Company with effect from July 01, 2010. The
 appointment will be subject to the approval of the shareholders at
 the forthcoming Annual General Meeting of the Company to be held on
 July 26, 2010.
 
 2011
 
 -Blue Star enters residential AC market 
 
 -Blue Star unveils new AC models 
 
 -Blue Star launches new range of Inverter Split ACs 
 
 -Blue Star Enters Kerala with Split Range of ACs 
 
 -Blue Star wins Rs 84-cr order from Bangalore Metro Rail 
 
 2012
 
 -Blue Star Ltd has proposed a Dividend of Rs. 1/- per equity share of
 Rs. 2/- each (50%).
Source : Dion Global Solutions Limited
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