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Escorts
BSE: 500495|NSE: ESCORTS|ISIN: INE042A01014|SECTOR: Auto - Tractors
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Company History - Escorts
1947
 
 - After partition the Registered office of the Company was shifted
 from
 Lahore to New Delhi.  The name of the Company was changed from
 Escorts
 (Agents) Pvt. Ltd., to Escorts Ltd. upon its conversion into a
 public
 company.
 
 1959
 
 - The Company was Incorporated on 21st December, at Lahore.  The
 Company manufactures motor cycles, tractors, automotive parts,
 railway
 shock absorbers, agricultural implements, X-rays equipment, heating
 elements, etc.
 
 - The Company has been functioning as a representative of well-known
 foreign manufacturers like M.A.N. Company of the United States,
 Massey
 Ferguson of the United Kingdom and Canada and several others.
 
 - The Company has an all-round sales and service organisation and
 has
 put up in conjunction with Garden Reach Workshops, Calcutta, a
 marine
 service base for servicing ocean going vessels equipped with M.A.N.
 promulsion and auxiliary engines.  The Company has a network of
 all-India dealers for sale of products manufactured by itself and by
 its subsidiaries.
 
 - Capital structure reorganised.  Equity and `A' Equity shares
 converted into one class of Rs 10 each.  200 Pref. shares were
 subscribed for.  2,000 Pref. and 17,500 No. of Equity shares
 allotted
 to M/s. Mahle Komm-Ges, West Germany, against supply of machinery
 and
 technical know-how.  The remaining shares issued as rights.  The new
 pref. shares redeemable after 5 years from the date of issue at the
 Company's option.
 
 1960
 
 - The Company commenced the manufacture of pistons and established
 at
 Bahadurgarh, near Patiala, in collaboration with Mahle Komm-Ges Bad
 Constatt, West Germany.
 
 - The Company undertook a phased expansion of the installed capacity
 of
 pistons from 7,21,000 to 10,80,000 numbers per annum and the
 installed
 capacity of piston pins from 6,60,000 to 9,90,000 numbers per annum.
 
 1962
 
 - The Company commenced commercial production of X-ray equipment,
 railway shock absorbers and heating equipments in technical
 collaboration with the Westinghouse Trading Co. (Asia) Ltd., New
 York,
 Eheimmetall GmbH, West Germany and Eltra K. G., West Germany
 respectively.
 
 1965
 
 - The Company entered into a technical collaboration agreement for
 the
 manufacture of transmission and gears for Escort tractors with
 Motoimport Warszawal, Poland, by outright purchase of drawings.
 
 - The Company acquired near its existing plant at Faridabad, an area
 of
 23 acres together with 55,000 sq. ft. of built-up space at a cost of
 Rs
 43 lakhs for scientific research activities.
 
 1968
 
 - 1,229 Pref. shares in 1968 and 336 Pref. shares in 1969 subscribed
 for.  In Dec. 1969, 580,608 Bonus Equity shares issued in prop. 1:4.
 25,000 9.5% `A' Pref. shares offered to public in Aug.1969
 (redeemable
 on 15-8-1981).
 
 1970
 
 - 580,608 Right Equity shares issued at a premium of Rs 4 per share
 in
 the proportion 1:5.
 
 1973
 
 - The Company undertook to set up a 100% export oriented unit for
 the
 production of X-ray equipment in the Santacruz project area, in
 collaboration with Compagnie General de Radiologie who brought over
 Westinghouse Manufacturing Company, under the name CGR India Ltd.,
 was
 incorporated
 
 1974
 
 - 17,41,824 Bonus Equity shares issued in the proportion 1:2.
 
 1977
 
 - 31,35,283 Bonus Equity shares issued on 31-12-1977 in prop. 3:5.
 
 1978 
 
 - The following contracts were secured for execution (i) Farm
 implements manufacturing plant, (ii) Bicycle assembly plant and
 (iii)
 Raw material sold to support PVC plant.
 
 1979
 
 - The Company concluded an agreement with Andhra Pradesh Scooters
 Ltd.,
 to produce Rajdoot motorcycles in their plants at Hyderabad for
 distribution in Southern States.  The Company was to undertake, in
 due
 course, production of scooters for Andhra Pradesh Scooters Ltd., for
 distribution in Northern States.
 
 - 50,16,453 bonus equity shares issued in prop. 3:5.
  
 1980 
 
 - A new tractor model Escort-345 was introduced in the first quarter
 of
 the year.
 
 1981
 
 
 - Towards the end of the year, Escort-355 tractor with three
 cylinder
 and 47 HP engine was introduced.
 
 1985
 
 - The Company commissioned a project for the manufacture of 1,50,000
 -
 100 cc motor cycles per annum in technical collaboration with Yamaha
 of
 Japan.
 
 - Other products proposed to be manufactured were paddy
 transplanters,
 a small size tractor in collaboration with Japan, boilers and other
 equipment for collection of bio-mass from straw and other
 agricultural
 wastes.
 
 - Government approval was obtained for a new range of road
 construction
 machinery i.e. paver finishers butimen distributors, aggregate
 spreaders, pavement profilers, etc.  Approval was sought for the
 manufacture of vibratory compactors in collaboration with Dynapac of
 Sweden.
 
 - During July the Company issued 20,00,000-15% non-convertible
 debentures of Rs 100 each for Rs 20 crores and offered them as
 rights
 to its resident Indian equity shareholders.  The Company allotted a
 further 10,00,000-15% debentures to retain the excess subscription. 
 Rs
 27.90 crores out of this issue of Rs 30 crores was utilised for
 working
 capital and the balance Rs 2.10 crores for normal capital
 expenditure.
 
 1986
 
 - The Company undertook expansion of the installed capacity of shock
 absorbers to 15 lakh numbers, in technical collaboration with
 Bilstein
 AG of West Germany.  The Company also introduced disk brakes for
 Indian
 Railways.
 
 - It was proposed to introduce tractors with engine capacity below
 1,800 cc for which excise duty exemption was announced.
 
 - The Company entered into a technical collaboration agreement with
 Mercury Marine (Brunswick Group), U.S.A. for the manufacture of
 24,000
 outboard motors per annum.
 
 - The Company established facilities for the manufacture of nearly
 5,000 line sets of electronic telephone exchanges (EPABX) in
 collaboration with Jeumant Schneider of France.
 
 - The Company proposed to manufacture the fuel efficient Citroen 2
 CV(6) car in collaboration with Citroen of France.
 
 - During February 15% secured redeemable debentures of the aggregate
 value of Rs 5 crores were privately placed with Army Group Insurance
 Fund.
 
 1987
 
 - During June the Company issued 10,00,000-12,5% fully convertible
 debentures of Rs 350 each.  Out of this, 3,00,000 debentures were
 offered to the existing equity shareholders of the Company as rights
 in
 proportion 1 Deb.: 71 No. of Equity shares (all were taken up).
 
 - Out of the remaining 7,00,000 debentures, the following debentures
 were reserved for preferential allotment; (i) 50,000 debentures to
 employees and working directors of the Company and (ii) 1,40,00
 debentures to non-resident Indians on repatriation basis.  The
 remaining 5,10,000 debentures, along with the unsubscribed portion
 of
 1,03,085 debentures were offered for public subscription during
 June.
 
 - Additional, 2,50,000 debentures were allotted to retain over
 subscription.  (75,000 debentures to equity shareholders of the
 Company
 and 1,75,000 debentures to the public).
 
 - As per the terms of the issue, on 31st December, Rs 175 was
 converted
 into 5 fully paid-up equity shares of Rs 10 each at a premium of Rs
 25
 per share and on 30th June, 1988, the remaining Rs 175 was converted
 into 5 fully paid-up equity shares of Rs 10 each at a premium of Rs
 25
 per share.
 
 - 80,26,325 bonus equity shares issued in prop. 3:5 and were
 allotted
 on 30.3.1987.  All Pref. shares redeemed on 30.11.1987.  62,50,000
 No.
 of equity shares allotted (prem. Rs 25 per share) on 31.12.1987 in
 conversion of debentures.
 
 1988
 
 - 62,50,000 No. of Equity shares issued (prem. Rs 25/- per share) in
 conversion of 12.5% debentures.
 
 1990
 
 - The Company privately placed with financial institutions
 35,00,000-14% secured redeemable non-convertible debentures of Rs
 100
 each.  The debentures are redeemable in three equal instalments on
 the
 expiry of the 6th, 7th and 8th years from the date of allotment of
 the
 debentures.
 
 1994
 
 - The new products i.e., 3 cylinder engine tractor and a 50cc Moped
 were launched.
 
 1995
 
 - Escorts 40 H.P. and two models of Farmtrac, VIZ 50 and 60 H.P.
 tractors were introduced.  The Company combined all synagestic
 product
 activities in Escorts group of companies into independent and
 autonomous entities.
 
 - Escorts Tractors Ltd. was merged with the company effective 1st
 April.  The shareholders issued 3 equity shares of the company for
 every two equity shares of erstwhile Escorts Tractors Ltd. 
 Accordingly
 227,75,452 No. of equity shares of the company was allotted.
 
 - Escorts JCB Ltd., Escorts Class Ltd., Escorts Automotive Ltd.,
 Escorts Herion Ltd., Escorts Communications Ltd., Escorts
 Construction
 Equipment Ltd., Escorts Finance Investments & Leasing Ltd. are all
 subsidiaries of the Company.
 
 - 27,04,226 No. of Equity shares (prem. Rs 130.17) allotted to
 promoters on conversion of warrants.  22,775,452 shares allotted to
 shareholders of erstwhile Escorts Tractors Ltd.
 
 1996
 
 - The Company proposed to set up a joint venture company with equity
 participation from Mahle GmbH (Germany).  Piston manufacturing
 activity
 of the company was proposed to be transferred to the said joint
 venture
 company.
 
 - The Company has decided to form a joint venture to manufacture
 shock
 absorbers.  Company is at advanced stage of negotiations with M/s.
 COFAP of Brazil.
 
 - Company has decided to Spun off Escorts Hospital & Research Centre
 into a seperate corporate entity.
 
 - The Escorts Employees Ancillaries Ltd. manufactures carburettors
 presently catering to the needs of Rajdoot motorcycles.  More
 components like nipples, spokes, etc., were being added with
 technical
 know-how from Japanese manufacturers.
 
 - 56,56,381 No. of equity shares allotted on conversion of warrants
 at
 a price of Rs 35 per share.  1,24,059 No. of equity shares allotted
 on
 conversion of warrants issued to the shareholders of erstwhile
 Escorts
 Tractors Ltd. at a price of Rs 33.33 per share.
 
 1997
 
 - The Company undertook to set up a tractor plant with a capacity of
 18,000 tractors p.a. with a total cost of Rs 200 crores at
 Ranjangaon
 in Maharashtra.
 
 - The Company has entered into a joint venture with Carraro SPA of
 Italy and promoted a joint venture company under the brand name
 Carraro
 India Ltd. to manufacture transmission to be used in its higher HP
 range of tractors at a cost of Rs 110 crores.
 
 - 83,956 shares issued against warrants of erstwhile Escorts
 Tractors
 Ltd. 28,17,456 No. of equity shares issued on conversion of
 warrants.
 
 - Escorts Ltd has recently entered into a joint venture agreement
 with
 Yamaha Motor Co Ltd of Japan for setting up a new venture Escorts
 Yamaha Motor Ltd (EYML) on the basis of equal participation in
 capital.
 
 
 - Escorts has also signed a 50:50 joint venture agreement with Mahle
 GmbH of Germany to manufacture automotive and railway pistons,
 gudgeon
 pins.  This venture would take over Escorts existing plant in
 Bangalore
 and Patiala.
 
 - The Rs.2,900-crore Escorts group of companies is setting up a
 Rs.250-crore industrial complex at Ranjangaon in Pune.
 
 - Hughes Escorts Communications (HECL) a joint venture between
 Hughes
 Network Systems Inc (HNS) and Escorts, announced a tie-up with
 Datacraft RPG to market satellite based wide area communications
 solutions.  Under the agreement, Datacraft RPG will be a marketing
 associate, offering HECL's V-sat based communications network as
 part
 of the integrated solutions designed for its customers.
 
 - Escorts Ltd. transport and agri-equipment company, is exploring
 the
 possibility of tying up with Yanmar of Japan for manufacturing high
 speed paddy transplanters in India.
   
 - Escorts Yamaha Motor Ltd. (EYML), launched a brand new motorcycle,
 the RXZ.
 
 - Escorts Yamaha Motor Ltd (EYML), has been awarded the ISO-9001
 certificate by TUV Bayern for its manufacturing facility at
 Faridabad.
 
 - Carraro India Ltd, a 51:49 joint venture between the 0-million
 Carraro SpA of Italy and the Rs 1,650 crore Escorts ltd, has tied up
 its entire debt with IFC Washington and Exim bank.
 
 1998
 
 - The company has signed an MoU with Long Manufacturing Inc.
 
 - Close on the heels of the introduction of sporty look Yamaha RXZ
 late
 last year, SMM Escorts and Escorts Yamaha Motor Limited (EYML), the
 joint venture between Escorts Limited and the Yamaha Company Limited
 of
 Japan have launched yet another new model - Yamaha RX-135 - in
 Maharashtra.
 
 - Escorts Limited, the flagship company of the Rs.3,500 crore
 Escorts
 Group, which is engaged in the manufacture of tractors, has signed
 an
 MoU (Memorandum of Understanding) with an American company at North
 Carolina to acquire 49 per cent equity worth  million.
 
 - Escorts Yamaha has launched Yamalube, a two-stroke motor oil,
 developed by Yamaha Motor Corporation, Japan.
 
 - The Company's turnover declined to Rs.1319.70 crores due to
 depressed
 market conditions.
 
 - The Company launched a new `Powertrac' range of tractors with
 vastly
 improved engine performance, fuel consumption and meeting the
 emission
 norms not only in the domestic markets but also complying with very
 stringent EPA norms prescribed in the USA and other overseas
 markets.
 
 - 10,96,672 No. of equity shares of Rs.10 each (prem. Rs.25 per
 share)
 allotted against detachable warrants.  30,00,000 No. of equity
 shares
 allotted against warrants which were issued to the employees under
 ESOS
 on preferential basis.  Another 70,505 No.  of equity shares of
 Rs.10
 each (prem. Rs.25 per share) allotted against detachable warrants.
 
 1999
 
 - Escorts Ltd, the second largest tractor manufacturer in the
 country,
 is set to launch its new tractor, Farmtrack 45, in the US next month
 after a silent entry in the domestic markets in August last.
 
 - The fall in profits is mainly due to the labour strike which
 lasted
 for 70 days and resulted in production loss.
 
 2000
 
 - The Company has approved the proposal to divest 24 per cent equity
 in
 Escorts Yahmaha Motor Ltd (EYML), a joint venture between Escorts
 Ltd
 and Yamaha Motor Co. (YMC), Japan, manufacturing a wide range of
 motorcycles in India for the domestic market and exports.
 
 - The Company has launched Esconet Services Limited.  This company is
 a
 100% subsidiary of Escorts Limited.
 
 - The Company has launched its wheel type crop harvestor.
 
 - ICRA has downgraded the rating assigned to the Rs 75-crore NCD
 programme of Escorts Ltd. from `MAA' to `MAA+'.  ICRA has retained
 the
 `A1+' assigned to the Rs 75-crore commercial paper programme of EL.
 
 - Yamaha Motor Escorts Ltd. the joint venture between Yamaha Motor
 Co.
 Ltd.  of Japan and the Delhi-based Escorts group, has launched a new
 100cc four stroke motorcycle (Crux).
 
 - The Company will be launching tractors with higher horse power in
 the
 range of 60hp - Farmtrac 70 - by end of December, in a bid to push
 its
 market share to over 22 per cent.  2001
 
 - On June 13th Escort withdraws from Yamaha JV. Yamaha set to buy
 out
 Escorts share in their Indian joint venture, by June 30, Yamaha
 India
 becomes the first 100% subsidiary in Asia for the Japanese
 motorcycle
 company.
 
 - The Rs 3,200-crore, Delhi-based Escorts Group has launched iServ
 India Solutions Pvt Ltd, a wholly-owned subsidiary with services to
 address the demand for information technology (IT) infrastructure
 related corporate solutions.
 
 2002
 
 -Escorts Ltd on July 12, 2002 announced the divestment of its equity
 in Escorts JCB Ltd & Escorts Class Ltd in favour of its joint venture
 partners, J C Bamford UK and Claas (Germany) respectively.
 
 -Escorts Ltd has entered into an agreement to sell its entire 60%
 equity holding in Escorts Class Ltd for a consideration of 13.2
 million Euros (approx. Rs.63 crs as per the current exchange rates).
 
 -Escorts Ltd has informed BSE that Mr Mantosh Sondhi, Director of the
 Company has expired on October 29, 2002.
 
 2003
 
 -Mr Jahar Sengupta, Director of the company expires.
 
 -Punjab Agro Industries Corporation signs a Memorandum with Escorts
 Ltd to 
 undertake contract farming.
 
 -Escorts successfully implements Oracle e-biz suite to increase the
 effeciency.
 
 -The company entered into an agreement  with UCO Bank, to provide 100
 per cent finance to farmers buying tractors.
 
 -Escorts Ltd sells off its stake in Escorts JCB
 
 
 2004
 
 -Escorts Boards decides to sell holdings in mobile telecom
 subsidiaries to Idea Cellular
 
 -Escorts Ltd has informed that Mr. Anil Nanda has ceased to be
 Managing Director of the Company. He will, however, continue to be a
 Director and Vice Chairman of the Company.
 
 -Escorts Ltd has tied up with Bank of Baroda, Indo Farm Tractors &
 Motors Ltd to beef up agriculture lending
 
 -  Anil Nanda, vice-chairman of Escorts and chairman of Goetze, makes
 foray into  real estate business in which he is investing in his
 personal capacity.
 
 -Escorts has announced a tie-up with Castrol India for exclusive
 supply of engine oils for service refill as well as after market
 sales
 
 2005
 
 -Escorts wins .5-m tractor order from Ghana
 
 -Escorts Ltd has acquired its Polish joint venture partner, Farmtrac
 Tractors Europe
 
 -Escorts' US subsidiary teams up with SAME Deutz-Fahr Italia
 
 2006
 
 -Escort India is set to manufacture tractors in Bangladesh through a
 joint venture with the Nitol-Niloy group.
 
 2007
 
 -Nikhil Nanda takes Charge as Joint Managing Director.
 
 -Escorts launches E-mail Id for investor compliants.
 
 2009	
            	
 -Escorts Ltd. has signed a MOU with IFFCO, a multi-state Co-operative
 society.           	
 
 -Escorts Ltd flags off 'Jai Kisan Utsav', a pan-India initiative for
 the Indian farming community.	
           
 2010
 
 -Escorts Ltd. launches FT-60 X-TRA Torque in Punjab and Haryana.
 
 -Escorts wins Indian tractor industry's largest ever order, awarded
 US$  40 million order by Tanzania.
 
 2011
 
 -Escorts Ltd. signs exclusive agreement with European firm for disc
 brake system for railway coaches.
 
 -Escorts Ltd appoints S. Sridhar as Chief Executive Officer of Agri
 Machinery Group.
 
 -Escorts Ltd sponsors Tractor Styling and Design contest Farmtrac
 2020.
 
 -Escorts Ltd launched its high end premium range of Farmtrac tractors
 at Sfax the commercial capital of Tunisia.
 
 -Escorts Ltd unveiled its 'Jai Kisan Series' of tractors in Punjab,
 Haryana, Rajasthan and Uttar Pradesh.
 
 2012
 
 -Escorts launches New Powertrac Ds-Plus Tractors in Hyderabad
 
 -Escorts ties up with Amul Industries for Mini Tractors.
 
 -Escorts launches India's first Executive Tractor.
 
 -Escorts Ltd announces appointment of Mr. Dipankar Ghosh as Head of
 Railway Products.
Source : Dion Global Solutions Limited
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