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Sesa Sterlite
BSE: 500295|NSE: SSLT|ISIN: INE205A01025|SECTOR: Mining/Minerals
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Company History - Sesa Sterlite
YEAR                                                    EVENTS
 1954
 -Baron Ludovic Toeplitz lands in Goa. With the financial backing of
 an enterprising Italian, Alessandro, he acquires the Orosso Dongor
 Mining Concession in North Goa and starts a Company called Scambi
 Economici S.A. Goa
 
 1955
 -The Company renamed Sesa Goa Limitada is bought over jointly by
 Gewerkeshaft Exploration e Bergbau represented by Eugene Plotzki and
 by Ferromin S.p.A. of Italy ( a subsidiary of Finsider S.p.A. of the
 IRI Group) represented by Paolo Tradardi, both parties having equal
 shareholding
 
 1957
 -Another company started in Goa, Mingoa Sociedade Minieral Goesa
 S.a.r.l. is incorporated with Fiat of Torino as the principal
 shareholder.
 
 1963
 -Finsider S.p.A. acquires the West German interest in Sesa Goa
 Limitada and also all the shares of Mingoa. 
 
 
 1965 - With the application of the Companies Act 1956, to Goa, it was
 incorporated under the Act on 25th June, as a Private Limited Company
 under the name Sesa Goa Pvt. Ltd.  It was wholly owned subsidiary of
 Istututo per la Recostruzion Industriale, an Italian Govt. controlled
 company.
 
 1978 - 14,000 Bonus shares issued in prop. 2:3.
 
 1979 - In April, another wholly owned subsidiary of Finsider S.P.A.,
 Italy was also engaged in the mining and export of iron ore. Mingoa
 Pvt. Ltd., was amalgamated with the company.  As per the
 Scheme of Amalgamation, 38,500 No. of equity shares of Rs 500 each
 were allotted to Finsider S.P.A., Italy without payment in cash.
 
 1981 - The Company was converted into a public limited company on
 25th March.
 
 - During November, Finsider S.P.A., Italy offered for sale out of its
 holding in the Company 22,05,000 No. of equity shares of Rs 10 each at
 a premium of Rs 2.50 per share in the following
 manner: (i) 1,83,750 shares reserved for firm allotment to public
 financial institutions, (ii) 1,83,750 shares reserved for firm
 allotment to the business associates and employees of the Company
 and (iii) 18,37,500 shares to the public.
 
 1984 - A beneficiation plant with a throughput capacity of 15 lakhs
 tonnes was being set up in two stages to improve the quality and
 marketability of the ore.
 
 1986 - The first phase of the beneficiation plant and with a capacity
 of 7.5 lakh tonnes per year, was commissioned in January.
 
 - The Company decided to enter a new area of activity of information
 systems and services in collaboration with STET, the financial
 holding for electronics in the IRI Group.
 
 - 14,70,000 Bonus shares issued in prop. 2:5.
 
 1987 - The ship building division suffered a setback due to labour
 problems with subcontractors resulting in delay in the completion of
 some of the vessels.
 
 - The Ship building division proposed to carry out a programme of
 phased investment to upgrade the shipyard's technological capability
 as also to increase its capacity.
 
 - The Company obtained initial registration for the manufacture of
 60,000 tonnes of low phos pig iron at Navelim near Sanquelim in Goa.
 
 - The Company obtained the necessary pollution clearance for the
 project and a final technological evaluation of the project was
 undertaken to maximise operational efficiencies in future.
 
 - A biotech pilot plant was set up in the mines for the treatment of
 tailing waste with micro organisms which feed on the mangniferous
 clay.
 
 - Along with indigenous stern gear, particularly the fishing of
 marine propellers, a separator tank capable of efficiently recovering
 iron ore fines from cyclone under-flows was developed.
 
 - Approval from Govt. was received for technology agreement for
 manufacture of a sophisticated fishing trawler based on drawings from
 a Norwegian Company and Technical collaboration with Fincantieri of
 Italy, member of the IRI group was entered into for the technological
 upgradation of the shipyard.
 
 1988 - Sesa Seat Information Systems Pvt. Ltd., was incorporated in
 January, as a subsidiary of the Company.  Effective 29th March, 1993,
 the Company ceased to be a subsidiary of the company.
 
 1989 - The Company laid the foundation stone of the project to
 manufacture 1,50,000 tonnes per year of low phosphorus pig iron at
 Amona near Sanquelim in Goa.
 
 1990 - On 11th January, the Company issued 6,48,270-12.5% secured
 partly convertible debentures of Rs 110 each.  Of these, 6,17,400
 debentures were offered to the equity shareholders on rights basis in
 the ratio of 1 debenture: 5 equity shares (all were taken up) and
 30,870 debentures offered to the employees of the Company (all were
 taken up).
 
 - The convertible portion of Rs 60 per debenture was converted into 2
 equity shares of Rs 10 each, at a premium of Rs 20 per share on 1st
 February, 1992.
 
 - The amount of Rs 50 representing the non-convertible portion will
 be redeemed in 3 instalments of Rs 15, Rs 15 and Rs 20 at the expiry
 of the 6th, 7th and 8th year respectively from the date of
 allotment.
 
 - With a view to manufacturing indigenous coke, the Company in
 collaboration with Kembla Coal & Coke Pvt. Ltd., Australia set up
 Sesa Kembla Coke Co. Pvt. Ltd., Kembla Coal & Coke Pvt. Ltd.,
 Australia is to participate to the extent of 40% in the share capital
 of the new venture through its subsidiary Kembla Goa holdings Ltd.
 
 1991 - 12,96,540 No. of equity shares allotted (prem. Rs 20 per
 share) in conversion of debs.  Another 8,64,360 No. of equity shares
 (prem. Rs 20 per share) allotted to Finalder international S.A.
 Luxembourg to maintain their equity stake in this company at the
 existing level.
 
 1992 - The pig iron plant was commissioned.  A new Company in the
 name of Sesa Industries Ltd., was set up for implementing expansion
 and diversification plans in the steel related areas.
 
 - The Sesa Industries Ltd., set up a second pig iron plant with a
 capacity of 90,000 TPA of pig iron.  It was proposed to make a
 preferential issue of its equity shares (prem. Rs 12.50 per
 share) to the shareholders of Sesa Goa Ltd., in the ratio of 1:2.
 
 1993 - Two 2500 tonnes barges and ten small steel boats were
 delivered by the shipbuilding division.
 
 - 73,05,900 bonus shares allotted in prop. 1:1.  32,80,220 No. of
 equity shares (prem. Rs 50) allotted to Finalder International Co.
 Ltd. to maintain their stake at 51%.
 
 1994 - Second blast furnace was commissioned in the pig iron plant of
 Sesa Industries.
 
 1995 - 17,89,200 rights shares issued (prop. 1:10 prem. Rs 90).  Of
 these 47,613 shares were kept in abeyance.
 
 1996 - During 7th, November, there was an amalgamation of the 100%
 subsidiary, Sesa Shipping Ltd. with Sesa Goa Ltd.
 
 - The Company owns 21 mining concessions.  These mining concessions
 were granted to the Company under the Portuguese Law according to 
 which they are to run in perpetuity so long as the terms of the
 concessions are complied with.
 
 - Appropriate agreement was been reached whereby shares of Australian
 collaborators were taken over by the company making Sesa Kembla Coke
 Company a 100% subsidiary.  Sesa Industries Ltd. is a subsidiary of
 the Company.
 
 - 44,898 shares issued kept in abeyance in the rights issue.
 
 1997 - The Company installed a plant for the recovery of pellet feed
 from the tailings through high intensity magnetic separating process
 at Codli Mines.
 
 - 2,525 shares kept in abeyance issued.
 
 - The company manufacturers 1.8 lac tonnes of pig iron through a
 subsidiary and producers metallurgical coke through a joint venture
 with Kembla Coal and Coke, an Australian company.
 
 - The company, it has become a subsidiary of Mitsui, with two Mitsui
 directors now on the board.
 
 - Sesa Goa Ltd. is learnt to be all set to acquire the entire equity
 holding of its Australian collaborator, Kembla Goa Holdings Ltd,
 Mauritius, in Sesa Kembla Coke Company Ltd
 (SKCCL), a subsidiary of Sesa Goa.
 
 - Sesa would also be supplying hot metal to the proposed Teksid
 plant, a subsidiary of Fiat, being set up here.
 
 1998 - Sesa Goa became part of the Mitsui family after the latter
 took over Finsider International of Italy a couple of years ago.
 
 1999 - The company has acquired Narrain Mines, Karnataka, to shield
 itself from any price increase or variation in the quality of iron
 ore.
 
 - Sesa Goa is entered into a technical collaboration with Vaagen
 Verft, Norway, to manufacture fishing transfers.
 
 2000 - The Company has closed down its Engineering Unit at Sirsaim
 and its workshop at Sanquelim with effect from September 19.
 
 - The company has introduced Voluntary Retirement Scheme during the
 year to restructure the organisation.
 
 2002
 
 -Sesa Goa Ltd informs  that the Board of Directors of the Company
 have accepted the withdrawal of nomination of Dr K S Subramanian as
 Director by ICICI Ltd and  Mr K R V Subramanian has been appointed as
 an Additional Director of the Company  w e f May 22, 2002.
 
 2003
 
 -The Board of Directors of Sesa Goa Ltd at its meeting held today
 (January 29, 2003) has appointed Mr Leonard Anthony Dean, as Managing
 Director of the company wef April 01, 2003 in place of C M Brown whose
 term expires on March 31, 2003.
 
 -Receives Iron ore supply order from Pakistan Steel Mills for next 5
 years.
 
 2004
 -Sesa Group completes 50 years of operations.
 -Sesa Goa's Shipbuilding Division builds its 62nd vessel, a 2200T
 barge for its own fleet.
 -Sesa Industries and Sesa Kembla sign an agreement with M/s Goa
 Energy Private Limited, a part of Videocon Group, to set up a 30MW
 Power plant at Amona.
 -Iron ore sales crosses 8.5 million MT.
 -First sale of Sesa Kembla technology effected.
 -Compact charging system for coke plant is being commissioned.
 -Sesa Kembla Coke Comany Limited, a 100% subsidiary of Sesa Goa
 Limited, is merged with Sesa Goa Limited with effect from 1 April
 2004.
 -Iron ore sales crossed 9.8 million tonnes.
 
 2005
 -Sesa Goa issues bonus shares to its shareholders.
 
 -Sesa Group declares a final dividend of 200% in addition to an
 interim dividend of 50% on the pre-bonus share capital.
 
 -Forbes Asia ranks Sesa Goa as one of Asia's 200 companies with sales
 than 1 billion US $ in its Best Under A Billion study.
 
 - Sesa Goa has given the Bonus in the Ratio of 1:1
 
 2006
 -Dun & Bradstreet ranks Sesa Goa as the 4th best in the Indian Mining
 Sector among India's top 500 companies.
 
 -Sesa Industries Limited is ranked 8th Best transitioning medium
 enterprises in a study conducted by Citigroup and IMA India.
 
 -Iron ore sales rise to 10.87 million tonnes in 2006 - 07. 
 
 -Sesa Group records its highest profit in 2006 - 07 and declares a
 dividend of 400%. 
 
 - Vedanta Resources plc, a diversified metals and mining group,
 listed on the London Stock Exchange acquires 51% controlling stake in
 Sesa Goa Limited from Mitsui & Co. Ltd.
 
 2007
 - Iron ore sales rise to 10.87 million tonnes in 2006 - 07. 
 
 2008
 -Iron ore sales rise to 12.39 million tonnes in 2007 - 08. 
 
 -The Company has issued Bonus Shares in the Ratio of 1:1.
 
 - The Company has splits its face value from Rs10/- to Rs1/-.
 
 2009
 -Sesa Goa Limited and Dempo Group have signed a definitive Share
 Purchase Agreement under which Sesa has acquired all the outstanding
 common shares of VS Dempo & Co. Private Limited, along with its 100%
 equity shares of Dempo Mining Corporation Pvt. Ltd and 50% equity
 shares of Goa Maritime Private Limited.
 
 2010
 
 - Sesa Goa to acquisition of a strategic stake in cairn india ltd.
 
 2011
 
 -  Sesa Goa  Limited  announces  that  it  has acquired  the assets 
 of Bellary  Steel  &  Alloys  Limited (BSAL) for an all cash
 consideration of ` 220.00 Crore.
 
 - Sesa Goa Ltd receipt SEBI Approval  for the open offer of Cairn
 India Ltd and proceed with the open offer of up to 20% of the shares
 of Cairn India
 
 - Sesa Goa  Limited  announces  that  it  has  acquired  243,07,241 
 equity shares and its subsidiary Sesa Resources Limited acquired
 45,00,000 equity shares of Cairn India Limited.
 
 2012
 
 - Sesa Goa  Limited  has  completed  the  acquisition  of Goa Energy 
 Private Limited 
 
 - Anil Agarwal, founder chairman of Vedanta Group has  been  honoured
 with  the  coveted Economic Times Business Leader of  the Year  2012
 Award The award was presented  by  the Hon. Prime Minister of India,
 Dr. Manmohan Singh in Mumbai.  
 
 - Sesa  Goa  Limited announces  that  it  has acquired the remaining
 49% of the outstanding common shares of Western Cluster Limited
 
Source : Dion Global Solutions Limited
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