1985 - The company was incorporated as a private limited company on
July, & it was converted into a public limited company on
June, 1986. It was promoted by the Uni-Cardan Group of West
Germany. The main objects & activities of the company is
manufacture of drive axle assemblies including constant
- The company entered into a technical collaboration agreement
Uni-Cardan of West Germany (U.C.) for implementation of their
project for the manufacture of constant Velocity joints &
- Uni-Cardan Invel Beteiligungsgesellschaft mbH, a wholly owned
subsidiary of U.C. were to participate to the extent of 40%
the equity capital of the Company.
- International Finance Corporation, Washington (IFC) also
to subscribe upto 20% of the equity share capital of the
on a firm allotment basis.
- Constant velocity joints are a superior version of
universal joints and these high precision engineering
are used in front wheel drive and high performance rear wheel
drive vehicles. Drive axles with constant velocity joints
used in light commercial vehicles and passenger cars like
car, Maruti Gypsy, Bajaj Tempo, etc.
1988 - The Company entered into an agreement with IFC during June.
- The Company undertook to set up a project for the manufacture
1,44,000 vehicle sets per annum of constant velocity joints
use in front wheel drive design vehicles.
- 70 No. of equity shares subscribed for by signatories to
Memorandum, promoters, directors, etc. 74,99,930 No. of
shares issued at par of which 45,00,000 shares reserved and
allotted on a firm basis as follows:
- (i) 30,00,000 shares to Un-Carden Invel
- (ii) 15,00,000 shares to International Finance Corporation,
Washington, DC, USA.
- Out of the balance of 29,99,930 shares, 3,75,000 shares
for preferential allotment to employees (incl. Indian working
directors)/workers of the Company (only 3,530 shares taken
The remaining 26,24,930 shares together with the unsubscribed
3,71,470 shares of the employees' quota offered for public
subscription during July.
1990 - The Company embarked upon expansions of its installed
from 1,05,000 to 1,25,000 vehicle sets.
- In order to keep up with the expansion programmes of Maruti
Udyog, Ltd. the company proposed to undertake further
of its installed capacity from 1,25,000 vehicle sets to
vehicle sets per annum.
1991 - In April, the company received a letter from Maruti Udyog Ltd.
initiate development activity for axle drives for it's 1000
1992 - The Company proposed to double its production capacity of
1,25,000 car sets within three years and also to provide for
further increase of 50,000 sets in the 4th year so as to
a total of 3,00,000 sets. This was in view of introduction
`Zen' car by Maruti Udyog Ltd., and due to demand for
products in the spares market.
- 6,54,000 No. of equity shares allotted on 24.8.92 on
of loans to financial institutions.
1993 - The overall performance was affected by industrial action
resulting in a 3 week stoppage of production.
- On 14th May, it was proposed to convert interest free
loan of Rs 1,20,00,000 from Uni-cardan Invel
Beteiligungsgesellschaft mbH (UCIB) into equity shares of the
Company, partly at par to restore the shareholding of UCIB to
original level of 40% and balance at a premium of Rs 5 per
Accordingly 9,45,333 fully paid shares of Rs 10 each was
to UCIB on 14th May.
1994 - The Company proposed to further increase the production
to 5,00,000 car sets.
- During July/August, the company offered 18,19,867 No. of
shares of Rs 10 each at a premium of Rs 25 per share on right
basis to the existing shareholders in the ratio of 1:5.
18,18,867 shares were taken up. 1,000 shares were kept in
1995 - The Name of the Company proposed to be changed to GKN Invel
subject to the approval of the concerned authorities.
- 75,000 No. of equity shares of Rs 10 each at a premium of Rs
89.57 per share allotted to Sriram Mobiles Ltd., towards part
consideration for the acquisation of its assets and
liabilities. 17,79,861 No. of equity shares of Rs 10 each
cash at a premium of Rs 89.57 per share were allotted to
Uni-Cardan Invel Beteiligungsgesellschaft GmbH, Germany (UCIB)
by virtue of which UCIB has increased its shareholding in the
company to 51%.
1996 - Company had promoted a new Company viz. Drivetech Accessories
Ltd. which became a subsidiary in April. This Company
the erstwhile Drivetech unit and will be used for providing
quality service to car users for inspection and replacement
drive shafts of cars of all makes.
- As a part of the ongoing expansion programme the installed
capacity was increased to 3,30,000 vehicle sets per annum
the commissioning of the Gummidipundi works from April.
1997 - The Company had received ISO 9002 certification for Faridabad
Works and the Corporate Office in 1997. Now the Company is
implementing plans for certification to QS 9000 standards for
three Works and the Corporate Office. This certification is
useful for the Company to continue to be suppliers to
the new international OE manufacturers setting up base in
- The accounts of the subsidiary Company Drivetech Accessories
is attached pursuant to Section 212 (1) of the Companies Act,
1956. A statement pursuant to Section 212 (1) (e) of the
Companies Act, 1956 is also attached as Annexure 1 to this
- The Company has set up a new unit in Dharuhera (Haryana).
commercial production commenced on 14th January.
expenditure upto the date of commercial production and
as a part of indirect cost incidental and related to
has been allocated to Fixed Assets.
1998 - Sales declined due to severe recession in the Indian Economy
coupled with continued recession in the automobile industry.
- The Company has been awarded the QS 9000 certification for
its locations in May which is a prerequisite for being
to international OE manufacturers.
- The Company has embarked upon a major project for
of an ERP software (BPCS) for achieving integration of its
operations across all facilities.
- The Company has taken planned initiatives to achieve cost
competitiveness, quality development capability and customer
- The Company has also received a certificate required under
Proviso to Sub-Section (1) of Section 224 of the Companies
1956 from M/s. Lovelock & Lewes, Chartered Accountants, New
- During the year under review, the captive generation capacity
the Company had been put to use frequently because of power
interruptions and cuts at all the three Works.
- The Company received the runner-up award from GKN Group for
- As a part of the GKN Group the Company is involved in a
for Year 2000 preparedness which would enable the Company to
business without any interruption from January 1, 2000
- The Company has a major project which covers checking
of in house computer systems, softwares, infrastructure,
embedded chips in machines & equipments, suppliers,
agents, utility & service providers.
- Technology for localisation of components on the Hyundai,
Honda, Ford and Fiat vehicles have been fully absorbed and
adopted and engineered to suit GKN level's production
1999 - No News.
2000 - Mr John Ian Dickenson has ceased his contract as MD of the
effect from 31st October.
- Mr. S. Ravindran has been redesignated as MD of the
company from 1st November.
2002-GKN Driveshafts India Ltd has informed BSE that the following
changes has been taken place in the Board of Directors of the
Dr Walter Rohregger has resigned as member of Board of Directors w e
f September 01, 2002
Mr Engelbert Schwarz has resigned as member of Board of Directors w e
f September 01, 2002
Mr S Ravindran has ceased his contract as Managing Director of the
Company w e f September 01, 2002. However he will continue to be
member of the Board ie non-executive Director.
Mr Mansoor Anwar has been appointed as Managing Director of the
Company w e f September 01, 2002
Mr KVLN Murty has been appointed as Whole-Time Director of the
Company w e f September 01, 2002.
--Gkn Driveshafts (India) Limited has changed its name to GKN
Driveline (India) Ltd.