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Kesoram Industries
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Company History - Kesoram Industries
YEAR                                                               
 EVENTS
 1919 - The company was incorporated at Calcutta.  The main objects
 of
        the Company is to manufacture textiles, rayon yarn, cement,
        spun pipes and fire bricks.
 
 1948 - 16,00,000 No. of equity shares issued in prop. 2:1 in March.
 
 1951 - 8,00,000 bonus equity shares of Rs 2.50 each issued in prop.
 1:1
        in July.  Shares consolidated into Rs 15 each.
 
 1954 - In March, 8 lakh bonus shares issued in prop. 1:1.  Shares
 then
        consolidated into Rs 10 each.
 
 1956 - 1 lakh right 2nd pref. shares offered at par.  Only 10,000
 shares
        take up.  Balance offered to public.
 
 1961 - The name of the company was changed to Kesoram Industries &
        Cotton Mills Limited on August 30, and the same has further
        changed to Kesoram Industries Limited on the 9th July, 1986.
 
      - The plant for manufacture of transparent paper was set up at
 the
        same location at Tribeni in June.  It has the capacity to
        manufacture 3,600 tpa of transparent paper.
 
 1965 - The Company took on long lease one refractory unit at Kulti,
        West Bengal, for a period of five years.
 
 1969 - The Company established its, first cement plant known as
 Kesoram
        Cement at Besantnagar, District Karimnagar, Andhra Pradesh. 
 Two
        more cement plants were put up at the same site and the
 aggregate
        capacity of all the three cement plants is 8,26,000 tpa.
 
 1980 - There was a loss of production of 37 days in Cement Division
 due
        to break-down in one of the kilns.  Cyclones with heavy rains
 and
        power crisis affected production.
 
 1982 - The Company had to declare a lock-out because of labour
 unrest.
        The lock-out was lifted on 20th May, but the workmen did not
        return to duty as the suggestions made were not acceptable
 too
        them.  After making fresh suggestions with modifications, the
        strike was withdrawn from 29th June.  Normal working was
 resumed
        by the end of July.
 
      - The Company secured MRTP clearance to set up another cement
 unit
        at Sedam in Karnataka State with an annual capacity of 5 lakh
        tonnes.
 
      - A new plant and equipment were being installed to improve the
        quality of production.
 
      - In December, the Company issued 21,00,000-13.5% secured
        convertible debentures of Rs 100 each at par to the equity
        shareholders in the proportion 1 D: 5E. Rs 50 was payable on
        application and the balance by 30th June 1983.
 
      - The debentureholders would be entitled to receive one equity
        share of the Company at par for each debenture held on 30th
        September, 1983.  The balance of Rs 90 per debenture would be
        redeemed at par in four equal instalments on the expiry of
 the
        9th, 10th, 11th and 12th year from the date of allotment.
 
      - Out of the 21,00,000 debentures, 13,50,000 debentures were
        allotted to the shareholders and 3,15,000 debentures to
        directors, etc., employees and associates.  The remaining
        4,35,000 debentures were offered for public subscription.
 
      - To augment the long term resources the company issued 6,00,000
 -
        15% non-convertible debentures of Rs 100 each.
 
 1983 - The Company has two wholly owned subsidiaries, namely Bharat
        General & Textile Industries Limited (BGTI) and KCIM
 Investment
        Ltd.
 
      - Due to competition from cheaper substitutes, the offtake of
        transparent paper was adversely affected.  The labour trouble
 was
        amicably settled.
 
      - KCIM Investment Ltd. with an issued capital of 3,50,350 shares
 of
        Rs 10 each and 100-13% preference shares of Rs 100 each.
 
      - 21,00,000 shares of Rs 10 each allotted to convertible
 debenture
        holders at par on 1st October, 1983.
 
 1984 - Erratic and inadequate availability of wagons adversely
 affected
        cement despatches and consequently production had to be
        curtailed.
 
 1985 - The Company made a further issue of 15% non-convertible
        debentures for a total value of Rs 65 crores.  These
 debentures
        are redeemable on the expiry of 7 years from the date of
        allotment of the debentures, at a premium of 5%.
 
      - On 16th February, the workmen went on strike.  The Management
        of Textile Section declared a partial lock-out on 17th
 February,
        and a total lock-out on 24th February.  After lifting of the
        lock-out the Textile section resumed operations on
        16th May.
 
      - The prolonged lock-out coupled with rise in the cost of
 inputs,
        power and wages adversely affected working of Textile
 Division.
 
      - The working of refractory factory suffered due to labour
 problems
        which resulted in a lock-out from 18th October.  The
 operations
        could be restored only from 15th April, 1986.
 
      - The Government agreed to derate the installed capacity of the
        plant from 9 lakh tonnes to 8.26 lakhs tonnes per annum until
        31st March.  This approval was further extended until 3rd
 June.
 
 1986 - Another cement plant known as Vasavadatta Cement was
 commissioned
        by the Company at Sedam, District Gulbarga, Karnataka with
 annual
        capacity to produce 5,00,000 tonnes of cement.
 
      - The workers of the winding division went on a strike which
        resulted in lock-out in certain section of the mills with
 effect
        from 15th February, 1987.
 
      - The labour problem coupled with frequent power cuts and stiff
        competition adversely affected the working of the textile
        division during the year.  The workers strike which commenced
 on
        15th February, 1987 continued during 1987-88.
 
 1987 - The shaft kiln for calcination was commissioned and the
 balancing
        equipments were installed.
 
      - During June/July, two D.G. sets of 4 MW each were
 commissioned
        and the company proposed to import one DG set of 5.4 MW.
 
 1988 - No Production activities were undertaken due to the continued
        strike and lock-out.  The lock-out was lifted on 15th
 November
        1989 after reaching an amicable settlement with the workers'
        union.  Substantial maintenance efforts were required for
        re-starting the machines that had remained idle for nearly 33
        months.
 
      - The working of Rayon Plant suffered due to a strike by
 workmen
        followed by a lockout for about 22 days.
 
      - The working of spun-pipe unit was adversely affected due to
        unprecedented shortage of pig iron since August.  The Company
 was
        forced to suspend production for nearly 78 days during the
 year.
 
      - Due to steep rise in power tariff for H.T. consumers who were
 not
        taking power at prescribed voltage, the Company during the
 year
        installed and commissioned machinery and equipment for change
        over from 66 KV to 132 KV.
 
      - Production was adversely affected due to closure of the plant
 for
        about 38 days for major repairs and modifications and a strike
 by
        a section of workmen of the unit during March 1989.
 
 1989 - The Lock-out in the Rayon plant was lifted after reaching an
        agreement with the workers' union.
 
      - In order to finance the tyres and tubes project, the company
        offered during February, 22,72,727-12.5% secured fully
        convertible debentures of Rs 110 each for a total value of Rs
 25
        crores.
 
      - Out of the total issue, 1,13,636 debentures were offered for
 the
        employees (including Indian working directors)/workers of the
        Company on an equitable basis and 12,64,180 debentures were
        offered to the equity shareholders of the Company as rights
 in
        the proportion of debenture for every 8 equity shares held
 (all
        were taken up).
 
      - The balance of 8,94,911 debentures together with the
 unsubscribed
        1,04,721 debentures of the employees' quota were offered for
        public subscription.   Additional 1,89,627 debentures to the
        equity shareholders and additional 1,51,282 debentures to the
        Indian public allotted to retain oversubscription.
 
      - Conversion of the debentures were to take place in 3 stages
 as
        (i) a portion of Rs 35 of each debenture into 1 equity shares
 of
        Rs 10 at a premium of Rs 25 on the expiry of 6 months from
 the
        date of allotment of the debentures; (ii) a portion of Rs 35
 of
        each debenture into 1 equity share of Rs 10 at a premium of Rs
 25
        on the expiry of 12 months from the date of allotment of the
        debentures and (iii) the remaining portion of Rs 40 into 1
 equity
        share of Rs 10 each at a premium of Rs 30 per share between
 1st
        April, 1991 and 1st April, 1992.
 
 1990 - Go-slow tactics of loading labourers culminating in a strike
 for
        11 days, power shortage, inadequate wagons supply and
 inferior
        quality of coal hindered further growth in production.
 
      - Unprecedented hike in input costs accompanied by several
 bandhs
        in Calcutta affected production adversely and led to
 financial
        losses.
 
      - Though productions showed marginal improvement, overall
 working
        was affected by hike in input costs and imposition of
 surcharge
        on petroleum products and on other items.
 
      - The Company proposed to take up the expansion programme only
        after commencement of production at the Birla tyre project.
 
      - The Company undertook to set up a project for the manufacture
 of
        10 lakhs nos. per annum of each of tyres and tubes at Balasore
 in
        Orissa.
 
      - A technical collaboration agreement was signed with M/s.
 Pirelli,
        Ltd. of U.K. a tyre manufacturing firm of Pirelli group.
 
      - 99,844-11% pref. shares were redeemed by the issue and
 allotment
        of 99,844-14% pref. shares (redeemable on 31.3.1999). 
 26,12,360
        No. equity shares allotted in part conversion of 12.5%
        debentures.  3,00,000-14% pref. CR allotted privately to
        financial institutions (redeemable after 9 years from
 25.1.1991).
 
 1991 - The Company proposed to manufacture basic bricks and
 necessary
        technology for the same was being arranged.
 
      - A letter of intent was received for doubling the capacity of
        Vasavadatta Cement from 5 lakh tonnes to 10 lakh tonnes per
        annum.
 
      - 26,06,420 No. of equity shares allotted in part conversion of
        12.5% debs.
 
 1992 - The second fluidised bed boiler was installed.  A lock-out
 was
        declared in the Rayon section effective 13th April, and the
 same
        was lifted on 2nd July.
 
      - The Company undertook a programme of gradual conversion of
 its
        existing conventional spinning machines to lube spinning,
        superior production process etc. to improve productivity and
        quality.
 
      - Production was affected by poor quality of coal and
 inadequate
        wagon supply, severe power cuts etc.
 
      - During November-December, the Company issued 16,68,004-16%
        secured partly convertible debentures of Rs 280 each on
 rights
        basis in the proportion of 1 debenture: 10 equity shares held
        (all were taken up).
 
      - Another 83,400 secured partly convertible debentures were
 issued
        to the employees of the Company (only 1,750 debentures taken
 up).
        Unsubscribed portion allowed to lapse.
 
      - Part `A' of Rs 120 of each debenture was to be converted into
 two
        equity shares of Rs 10 each at a premium of Rs 50 per share
 at
        the end of six months from the date of allotment of
 debentures.
 
      - Part `B' of Rs 160 of each debenture was to be redeemed at par
 on
        the expiry of eight years from the date of allotment of the
        debentures.
 
      - 1,132 No. of equity shares allotted on part conversion of
 12.5%
        debentures.
 
 1993 - Both clinker and cement production were affected by major
        overhauling undertaken to one of the kilns and due to
 sluggish
        demand, inadequate wagon supply, severe power cuts etc.
 
      - In consultation with ICICI and other financial institutions,
 the
        tyre unit was given on lease for 3 years a consortium of
        companies in the form of partnership which has 4 companies
        including Kerosam.  The business was being run under the name
 
        and style of `Birla Tyres'.
 
 1994 - During the year steps were taken for expansion of the
 Vasavadatta
        Cement unit by 6.86 lakhs p.a. and orders for plant and
 machinery
        were placed.
 
      - During January-February, the Company offered 50,05,171-17%
        secured redeemable non-convertible debentures (NCDs) of Rs
 100
        each with a detachable warrants on rights basis in proportion
 1
        deb.: 4 equity share held (all were taken up).
 
      - Another 1,25,000 - 17% NCDs issued to UTI (all were taken
 up).
        Also 25,000-17% NCD issued to ICICI (all were taken up).
 
      - Each debenture of Rs 100 was to be redeemed at par in three
        instalments of Rs 33, Rs 33 and Rs 74 each on 31.12.1999,
        31.12.2000 and 31.12.2001 respectively.
 
 1995 - 5,00,000 Pref. shares issued paid up Rs 59.
 
 1996 - The Textile Unit has received ISO 9002 Certificate from
 Messrs.
        D.N.V. Netherlands.
 
      - The Company proposed to modernise its spinning section.
 
      - 187,50,000 No. of equity shares issued through Global
 Depository
        Receipts.
 
 1997 - Clinker production in Unit-I suffered due to fire in MCC
 panels.
 
      - A letter of intent was also obtained for establishment of a
        sponge iron plant with a capacity of 1,50,000 tonnes per annum
 in
        Orissa.
 
      - Kesoram Industries is highly diversified company, with
 business
        interest in cement, rayon yarn, refractories, textiles, tyres
        pipes etc. However, cement is the largest contributor to the
        turnover of the company with over 55 per cent share.
 
 1998 - The lockout declared in the refractory unit in Kulti, Burdwan
 on
        March 29, due to persistent industrial relations problems and
        was lifted on August 27, 1998.
 
      - The B K Birla-controlled Kesoram Industries Ltd proposes to
 take
        up restructuring of various divisions.
 
 1999 - The management of Kesoram Industries Ltd, controlled by the
 B.K.
        Birla group, today declared temporary suspension of work at
 its
        textile division in the city.
 
      - The workers had resorted to an illegal strike on January 4,
        rendering the operations of the textile division to a
 grinding
        halt.
 
      - Kesoram Industries Ltd (KIL), have set up a joint action
        committee (JAC) to close in ranks and jointly tackle the
        situation following suspension of work at the company's
 textile
        factory from January 5.
 
      - The company undertook a modernisation and capital expenditure
        scheme at its rayon yarn, cotton textile and cement plants. 
 In
        1995-96, it increased the capacity of carbon-di-sulphide to
        3600 tpa, sodium sulphide to 187 tpa, sulphuric acid to
 36,500
        tpa, viscose filament rayon yarn to 6,500 tpa.
 
      - The British Standards Institution (BSI) has awarded an ISO
 9002
        quality management system certificate exclusively to the
        corporate office of Kesoram Industries Ltd, a B. K. Birla
 group
        outfit.
 
      - The manufacturing units of Kesoram Industries, which include
        cement, tyre, rayon, spun pipe and foundries and
 refractories,
        have received the ISO certification.
 
      - The management of Kesoram Industries Ltd. (KIL) - a B K Birla
        group company - has declared suspension of work at its
 textile
        unit located in Garden Reach Road, Calcutta, January 5
 onwards.
 
      - The British Standards Institution (BSI) has awarded an ISO
 9002
        quality management system certificate exclusively to the
        corporate office of Kesoram Industries Ltd, a B. K. Birla
 group
        outfit.
 
 2000 - Kesoram Industries Ltd. of the B.K. Birla group has proposed
 to
        delist its shares from the Delhi Stock Exchange.
 
      - The company has proposed to transfer two properties, to its
        wholly-owned subsidiaries - Akhileshwar Properties Ltd. and
        Softshree Estates Ltd. for real estate development.
 
       - Kesoram Textile Mills Ltd, created last year by spinning off
 Kesoram 
         Industries' textile operations, feels that it can resume
 operations only 
         if workers agree to higher workloads,  production-linked
 wages and 
         reduction in waste.
 
 2001 - The Company has proposed to merge its wholly-owned subsidiary
 -- Bharat
              General & Textiles Ltd. with itself to enhance the net
 worth by around Rs 37 crore.
 
 2002
 
 -Raises 42 lakh shares from open market under the buyback scheme.
 
 -FITCH gives 'Ind D1+' rating for Rs.40cr commercial paper programme
 of the company.
 
 -Buys 64.36 lakh shares from retail investors through buyback.
 
 -Birla increases the stake in the company by 0.91% to 23.68 % as on
 sept 2002.
 
 2003
 
 -Appoints M/s AXC Computers Pvt Ltd as the share and Transfer agents
 for both physical and electronic securities.
 
 -Discontinues the scheme of buyback of its fully paid-up equity
 shares of Rs.10 each from open market through trading mechanism of
 the exchange.
 
 -Kolkota High  Court approves for the scheme of amalgamation of KICM
 Investments Ltd.
 
 -Promoters increase their stake in the company by 0.10%.
 
 -Holdings of Private Corporate Bodies in the company edges down by
 12% during the last two years.
 
 2004
 
 -Kesoram Industries Ltd  has entered into an agreement on April 3,
 2004 to hive off the refractory Division of the company on a hire
 purchase basis.
 
 2003
 
 -Kesoram Industries has recommended payment of Dividend @ Rs.2/- per
 shares.
 
 2004
 
 -Kesoram Industries acquires Assam Cotton Mills and  becomes 100%
 subsidiary of the company.
 
 2005
 
 -Kesoram Ind ups stake in Mangalam Timber
 
 2006
 
 -Kesoram Industries has recommended payment of Dividend on ordinary
 Shares @ Rs 3.00 per share.
 
 2007
 
 -Kesoram Industries Ltd has started the Commercial production at the
 Unit-III in Vasavadatta Cement, Section of the Company at Sedam in
 Karnataka.
 
 2008
 
 -Kesoram Industries  has declared Interim Dividend  @ Rs 2.25 per
 share
 
 2009
 
 -Kesoram Industries has started  Commercial Production of Clinker  
 
 -Kesoram Industries  has declared Interim Dividend  @ Rs 2.25 per
 share
 
 2010
 
 -Kesoram Industries  has declared Interim Dividend  @ Rs 2.25 per
 share
 
 2011
 
 -Kesoram Inds is Installing a small Stationary Packing Unit
 
 -Shri K. C. Jain has been appointed as Whole-time Director of the
 Company.
 
 -Shri. Gautam Ganguli has been appointed as the Company Secretary &
 Compliance Officer of the company
 
 2012
 
 -Kesoram Industries had entered into a joint venture with Maharashtra
 Seamless Limited and Dhariwal Infrastructure Private Limited for
 working a coal block allocated to it by the Central Government in the
 State of Maharashtra.
Source : Dion Global Solutions Limited
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