1986 
 
 - The Company was Incorported on 24th December as a public limited
 Company.  The Company was promoted in technical and financial
 collaboration with Carrier Corporation, U.S.A. (Carrier).  The
 Company
 Manufacture Compressors, heat transfer coils and air-conditioners.
 
 - The Company undertook to set up a project at an estimated cost of
 Rs
 14.62 crores for the manufacture of 60,000 hermetically sealed
 compressors of 1.0, 1.5 and 2 tonnes capacities and 1,00,000 heat
 transfer coils per annum and 50,000 units per annum split type
 packaged
 air conditioners 10,000 units per annum of Air handling unit and
 25,000
 nos. per annum of window type air-conditioners.
 
 - The Company entered into a technical collaboration agreement with
 carrier for knowhow relating to transfer of technology, for
 installation and commissioning of the plant and training of the
 personnel.
 
 - 1,200 No. of equity shares subscribed for by signatories to the
 Memorandum of Association.  800 No. of equity shares allotted to
 Carrier Corporation Inc. U.S.A.
 
 1987 
 
 - 62,48,000 No. of equity shares issued at par of which the
 following
 shares were reserved and allotted:
 
 - (i) 24,99,200 shares to Carrier Corporation U.S.A. and
 
 - (ii) 7,88,800 shares to Indian resident directors, their friends
 etc.
 Of the balance 29,60,000 shares, 3,12,500 shares were reserved for
 allotment on a preferential basis to the employees (only 1,100
 shares
 taken up).  The remaining 26,47,500 shares, along with the
 unsubscribed
 portion of 3,11,400 shares from the employees quota, were offered
 for
 public subscription during December.
 
 1989
 
 - The range of products was broadened to include three sizes of
 compressors, four models of window room air-conditioners and
 contemporary split room air-conditioners of 1.5 tonnes capacity in
 two
 different applications.
 
 - Production of chilled water cooling coils using fin stock pressed
 in
 its own coil manufacturing facility and a 3-tonne ductable split
 air-conditioning package was launched.
 
 - The Company issued 45,13,880 No. of equity shares of Rs 10 each
 for
 cash at par as follows:
 
 - (i) 41,66,666 No. of equity shares as rights in the prop. 2:3 (all
 were taken up),
 
 - (ii) 2,08,333 shares to employees/workers of the Company (only
 20,000
 shares taken up) and
 
 - (iii) 1,38,889 to Carrier Corporation, U.S.A., only in the event
 and
 to the extent of subscription of shares by employees to enable them
 to
 maintain their equity at the existing level (only 13,334 shares were
 allotted to maintain their equity at the existing level as the
 employees did not take up all their quota).  The unsubscribed
 portion
 of 1,88,333 No. of equity shares out of the employees quota was
 allowed
 to lapse.
 
 1991 
 
 - The company's second Rights Issue of Shares in December, 1990 had
 been oversubscribed , and the company has retained 15% of the
 oversubscription .
 
 1992
 
 - The Company introduced its line of air-cooled chillers and advanced
 0
 design air handling units.  Technology was also absorbed for
 manufacture of condensing units for hi-wall type split air
 conditioners, 15 tonnes air cooled chillers and a new model fan coil
 units for underceiling and co-wall applications.
 
 1994 
 
 - During the year, the Company absorbed new technology for
 manufacture
 of products such as 40 LW type air handling units, new `hi-wall'
 split air conditioners, upgraded condensing units for split
 air-conditioners and 30 HW series water cooled chillers.
 
 - The Company proposed to take up distribution/agency of Carrier
 Aircon.  Carrier Corporation, U.S.A., had entered into a Memorandum
 of
 Understanding with Kirloskar Pneumatic Co. Ltd., for transfer of
 technology relating to single package cooling units, open drive
 centrifugal liquid chillers, etc., for modernisation and upgradation
 of
 its products.
 
 - Carrier aircon proposed to participate in the marketing of the
 said
 Kirloskar Pneumatic products.
 
 - 42,94,335 shares allotted to collaborators to maintain their
 holding
 at 51%.  As on 31st March 1995, the collaborator held 119,46,056
 shares.
 
 1995 
 
 - Shri A.K. Vadehra, nominee of IFCI, has resigned as Director of
 your
 Company on 27th March, 1995, and Shri M.A. Krishnamurthy has been
 appointed from the same date as IFCI's nominee on your Board.
 
 1996 
 
 - Shri S. Lahiri, Managing Director of the Company expired on 25th
 July,
 
 - Carrier Aircon is one of the largest manufacturers of
 air-conditioners (ACs) in the domestic market and makes the widest
 range of ACs in the country.  Its plant is located in Gurgaon,
 Haryana.
 
 - Shri M.A. Krishnamurthy, Nominee of IFCI, has resigned as Director
 of
 the Company on 23rd March.
 
 1998
 
 - The Company started making airside equipment at our Gurgaon plant
 in
 the late 80s and entered the chiller business in 1993/94.  Earlier
 on
 the Company set a new path when providing a full range of ducted and
 non-ducted systems.  When the Company entered the chillers, they
 once
 again embarked on a new path and came out with factory-built
 air-cooled
 chillers for the first time in India.
 
 - The Company has also introduced remote monitoring of the heavy
 equipment and there is a great deal of customer interest in this. 
 They
 are also in the process of increasing market penetration by building
 contracting capabilities of their dealers, so that there is a wider
 spread to satisfy customer needs.
 
 1999 
 
 - The Company has taken group policy with Life Insurance Corporation
 of
 India to cover its liability towards employee gratuity, as
 appropriate.
 
 - The Company has been implementing a comprehensive program towards
 eliminating any known risks to its IT systems and equipment that
 adversely impact its business continuity due to the Y2K issues.  
 
 2000 
 
 - The Company has opened a genuine air conditioning and
 refrigeration
 spares shop in Chennai.
 
 2001 
 
 - A fire had broken out in the company's godown at Kolkata at around
 11.00 am. on April 1 and cause of the fire or the extent of the loss
 is
 yet to be ascertained.
 
 - A 50 per cent fall in net profit and mounting competition in
 air-conditioning market, Carrier Mauritius has launched an open
 offer
 for acquiring 49 per cent stake in the Indian company at Rs 100 per
 share
 
 - The board of directors of Carrier Aircon Ltd has accepted the
 resignation of Mr Anil Srivastava as the Managing Director. Mr
 Srivastava will henceforth serve as an advisor to the company.  The
 board also named Mr G. Raghavan as the President of Carrier Aircon
 and
 also elected him to the board.
 
 2002
 
 -Grey Worldwide to handle Carrier Aircon's Advertising business with
 effect from 2002.
 
 -Carries out a feasibility study for its food services business.
 
 -Carrier Mauritius through open market acquires equity shares of
 Carrier India at a maximum price of Rs.99 per share.
 
 -Carrier Corporation increases its holding in its Indian Subsidiary
 Carrier Aircon by acquiring over 90%  through an open offer.
 
 -Carrier International Mauritius makes final offer to the
 shareholders of Carrier Aircon to acquire 8.84% equity share
 capital.
 
 -Six leading exclusive dealers of the company joined hands with
 Samsung India.
 
 2003
 
 --Appoints Mr Neville Moos as the Vice Chairman and MD of the
 company.