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West Coast Paper Mills > Company History > Paper > Company History of West Coast Paper Mills - BSE: 500444, NSE: WSTCSTPAPR
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West Coast Paper Mills
BSE: 500444|NSE: WSTCSTPAPR|ISIN: INE976A01021|SECTOR: Paper
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Company History - West Coast Paper Mills
YEAR                       EVENTS
 1955 - The Company was Incorporated on 25th March, at Mumbai.
        The Company's object is to manufacture of paper, pulp and
 other
        raw materials.  The Company manufactures printing papers, 
        writing papers, wrapping papers etc.  Bamboo is the chief raw
        material.
 
      - In August, the Government of Mumbai granted concessions for 
        extraction of bamboo for a period of 30 years on a royalty of
 
        Rs.3.12 per tonne of paper or pulp going out of the factory 
        subject to revision after 5 years and subsequently after
 every
        10 years.
 
 1956 - All shares issued for cash.  Promoters directors and their 
        friends took up 10,000 pref. and 50,000 No. of equity shares. 
 
        The remaining 50,000 pref. and 50,000 No. of equity shares 
        offered for public subscription through a pospectus in August
        1955.
 
 1962 - Further 420 shares were allotted out of 1960 issue between
 1961
        and 1962.
 
 1963 - The Govt. of Mysore sanctioned the extraction of 20,000 tonnes
 of
        bamboo from the forests outside the company's areas at a
 royalty
        of Rs.7.50 per tonne. 
 
      - The Company made a beginning towards self plantation of
 10,000
        acres with bamboo of a special variety and other fast growing
        trees like eucalyptus, hybrids and paper mulbery.  
 
 1964 - The total land under plantation since the scheme was taken up
 
        increased to 36,564 acres, comprising 5,316 acres for woods
 and
        31,248 acres for bamboo.  
 
 1966 - A further 27,155 acres were brought under plantation between 
        1966-67 and 1969-70.
 
      - In order to augment the working capital resources the company
 
        sold some of its old equipments to various leasing companies
 for
        Rs.200.92 lakhs under Sale and Lease Back scheme.
 
 1967 - In January 1967, 50,000 Bonus equity shares issued in the
 prop.
        1:3.
 
 1969 - In February, 1970, 40,000 bonus equity shares issued in the
 prop.
        1:5.
 
 1972 - 60,000 right equity shares issued at a prem. of Rs.35 per
 share 
        in prop. 1:4.
 
 1973 - The company was allotted 37.657 acres of bamboo forests to 
        replace the areas lost to the company due to Kali River
 project
        and clear felling for new teak plantation undertaken by the
        forest department of the state.  The agreement with the State
        Govt. of Karnataka for extraction of bamboo in the leased
 areas
        was due to expire in 1989 and necessary steps were being taken
 to
        renew the lease.
 
      - 60,000 bonus equity shares issued in the prop. 1:5.
 
 1975 - 40,000 No. of equity shares issued at a prem. of Rs.35 per
 share
        to the financial institutions (IFCI, LIC and IDBI) on
 conversion
        of loans.
 
 1979 - 10,000 No. of equity shares issued at a prem. of Rs.35 per
 share
        to UTI during 1976-77 on conversion of part of the debentures
        issued to them.
 
 1984 - The company cancelled the 90,000-6% preference shares of
 Rs.100
        each.  The holders of these preference shares were allotted
 12%
        secured non-convertible redeemable debentures of Rs.100 each
 in
        the prop. 1:1 with effect from 30th September.  These
 debentures
        are redeemable at the end of 12th year from 1st October, with
 an
        option to the company to repay in five years after 1st
 October,
        1991.
 
      - 90,000 - 6% pref. shares cancelled and 90,000 - 12% non
        convertible debentures of Rs.100 each issued in lieu thereof.
 
 1986 - Installation of the fluidised bed combustion boiler was 
        commissioned in October.
 
 1989 - An order was placed for new back pressure steam turbine of 5.3
 
        MW capacity.  The said turbine was expected to be
 commissioned
        by the first quarter of 1991.
 
 1991 - Despite higher sales realisation, profits were affected due
 to
        escalation in the cost of raw material, coal, chemicals, etc.
 
 1992 - Installation of remaining equipments like pulp mill, chemical
        recovery etc. under the first phase of the modernisation and
        renovation programme was in progress.  The second phase of
 the
        said programme costing Rs.85 crores involving the installation
 of
        bagasse pulping equipments, coating plant a new paper machine
 and
        other balancing equipments would be taken up in due course.
 
      - 4,10,000 rights equity shares issued (prem. Rs.30 : prop.
 1:1).
        Additional 61,500 shares allotted to retain oversubscription.
        Another 12,568 shares allotted to employees.
 
 1994 - As a part of the on-going
 modernisation/expansion/diversification
        programme the company installed UTM pulpers on paper M/s.
 Nos.I  
        and II and CD Profiler on Paper M/s. No.III, to improve the 
        productivity.  The company undertook the second phase of 
        modernisation programme at a total capital outlay of Rs.235
 crore
        which includes a Duplex Board machine, bleach plant, Bagasse
        pulping plant, falling film evaporators, power plant nor 15
 MW
        and two paper machines for weight papers of MG and MF and 
        superior quality duplex boards.
 
      - The Company has also applied for Letter of Intent to set up a
 
        Caustic Soda and liquid chlorine plant.
 
      - The company also proposed to set up a sugar mill and applied
 for
        an Industrial licence.
 
      - The company diversified into high-tech product area in the
        telecommunication field by putting up a unit at Mysore for 
        production of optical fibre cables.  The civil work of the
 Duplex   
        Board mill and optical fibre cables unit was under progress.
 
 1995 - The performance of the Company surpassed all its past
 records.
        Production and sales increased significantly mainly due to
 the
        relentless efforts made at all levels in optionally utilising
 the
        resources available.
 
      - As a part of the on-going
 modernisation/expansion/diversification
        programme the company has installed a state-of-the art plant
 to
        manufacture optical fibre cables with foreign technical
        collaboration, a running plant with a capacity of 9000 MT
 P.A.
        for the manufacture of chromo, Art paper and Board was
 installed
        at Gugaon (Haryana).
 
      - The Company also installed a 1050 KW wind power mill in
 Chennai.
 
      - The Company has received letter of intent for setting up a
 sugar
        mill of 2500 tonnes crushing capacity per day and a caustic
 soda
        and liquid chlorine plant as a step towards backward
 integration.
 
 1996 - Duplex Board Machine was commissioned on 15th September.
 
      - The Company has taken the following new project as a part of
 its
        expansion-cum-modernisation programme:
 
      - (a) Bleach Plant: The 250 TPD new Bleach plant was expected to
 be
        commenced by the end of December 1997.
 
      - (b) Digester No. 10 : A new digester was planned to cope-up
 with
        the increased requirement of mill made pulp for higher level
 of
        production.  Digester was expected to be commissioned by
 March
        1998.
 
      - (c) New Power Plant: Apart from installing 5 new DG sets, the
 
        company intending to set up a new power plant by installing
 one
        70 TPH FBC Boiler and a 12 MW capacity Double extraction
 partial
        condensing Turbo Generator set.
 
      - (d) Caustic Soda Plant: The company has received letter of
 intent
        from the Government of India to set up the above plant as a
 step
        towards backward integration project.
 
      - The Company is also planning to set up a sugar mill of 2500 
        tonnes cane crushing capacity per day.
 
 2000 - The Company has taken up modernisation, expansion &
             diversification programme with a capital  outlay of Rs
 214.50
              crores for increase in the production  capacity and
 technology
               upgradation of paper, duplex board and  cable
 divisions.
  
 2002
 
 -Appoints Shri C K Somany as the Director on the Board of the company
 after the resignation of Mr Madan Mohan Mohanka.
 
 -Ms Shaila Jagpat resigns from the Directorship of the company.
 
 2003
 
 -Stock Broker Desai acquires 5% stake in the company.
 
 -Appoints Mr S K Bangur as the Chairman and Managing Director of the
 company.
 
 -Acquires 33.85% equity shares of Rama Newprint and Paper Ltd at Rs.5
 per share for Rs.39.38 crs from ICICI Bank Ltd and ICICI Trusteeship
 Services Ltd.
 
 2006
 
 -West Coast Paper reappoints Bangur as MD
 
 -West Coast Paper Mills Ltd has re-appointed Shri. K L Chandak as
 Executive Director of the Company for a further period of 4 years
 w.e.f. December 01, 2006.
 
 2007
 
 - The Company has splits its face value from Rs10/- to Rs2/-.
 
 2009
 
 - West Coast Paper Mills Ltd has appointed Shri Krishna Kumar Karwa
 as Additional Director of the Company.
 
 2010
 
 - West Coast Paper Mills Ltd has appointed Shri Sanjay Kothari as
 Additional Director of the Company.
 
 
 2011
 
 -Shri S. K. Bangur has been re-appointed as Chairman &
Managing Director of the Company.
Source : Dion Global Solutions Limited
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