Sterlite Industries (India)

1975
 
 - The company was originally incorporated as Rainbow Investments
 Ltd.
 on 8th September.  The Company Manufacture and deals in electrical
 wires and cables of all kinds.
 
 1976
 
 - The name was changed to Sterlite Cables, Ltd. on 19th October, and
 the Company undertook the manufacture of cables, conductors and
 enamelled copper wires at its factories in Mumbai and Pune.
 
 1981
 
 - 2,10,000 shares issued without payment in cash to the retiring
 partners of a partnership firm in which the Company was also a
 partner.
 
 1986
 
 - On 28th February, the name of the Company was changed to Sterlite
 Industries (India), Ltd. and a fresh Certificate of Incorporation to
 this effect was obtained from the Registrar of Companies,
 Maharashtra.
 The Company was promoted by Anil Kumar Agarwal, Dwarka Prasad
 Agarwal
 and Ishwarlal Patwari.
 
 - A technical collaboration agreement, approved by the Government of
 India, with M/s. Essex Group Inc, a division of United Technologies,
 U.S.A., provides for the technical information, know-how and
 knowledge
 relating to the manufacture of telephone cables for a period of five
 years.
 
 1988
 
 - The Company undertook a project to set up a continuous cost and
 rolled non-ferrous rods unit at Taxwe Khurd near Lonawala with the
 technical assistance of M/s. Continuus, SpA, Italy and M/s.  La
 Farga
 Lacambra Sa, Spain.  The unit was commissioned during 1989-90.
 
 - The Company issued 1,25,000 - 13.5% secured fully convertible
 debentures of Rs 175 each for cash out of which the following
 debentures were reserved for preferrential allotment (i) 6,250
 debentures to employees, etc. (ii) 31,250 debentures to non-resident
 Indians on repatriation basis.  The balance 87,500 debentures, along
 with the unsubscribed portion of 6,010 debentures out of the
 employees
 preferential quota were offered for public subscription during
 February
 1988.  Additional 18,750 debentures were allotted to retain
 over-subscription
 
 - Each debenture of Rs 175 was compulsorily converted into 5 fully
 paid-up equity shares of Rs 10 each at a premium of Rs 25 per share
 after six months from the date of allotment of debentures.
 
 - The Company privately placed with UTI 2,00,000 - 14%
 non-convertible
 debentures of Rs 100 each.  These debentures are redeemable at a
 premium of Rs 5% in five equal annual instalments commencing at the
 end
 of fifth year from the date of allotment, i.e. 23rd February, 1989.
 
 - `Vision Finance & Leasing Ltd.' became a wholly owned subsidiary
 of
 the Company.
 
 - During February, the Company issued 4,55,000 No. of equity shares
 of
 Rs 10 each at a premium of Rs 25 per share to partly meet the cost
 of
 JFTC project, to meet the long term working capital needs for the
 then
 existing operations and to enlist the shares of the Company.
 
 - 7,18,750 shares issued (prem. Rs 25 per share) on conversion of
 debentures issued in February, 1988.
 
 1989
 
 - The Company's XLPE Cable Unit and PVC insulated Power and Control
 cable unit were modernised with the technical assistance of Johan
 Royle
 & Sons, U.S.A.
 
 - 8,50,000 - 13.5% fully convertible debentures of Rs 140 each for
 Rs
 11.90 crores as follows:
 
 - (i) 4,65,000 debentures to the existing equity shareholders
 (including non-resident Indians) as rights in proportion one
 debenture
 for every five equity shares held
 
 - (ii) 3,85,000 debentures to the public out of which 42,500
 debentures
 were offered on a preferential basis to employees, etc. of the
 Company.
 Only 40,600 debentures were taken up by the employees.  The
 unsubscribed 1,900 debentures belonging to the employee's quota were
 added back to the public offer.  Additional 1,27,500 debentures were
 allotted to retain oversubscription (69,750 debentures to the equity
 shareholders and 57,750 debentures to the public).
 
 - Pursuant to the terms of the issue, 10,75,250 No. of equity shares
 were issued at the end of 18 months from the date of allotment i.e.
 on
 7th September, 1990.
 
 1990
 
 - The Company diversified its activities by undertaking the
 manufacture
 of Jelly-filled telecommunication cables (JFTC) with an installed
 capacity of 6.25 lakh CKM.
 
 - The overhead power transmission conductor units capacity was
 raised
 to 6,000 TPA and that of PIJF plant, for manufacture of foam skin
 insulated telecables, to 12 lakh ckm.
 
 1991
 
 - The Company proposed to set up a copper smelter project in
 technical
 collaboration with MIM Holdings Ltd., Australia with a capacity of
 60,000 TPA at Ratnagiri, Maharashtra.
 
 - The Company proposed to increase the capacity of telecommunication
 cable division to 15 lakh CKM and that of continuous cart copper rod
 division to 30,000 TPA with technical assistance from Asarco Inc.
 U.S.A.
 
 - During January, the Company issued 6,10,000 - 13.5% secured
 redeemable partly convertible debentures of Rs 250 each of which
 85,000
 debentures were reserved for preferential allotment to
 employees/workers of the Company.  The Balance 5,25,000 debentures,
 were offered for public subscription.  Additional 91,500 debentures
 allotted to retain oversubscription.
 
 - 10,90,000 - 13.5% secured redeemable partly convertible debentures
 of
 Rs 250 each were offered to equity shareholders on rights basis in
 the
 ratio of one debenture for every four equity share held.  Additional
 1,63,500 debentures were allotted to retain oversubscription.
 
 - As per the terms of issue, part - `A' and part `B' of Rs 90/- each
 will be converted into one equity share of Rs 10 each at a premium
 of
 Rs 80/- per share at the end of six months and 12 months
 respectively
 from the date of allotment of debentures.  The balance Rs 70 of each
 debenture will be redeemed at par in two equal instalments of Rs 35
 each at the end of 7th and 8th year respectively from the date of
 allotment.
 
 - 39,10,000 No. of equity shares issued (prem. 80 per share) on
 conversion of debentures of Rs 250 each.
 
 1992
 
 - The company proposed to set up a phosphoric acid plant with a
 capacity of 1,00,000 TPA with technology from Hydro Agri, U.K.
 
 - The Company had set up an additional plant for manufacture of
 Jelly
 filled cables with an installed capacity of 15 lakh CKM and the
 total
 capacity was raised to 33 lakh CKM.  The Company also set up a new
 plant with an annual capacity of 40,000 FKM at Aurangabad to
 manufacture optical fibre cables.
 
 - 66,15,284 Bonus shares issued in prop. 4:5.
 
 1993 - The Company commissioned a new plant at Silvassa for
 manufacture
 of Jelly filled cables with an installed capacity of 20 lakh CKM. 
 The
 capacity of the Aluminium sheets and foils plant was proposed to be
 expanded to 60,000 MTs.
 
 - During January/February, the Company issued 33,07,650 - 16.5%
 secured
 redeemable non-convertible debentures (NCD) of Rs 450 each with
 detachable warrants to the existing equity shareholders on right
 basis
 in the ratio of 2 NCD for 5 equity shares held.  (Only 32,82,237
 debentures were taken up).  These debentures are redeemable at par
 in
 three equal instalments of Rs 150 each at the end of 7th, 8th and
 9th
 year respectively from the date of allotment.
 
 - The Company issued 82,69,105 secured Zero Interest fully
 convertible
 debentures of Rs 360 each to the existing equity shareholders on
 right
 basis in the ratio of 1:1.  Another 46,58,300 secured zero interest
 fully convertible debentures of Rs 350 each were issued to the
 public
 of which 10,32,000 debentures were reserved to the promoters, 20,000
 debentures offered to employees, (only 5,700 debentures were taken
 up).
 
 - 7,00,000 debentures offered to NRIs (only 3,84,900 debentures were
 taken up) 2,00,000 debentures offered to FIIs (only 26,600
 debentures
 were taken up).  Remaining 27,06,300 debentures offered to public.
 (All were taken up including unsubscribed portion from employees,
 NRIs
 and FIIs).
 
 - The debentures were convertible into two equity shares of Rs 10
 each
 at a premium of Rs 170 per share at the end of 18 months from the
 date
 of allotment.
 
 - During December, the company issued US 0,000,000 - 3 1/2%
 convertible bonds due 1999 convertible into GDRs (the Bonds) at an
 issue price of 100 per cent.  The bonds issued to be in
 denominations
 of US 00.
 
 - 25,480 No. of equity shares allotted on conversion of 3.5% Euro
 Convertible bonds.
 
 1994
 
 - 68,800 No. of equity shares were allotted upon conversion of
 certain
 foreign currency convertible bonds into GDRs (246 bonds converted at
 a
 conversion price of Rs 561.07.
 
 - Another 15,680 No. of equity shares were allotted to conversion of
 56
 bonds into GDRs on 30.9.1994.  On 31.10.1994, 1,50,360 No.  of
 equity
 shares were allotted in conversion of 537 bonds.
 
 - 2,60,89,730 shares allotted on conversion of Euro Convertible
 Bonds.
 
 1995
 
 - 31,78,725 shares issued according to the scheme of amalgamation.
 
 1996
 
 - Sterlite communciations limited merged with the company w.e.f 1st
 April.  In accordance with the scheme of Amalgamation, 1 equity
 share
 of Rs 10 was allotted to every shareholder of the erstwhile sterlite
 communciations limited for every 4 equity shares held.
 
 1997
 
 - The Company proposed to construct a new greenfield aluminium
 smelter
 alongwith associated Captive Power Plant in Orissa.  The technical
 collaboration and technology license agreement was signed with
 Aluminium Pechiney (AP), France for the latest AP 30 technology.
 
 - The Company undertook another project to manufacture Aluminium
 alloy
 rolling sheets and foils.
 
 - The controversy-dogged Rs.1,000-crore copper smelting plant set up
 by
 Sterlite Industries in Tuticorin, Tamil Nadu, has received a clean
 chit
 from the three member independent committee set up by the Tamil Nadu
 government to look into the environmental fallout of the project.
 
 - Sterlite is setting up a plant to manufacture blister copper and
 allied materials and work is progressing in two phases.
 
 - The Sterlite Industries here will set up a desalination plant to
 purify 45 lakh litres of water per day, needed for the copper
 smelting
 plant.
 
 1998
 
 - Sterlite Industries (India) Ltd. has agreed to make an open offer
 of
 20 per cent for acquiring shares in Indian Aluminium Co. Ltd.
 (Indal).
 
 - Sterlite Industries Limited, the Mumbai-based cable manufacturing
 company, which had made a public offer to acquire 20 per cent of
 Indal
 shares, is legally required to obtain RBI clearance for financing
 the
 acquisition cost.
 
 - Sterlite Industries (India) Ltd. will accept all the shares of
 Indian
 Aluminium Co. Ltd. (Indal) received by it in response to its open
 offer
 to acquire 52.03 per cent stake in Indal.
 
 - Phosphoric acid plant of Sterlite Industries has remained shut for
 over six months, at the company's Tuticorin complex.  The plant was
 set
 up as a downstream facility that would make use of the sulphuric
 acid
 produced by Sterlite's copper smelter plant.
 
 - Sterlite Industries (India) Ltd's ambitious greenfield aluminium
 smelter will have a capacity of 1,25,000 tonnes in the first phase.
 
 - 10% Non-Convertible Red. Cum. Pref. shares redeemable at par on
 the
 expiry of 3 years from the date of allotment i.e. 30th June, 1999.
 
 1999
 
 
 - SIL has entered into a memorandum of understanding (MoU) with the
 State Government 30,000 tonne capacity Mount Lyell copper mine, one
 of
 the low cost copper mine.  This would ensure long term supply of
 copper
 concentrate.
 
 - Sterlite Industries Ltd will implement its proposed Rs 3,400-crore
 one-million tonne greenfield aluminium project in Orissa through a
 joint venture company rather than going it alone.
 
 2000
 
 - The company has approved allotment of 90,00,000 No. of equity
 shares
 of Rs 10/- each at a premium of Rs 171/- per shares aggregating to
 Rs
 162.90 crores in accordance with the SEBI Guidelines on preferential
 allotment of shares dated 05.08.1994 against exercise of the
 warrants
 issued by the company in June '98.
 
 - Copper and cable major, Sterlite Industries and telecom
 multinational
 Alcatel have joined hands to provide telecom networking solutions in
 India.
 
 - Pursuant to the Scheme of Arranagement, the telecommunication
 business of the company has been demerged into a separate company -
 Sterlite Optical Technologies Limited with effect from July 01.  The
 Company has proposed to issue shares in its demerged telecom
 business
 at a ratio of 1:1 to all its existing shareholders.
 
 - The Company is set to acquire two copper mines in Australia.
 
 2001
 
 - Sterlite Industries Ltd hive off is power transmission the
 aluminium
 conductor division into a wholly owned subsidiary of the company.
 
 - The Cabinet committee on disinvestment approved sale of 51 per
 cent
 of government equity in Bharat Aluminium Company to Sterlite
 Industries
 Ltd for a sum of rs 551.5 crore.
 
 - After bagging a 51 per cent stake in Bharat Aluminium Company,
 Sterlite Industries may now explore the possibility of hiving off
 its
 aluminium business into a separate company.
 
 - The Company allotted 79,996 No. of equity shares on exercise of
 options by employees as per the ESOP scheme.
          
 - Copper majors Sterlite Industries, Indo Gulf Industries and SWIL
 Ltd
 have come together to promote copper consumption in the country
 through
 increased use of the metal in new areas such as motors,
 house-wiring,
 electricity transformers and plumbing.
 
 - Sterlite Industries (India) Ltd has reported a 32 per cent decline
 in
 net profit at Rs 23.97 crore (Rs 35.49 crore) in the first quarter
 ended September 30, 2001.
 
 2002
 
 -Sterlite Industries India Ltd has informed that Mr Somnath Patil CFO
 & Company Secretary has resigned from the company at the close of
 business hours on June 30, 2002.Mr S S Krishnan has been appointed as
 Head Legal & Secretarial wef July 01, 2002. He shall also act as a
 compliance officer of the company.
 
 2003
 
 -Birla Copper and Sterlite Industries secured LME(London Metal
 Exchange) registration, both companies' copper cathodes have been
 ratified as Grade A copper brands.
 
 -Mr.A.S Khandwala has been appointed as Company Secretary and
 Compliance Officer 
 of the Sterlite Industries Ltd.
 
 -Naveen Patnaik, Chief Minister of Orissa laid the foundation stone
 of the proposed Rs.4000cr
 bauxite mining and alumina refinery project of the Sterlite
 Industries Ltd.
 
 -Income Tax Department filed a petition against Sterlite Industries
 proposed hive off as it has
 attached 54% of the company's shareholding belonging to Twin Star
 Holdings.
 
 -SEBI has directed Sterlite Industries and its two partner firms to
 pay interest NRI's, OCB's and 
 FII's for holding payment to them to buy out of Hindustan Zinc Ltd.
 
 -Sterlite, Essar and Videocon have tied up the confidential
 memorandum to buy the governments stake in SCI.
 
 -Mr Navin Agarwal has been appointed as Whole Time Director of the
 company for a period
 of five years on the board of the company.
 
 -Mr.C.V Krishnan CEO(Metals) of Sterlite group has expressed his
 desire to work for a social
 organization.
 
 -Mr Madan Gopal Pachisia who was a Director on the Board of Directors
 of the company expired on November 12, 2003.
 
 -Anil Agarwal, chairman of the company, climbed to 8th position in
 the Business Standard Billionaire rankings from 17th
 
 -The issue of bonus shares in the ratio of 1 new share for every 1
 existing share
 
 - A rights issue in the ratio of 3 new shares for every 10 existing
 shares of the expanded share capital to raise at least Rs. 14,000
 million. A committee of directors will decide the rights issue price
 keeping in view the then prevailing market price.
 
 2004
 
 - Twinstar Holdings, a subsidiary of Vedanta Resources, has 
 increased its holdings in Sterlite Industries India (SIIL)by 2.4% to
 57.53%.
 
 2005
 
 -Sterlite Industries inks deal with Escondida mine
 
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