Essar Teleholdings

1981
 
 - The company was incorporated on the 11th February, as a private
 limited company under the name Sterling Electronics Pvt. Ltd..  Its
 name was changed to sterling computers Pvt. Ltd., on 12th July,
 1988.
 It became a public limited company on 12th April, 1989.  The company
 was taken over from the original promoters by Shri. C. Sivasankaran
 in
 1983.  The main object of the company manufacture of personal
 computers.
 
 1985
 
 - The company commenced manufacturing and marketing computers under
 the
 brand name SIVA.  The products viz., SIVA PC, SIVA PC/XT, SIVA PC
 AT,
 SIVA PC AT/386 available in 200 different configurations are
 manufactured at Perungudi near Chennai.
 
 1989
 
 - The objects of the public issue of capital during July were
 
 - (i) to meet the financial requirements of increased scale of
 operation,
 
 - (ii) to reduce the dependence on external sources for working
 capital
 requirements.
 
 - 5,00,000 No. of equity shares allotted at par to promoters,
 directors, etc.  10,00,000 No. of equity shares then issued (prem.
 Rs.
 25 per share) of which 50,000 shares were reserved for allotment on
 a
 preferential basis to employees (only 30,900 shares taken up).  
 
 - The remaining 9,50,000 shares were offered for public subscription
 during July along with the unsubscribed portion of 19,100 shares
 from
 the employee's quota (all were taken up).  35,00,000 bonus equity
 shares allotted in prop. 7:1 on 10th July, to the holders of
 5,00,000
 shares prior to the public issue.
 
 1990
 
 - Production and sales of PCs declined to 8,724 nos. and 8,718 nos.
 respectively.  Fall in production and sales was attributed to Gulf
 crisis, uncertain political climate and erosion in the value of
 Rupee
 against hard currencies.
 
 - The Company entered into a technical assistance with a foreign
 firm
 to assemble and market fax machines.  The fax machines were to be
 distributed through a public sector undertaking.
 
 - Letters of intent were received for the manufacture of pure
 tungsten
 metal powder based on solvent extraction technology and a few
 intermediate products like APT, Sodium and Calcium tungstate for use
 in
 industries such as Defence, oil drilling rigs, etc.  Land was
 acquired
 at SIPCOT and a joint sector company under the name of Sterling
 Tungsten Products Ltd., was promoted for the manufacture of the
 above
 said products.
 
 - Also, another joint sector company along with TIDCO was promoted
 in
 the name of Sterling Nitro Chemicals Ltd., for manufacture of
 ammonium nitrate, nitric acid, aniline and derivates for which
 letters
 of intent were received.  Land for the said project was acquired
 near
 Manali, Tamil Nadu.
 
 1991 
 
 - Exports declined due to disintegration of the erstwhile USSR.  Two
 new computers viz., 80486 (ISA) and 80486 (EISA) with increased
 memory
 and processing capacity were launched during the year.
 
 - The company diversified into the business of printing and
 publishing
 telephones directories with yellow pages for major cities of the
 country.
 
 - The company proposed to start long distance telephone company with
 salient features like International Telephone Cards in collaboration
 with M/S Sprint International, USA.  It was also proposed to enter
 into
 the field of radio-paging for which documents were sent to DOT, for
 consideration.
 
 - The company promoted Sterling Cellular Ltd., mainly to operate
 cellular radio telephones in technical and financial participation
 with
 M/s. Cellular Communication International, U.S.A.
 
 - Also, Sterling Directories Ltd., was promoted for carrying on
 business of printing and publication of telephone directories with
 yellow pages.
 
 1993 
 
 - The company's product like hi-tech exercise equipment like
 precision
 electronic treadmills, pro-form cross walk and excercyle were well
 marketed.  During the year, the company entered into the
 construction
 of residential flats in the company's land at Porur.
   
 1995
 
 - During January, the company received approval to issue 50,00,000
 Rights equity shares at a premium of Rs. 80 per share in prop.  1:1.
 
 1997
 
 - Sterling Computers Ltd., a subsidiary of Essar Ltd. is going in for
 a
 private placement of its equity with non-resident Indians (NRIs) and
 overseas corporate bodies (OCBs).
 
 - The 60-channel digital educational service would be launched on
 July
 15 next year.
 
 - The company obtained the clearance from the Cabinet Committee on
 Foreign Investment (CCFI) to bring in foreign direct investment up
 to
 49 per cent through either a global depository receipts or an
 American
 depository receipts issue, including a private placement.
 
 - The company has received clearance from the Department of Economic
 Affairs (DEA) to go for an ADR.
 
 - Sterling Computers-owned almost fully by Essar Investments, the
 group's holding company-owns 51 per cent equity of Sterling
 Cellular,
 the Delhi cellular licensee.  Sterling Cellular, in turn, owns 80
 per
 cent equity of Aircell Digilink which is the cellular licensee in
 Uttar
 Pradesh (east), Haryana and Punjab.
 
 1998 
 
 - The companies sent letters to customers that the rates were
 increased
 between Rs 99 and Rs 199 per month following the drop in the rupee
 vis-a-vis the dollar and increase in inflation and other input
 costs.
 
 - It has pointed out that the company had the approvals to raise
 5
 million as foreign equity, including clearance from the ministry of
 finance.
 
 1999
 
 - Essar Cellphone, cellular service provider for Delhi, has launched
 First Mobile card with an airtime offer.  Call rates are charged at
 Rs
 12 per minute and there is no activation and supplementary fee.
 
 2002
 
 -Reduces its price on the cullular pre-paid card upto 46%.
 
 2003
 
 -Hutch and Essar internally value their entity at .9 billion.
 
 -Sets up wholly owned subsidiary Essar Spacetel Ltd to offer
 International Long distance services.
 
 2005
 
 -Essar acquires BPL Com for  bn