- 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
Manufacture Compressors, heat transfer coils and air-conditioners.
- The Company undertook to set up a project at an estimated cost of
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
air conditioners 10,000 units per annum of Air handling unit and
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
- 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.
- 62,48,000 No. of equity shares issued at par of which the
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
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
taken up). The remaining 26,47,500 shares, along with the
portion of 3,11,400 shares from the employees quota, were offered
public subscription during December.
- 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
- Production of chilled water cooling coils using fin stock pressed
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
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
shares taken up) and
- (iii) 1,38,889 to Carrier Corporation, U.S.A., only in the event
to the extent of subscription of shares by employees to enable them
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
of 1,88,333 No. of equity shares out of the employees quota was
- The company's second Rights Issue of Shares in December, 1990 had
been oversubscribed , and the company has retained 15% of the
- The Company introduced its line of air-cooled chillers and advanced
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.
- During the year, the Company absorbed new technology for
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
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
- Carrier aircon proposed to participate in the marketing of the
Kirloskar Pneumatic products.
- 42,94,335 shares allotted to collaborators to maintain their
at 51%. As on 31st March 1995, the collaborator held 119,46,056
- Shri A.K. Vadehra, nominee of IFCI, has resigned as Director of
Company on 27th March, 1995, and Shri M.A. Krishnamurthy has been
appointed from the same date as IFCI's nominee on your Board.
- Shri S. Lahiri, Managing Director of the Company expired on 25th
- 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,
- Shri M.A. Krishnamurthy, Nominee of IFCI, has resigned as Director
the Company on 23rd March.
- The Company started making airside equipment at our Gurgaon plant
the late 80s and entered the chiller business in 1993/94. Earlier
the Company set a new path when providing a full range of ducted and
non-ducted systems. When the Company entered the chillers, they
again embarked on a new path and came out with factory-built
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.
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.
- The Company has taken group policy with Life Insurance Corporation
India to cover its liability towards employee gratuity, as
- 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.
- The Company has opened a genuine air conditioning and
spares shop in Chennai.
- 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
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
for acquiring 49 per cent stake in the Indian company at Rs 100 per
- 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
also elected him to the board.
-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
-Six leading exclusive dealers of the company joined hands with
--Appoints Mr Neville Moos as the Vice Chairman and MD of the