The company was incorporated on 11th September 1944, at Calcutta.The
company manufactures structural and permanent way materials, railway
points and crossing, steel sleeper sets and turnouts, railway bridge
girders, all kinds of structural works, chemical plant equipments
such as heat exchangers, pressure vessels, reactors, deep freeze
units, columns dryers, filters, etc. all types of press work and
precision jobs, C I Castings, light & heavy industrial fans, high
tensile wires etc., and calcined petroleum coke and other allied
1948 - All shares issued for cash. Arrears not know.
1979 - Cyanides and Chemicals division was set up. The project was
based on natural gas available at village Olpad in Surat
of Gujarat State for the manufacture of hydrocyanic acid,
and potassium cyanides and complex cyanides.
- A technical collaboration agreement was entered into with
Vychodoceske Chemicke Zavody Synthesia N.P., Czechoslovakia.
Tata Economic Consultancy Services were retained for
the market survey report and Humphreys and Glasgow
Pvt. Ltd., were awarded the turnkey contract.
1986 - A letter of intent was received for the manufacture of 6,000
tonnes per annum of high tension insulators in Madhya Pradesh
technical collaboration with Rehinisch-Westfalische
Isolation-Werke GmbH, West Germany.
- Hindustan Kokoku Wire Ltd. (HKW) was merged with the Company
effect from 1st January. Consequent upon the merger 1,92,000
of equity shares of the company were issued without payment
cash to the shareholders of Hindustan Kokoku Wires Ltd.
- 41,00,000 bonus equity shares issued in prop. 1:1.
1987 - The Company undertook to set up a composite steel plant with
capacity of 1,25,000 tonnes per annum on a place of land
admeasuring 109 hectares of Malanpur in the Bhind district of
Madhya Pradesh. Foreign technical collaboration with
Stahl Werke, West Germany, was approved by the Government of
- A letter of intent was received for enhancement of capacity
1,25,000 TPA to 2,50,000 TPA of steel shaped products.
- Gerald Engineering Ltd., was merged with the Company.
upon this merger, 31,125 No. of equity shares of the company
issued without payment in cash to the shareholders of Gerald
- 2,23,125 shares issued without payment in cash to the
shareholders of Hindustan Kokaku Wire, Ltd. (1,93,000 shares)
Gerald Engineering Ltd. (31,125 shares) on their merger.
1988 - The Company had taken up the running of the jute mill of
Dalhousie Jute Company on working arrangement basis with
from 1st February.
- During November, the Company offered 16,84,625 - 12.5% partly
convertible debentures of Rs.145 each (series VII) as rights
the existing equity shareholders in prop. 1 debenture : 5
All were taken up. Additional 12,51,800 debentures were
to retain oversubscription.
1989 - As per the terms of the issue, Rs.45 out of each debenture
automatically and compulsorily converted into one equity share
Rs.10 each at a premium of Rs.35 per share as on 1st April.
non-convertible portion Rs.100 per debenture would be redeemed
5 equal annual instalments commencing from the 8th year from
date of allotment of the debentures.
- During August, the Company offered 21,77,116 - 12.5% parly
convertible debentures of Rs.145 each (series VIII) as
- (i) 20,73,444 debentures as rights to the equity shareholders
the company in prop. 1 debenture : 5 equity shares.
1,65,120 debentures allotted to retain oversubscription and
- (ii) 1,03,672 debentures to employees and working directors
the Company on preferential basis (only 8,250 debentures
up). Unsubscribed portion of 95,422 debentures was allowed
- Subsequently, 52 debentures allotted (12 debentures on 24th
August, 1991 and 40 debentures on 1st November, 1991) which
kept in abeyance.
- 19,44,095 No. of equity shares allotted in conversion of
(Series VII) debentures on 1.4.1989.
1990 - The Tiljala plant achieved a higher sales due to improvement
- The Company runs Chemical Division under the name and style
Petrocarbon & Chemicals Co., at Haldia in West Bengal.
- Production at the Haldia Unit declined due to scarcity of raw
- The Haldia unit received a letter of intent for production of
50,000 TPA of caustic soda.
- The Haldia unit extended the existing sodium/potassium
foriegn collaboration agreement with Lucenbi Zavody,
Czekoslovakia for a further period of 5 years.
- The chemical division substantially increased the production
diphyenyl guanidine due to its wide acceptance.
- The Chemical division signed an agreement with Lachema S.P.
Czechoslovakia for developing a process for manufacturing
cyanuric chloride. A pilot plant was being set up for
- 22,000 No. of equity shares of Rs.10 each were issued as per
scheme of amalgamation suggested by BIFR to the shareholders
erstwhile DJCL without payment in cash.
- The convertible portion of Rs.45 (Part `B') of each debenture
compulsorily converted into one equity share of Rs.10 each at
prem. of Rs.35 per share on 1st April.
- The non-convertible portion of Rs.100 (Part `A') of each
debenture was to be redeemed at par in five equal annual
instalments started from the end of the 8th year from the date
allotment of debentures.
- In order to meet the various requirements of capital
for modernisation of the engineering plants and other on
project, the Company offered during April, 1,76,62,410 No. of
equity shares of Rs.10 each at a prem. of Rs.25 per share.
of the total issue 168,21,343 No. of equity shares were
as rights in the prop. of 4 equity shares for every 3 equity
shares or every 3 convertible portion of debentures - Series
held on 8th February.
- The balance of 8,41,067 No. of equity shares were offered to
employees and working directors of the Company. All the
shares offered on rights basis were taken up but only
shares were taken up by the employees. Additional 25,05,145
of equity shares were allotted to the subscribers of the
offer in order to retain oversubscription. Unsubscribed
of the employees quota was allowed to lapse.
- 22,46,814 No. of equity shares allotted in part conversion of
12.5% (Series VII) debentures on 1.4.1990, 194,28,188 No. of
equity shares allotted on Rights basis.
1991 - The working of the Tiljala plant also improved due to better
product-mix. The plant was being modernised to add new
to the existing range.
- A letter of intent was received for the manufacture of
- The operations of Dalhousie jute company were adversely
for a period of two months due to industry wide general
- Subsequently, 60 debentures allotted on 24th August, which
kept in abeyance.
- Another 88,665 debentures were offered to employees
Indian working directors)/ workers of the Company on an
basis. Only 7,670 debentures taken up. The remaining 80,995
debentures were allowed to lapse.
- 22,000 shares allotted as per scheme of amalgamation of
Jute Co., Ltd. 6,012 No. of equity shares issued which were
in abeyance (4,250 shares on 24.8.1991 and 1,762 shares on
1992 - The Company issued 2,00,11,674 - 14% secured redeemable
convertible debentures of Rs.150 each of which (i) 58,33,500
debentures were offered in January, on rights basis to the
existing equity shareholders in the ratio of two debentures
every eleven equity shares held.
- Additidonal 8,75,025 debentures were allotted to retain
oversubscription. The debentures were allotted on 14th
while keeping 3,667 debentures in abeyance.
- Simultaneously, (ii) 2,91,674 deentures were offered to the
employees/workers of the Company. Only 17,150 debentures
taken up and the balance 2,74,524 debentures were allowed to
lapse on the debentures kept on abeyance 727 debentures were
allotted as 14th September.
- The remaining (iii) 138,86,500 debentures were offered for
subscription in February of which 6,94,325 debentures were
reserved for preferential allotment to employees/workers of
Company. None were taken up and all were added back to the
public issue of 131,92,175 debentures. Additional 20,82,950
debentures were allotted to retain oversubscription. All the
debentures were allotted on 21st April.
- Rs.50 of the face value of each debenture was to be converted
into one equity share of Rs.10 each at a prem. of Rs.40 per
after 6 months from the date of allotment of debentures.
- Another Rs.50 of the face value of each debenture was
into one equity share of Rs.10 each at a prem. of Rs.40 per
after 18 months from the date of allotment of debentures.
remaining Rs.50 of the face value of each debenture was to be
redeemed at par in five equal annual instalments beginning
the 7th year from the date of allotment.
1993 - The Santragachi plant was under lock out for four months due
agitation by a section of the work men.
- Heat treatment salt plant undertaken as a part of forward
itegration programme, was successfully commissioned. Also, a
letter of intent received for setting up the plant for
manufacture of Cyanonic chloride was under implementation.
- Chemical Unit has also obtained the aproval for increase in
capacity of Hydrocyanic Acid and Sodium Cyanide from Govt. of
India. ISO-9002 Certificate has also been received
Sodium Cyanide, Potassium Cyanide and Diphenyl Guanidine.
- 453,65,840 in part conversion of A & B of 14%. 727 No. of
shares allotted out of 4727 shares kept in abeyance.
No. of equity shares allotted in conversion of A, B of 14%
67,22,008 shares allotted in part conversion of 14% rights
debentures. Another 67,13,205 shares allotted in conversion
`B' part of 14% debs.
1994 - The project for Low Relaxation (Stabilised PC Strand) at
Bharatpur is set to be fully commissioned.
- During September, the Company issued 317,07,317 GDRs with
158,53,659 warrants for US$ 161.25 millions including
option. Each GDR is to be converted into one equity share.
- As per this, 317,07,317 shares were allotted on 27th September
a price of Rs.64.30 (on a prem. of Rs.54.36) and another
shares were allotted on 20th October, at a price of Rs.64.30
(prem. of Rs.54.30) against GDRs on excercisory of green shoe
- Each warrant is to be converted into 1000 shares of the
at a price of Rs.35 per share exercisable at the option of
shareholder after 3 years.
- 13,530 shares kept in abeyance allotted. 317,07,317 shares
underlying GDRs allotted. Another 53,65,852 shares allotted
excercise of green shoe option. Till date 340,11,114 shares
1995 - Authorised capital increased.
1996 - The Companies division in Northern India was severely affected
natural calamities and power shortage. Expansion work at
Faridabad was behind schedule due to labour unrest.
1997 - Both the plants at Bharatpur and Faridabad were affected due
labour unrest and difficult market conditions.
- Cyanuric Chloride unit received a letter of intent to
the existing capacity of diphenyl Guanidine plant.
- Production and sales were lower compared to previous year due
lower gold mining activity and weakening of gold prices in
1998 - The Santragachi plant witnessed a decline in its turnover due
recessionary trend coupled with reduced procurement of
- Due to the recessionary trends coupled with poor availability
raw materials and difficult market conditions both the plants
Bharatpur and Faridabad could not achieve its targeted
productions, turnover and profitability.
- Due to the difficulties faced by some of its major customers,
sales and productions of the Company's Chemical Division at
- The performance of the Company's chemical division at Olpad
not satisfactory due to over supply globally.
- The Company's steel division at Malanpur declined due to
continous recession in the steel industry.