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Foseco India
BSE: 500150|NSE: FOSECOIND|ISIN: INE519A01011|SECTOR: Chemicals
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Company History - Foseco India
YEAR                       EVENTS
 1958 - The company was incorporated under the name of Greaves
 Foundry
        Services (Pvt) Ltd. on 22nd March.  The company was later
        converted into a Public Limited Company on 14th December
 1972.
        The company was originally promoted as a joint venture
 between
        Foundry Services (Holdings) Ltd. (now Foseco plc) U.K. and   
        Greaves Ltd., Mumbai.  The offerors and Foseco plc. have an
 equal
        equity holding of 50% each in the Company.
 
      - The company manufactures foundry chemicals, foundry fluxes
 for
        the metallurgical industry including the steel and foundry 
        industry.
 
      - Technology for the products are provided by Foseco Companies
        abroad and by the Company's R&D Centre.  It has access to
 Foseco
        technologies on an ongoing basis for existing products and
 for
        improvements to existing products.
 
 1993 - 53,64,480 No. of Equity shares issued to promoters (Of these
        26,82,240 shares each to Foseco plc. U.K. and Greaves Ltd.
        respectively).  During November, the Company issued 1,09,479
 No.
        of equity shares of Rs. 10 each at a premium of Rs. 65 per
        shares. 
 
      - During November 1997, the Company offered for sale of
 26,82,240
        No. of equity shares of Rs. 10 each at a premium of Rs. 50
 per
        share as follows: 
 
      - (i) 1,34,112 No. of equity shares at a price of Rs 60 per
 share
        on preferential basis to the employees (only 75,300 shares
 taken
        up), 
 
      - (ii) Balance 25,48,128 No. of equity shares of Rs 60 each
 were
        offered as sale to the public along with 58,812 No. of equity
        shares not taken up by employees.
 
 1996 - The Objects of the Issue is to disinvest equity shares held
 by
        Greaves Ltd. to Greaves foseco Ltd., and to have the shares
 of
        the Company listed on the Stock Exchange.
 
 1997 - Performance of the Company was adversely affected due to weak
        demand for metallurgical products throughout the year.
 
 1998 - A new plant will be commissioned at Sanaswadi in April which
 will
        introduce a new range of products in the automotive foundry
        business.
 
      - 52,97,480 shares are allotted as fully paid-up by way of bonus
   
        shares by capitalising the General Reserve.
 
      - 13,500 shares are allotted as fully paid up pursuant to a
        contract without payment being received in cash.
 
      - 27,91,719 shares are held by Foseco plc. (holding company)
 and
        its nominees.
 
      - A voluntary retirement scheme was formulated by the Company
 for
        the workmen and staff at its Jamshedpur Works.
 
 1999 - Foseco is a wholly owned subsidiary of Foseco, UK, which
 holds
        a 51 per cent stake.  The parent has been magnanimous in
        providing with technical and subsidiary support.  The
 company's
        plants are located at Pune, Calcutta, Jamshedpur, Jammu and
        Mettapalayam, Pondincerry.
 
      - The company has also been successful in introducing value
 added
        chemicals in an effort to gain market share.  It has been
        focusing on marketing its products rather than just selling
 them,
        by changing its portfolio to meet its customer requirements.
 
      - FOSECO India Ltd (FIL), which closed its Jammu plant and its
        Mumbai office on March 31, will review operations of its
        Chinchwad plant by the end of this quarter.
 
      - FIL's rationalisation drive, which has lead to the closure of
        its Jammu plant, has resulted in a voluntary retirement
 scheme
        (VRS) for its 23 workers and 14 officers while the closure of
        its Mumbai office has lead to five staff members and five
        officers accepting a VRS package as reflected in the results
 for
        the first quarter.
 
      - The Company has shut down its Calcutta operations and offered
 a
        VRS to its workers.
 
 2000 - The Company has entered into an agreement with Central
 Depository
             Services (India) Ltd. (CDSL) and National Security
 Depository Ltd. (NSDL) 
             for dematerialisation of the securities for all the
 shareholders.
 
 2001
 
 -Announced its open offer to shareholders of Foseco India Ltd for
 acquisition of 12.79 lakh fully paid-up equity shares of face value
 Rs 10 per share
 
 2004
 
 - The Board has recommended a final dividend of Rs 2/-, per Equity
 Share.
 
 - Foseco India sets target of 10% share in global market.
 
 2005
 
 - The Board has recommended 40% dividend (Re 1/- final dividend and
 Rs 3/- special dividend) for the year ended December 31, 2004 subject
 to the approval of the shareholders.
 
 2006
 
 - The Board has recommended a final dividend at Rs 5.50 per equity
 share of Rs 10/- each for the year ended December 31, 2005, which in
 addition to the cumulative interim dividend of 115% brings the total
 dividend to 170%.
 
 2007
 
 - Mr. Sanjay Mathur is appointed as Managing Director of the
 Company.
 
 2009
 
 - The Board has recommended payment of a final dividend of Rs 1.50
 per equity share.
 
 2010
 
 - The Board  has recommended a final dividend for the year 2009 of
 Rs. 7/- per equity share.
 
 - Mr. Aditya Jakotia has been appointed as Company Secretary of the
 Company.
 
 2011
 
 - The Board has recommended payment of a final dividend of Rs. 7/-
 per equity share. 
 
 2012
 
 - The Board  has recommended a final dividend for the year 2011 of
 Rs. 7/- per equity share.
 
 - Mr. Pradeep Mallick is appointed as Chairman of the board.
 
 - Mr. Christopher Nail is appointed as Additional Director of the
 Company.
Source : Dion Global Solutions Limited
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