India Foils Ltd.

YEAR                       EVENTS
 1905 - Venesta Ltd., U.K. established a factory for the manufacture
 of
        tea chests and linings at Kamarhatti in Calcutta.
 
      - The India Foils Ltd., U.K., is associated with The British
        Aluminium Co., Ltd., U.K., and BACOFOIL Ltd., of U.K. and
 with
        Reynolds Metals Co. of U.S.A.
 
 1960 - The company was incorporated on 8th November, as a private
        limited company.  The main object of the company is to
        manufacture aluminium foils & container sheets/strips used as
        packaging materials.
 
 1977 - The Company took over the Indian business of India Foils
 Ltd.,
        U.K., as a going concern with effect from 1st September.
 
      - With effect from 1st September, the Company started carrying
 on
        the manufacturing activities of India Foils Ltd., U.K.
 
      - Shares subdivided.  14,00,000 shares issued to India Foils
 Ltd.,     
        U.K., and its nominees without payment in cash.
 
 1978 - 5,00,000 shares issued at par: 50,00,000 shares reserved to  
        resident Indian, directors, etc. and Indian business
 connections
        and associates; 25,000 shares reserved for allotment to
 permanent
        employees of the company and 4,25,000 shares offered to the
        public during January.
 
 1979 - The Company revalued its land and buildings as at 31st
 December,
        and the net surplus of Rs 1.18 crores arising out of it was
        credited to capital reserves.
 
 1982 - A new company under the name and style of `Light Metal
 Industries
        Ltd.' was promoted in collaboration with The West Bengal
        Industrial Development Corporation Ltd.  This new company was
        licensed to manufacture 10,000 tonnes of aluminium rolled
        products per annum.
 
      - The net surplus of Rs 2.01 crores arising out of revaluation
 of
        major items of plant and machinery, as on 31st December, was  
    
        credited to capital reserves.
 
      - 4,75,005 bonus equity shares issued in prop. 1:4.
 
 1983 - 27,87,533 rights equity shares issued (prem. Rs 33 per share)
 to    
        resident Indian nationals and corporate bodies.
 
 1984 - The Company revalued its land and buildings as on 31st
 December,
        and the net surplus of Rs 139.29 lakhs arising out of this
 was
        credited to capital reserves.
 
      - In Feb. 2,50,000 right shares issued (prem. Rs 10 per share;
        prop. 2:5) to resident Indian shareholders.
 
 1986 - A major modernisation programme was undertaken at Kamarhatti.
 
      - The Company's application for amalgamation of Light Metal
        Industries Ltd., with itself was pending before the High Court
 of
        Calcutta.
 
 1987 - The Company offered during August 17,50,040 No. of equity
 shares     
        of Rs 10 each at a premium of Rs 33 per share as follows: (i) 
   
        11,37,500 No. of equity shares to the resident Indian
        shareholders of the Company on rights basis in the proportion
        13:10, (ii) 11,32,280 No. of equity shares reserved for
 allotment
        on a preferential basis to employees/workers of the Company
 (only
        16,650 shares taken up) and (iii) 4,81,260 shares to Macneill
 & 
        Magor group of companies.
 
      - The unsubscribed portion of 1,14,630 No. of equity shares from
  
        employees' quota were allotted to the resident Indian
        shareholders during November 1987.
 
 1988 - A new annealing furnace was added to the existing oven to
 raise
        the production of high quality annealed foil.
 
      - A new cable wrap manufacturing line supported by high quality
        slitting facilities was commissioned at the Kamarhatti
 factory.
 
      - The proposal for amalgamation had to be abandoned as
 Government
        of India's approval under the MRTP Act, 1969 was not
 received.
 
 1990 - The Company undertook upgradation of the 4-high mills
        incorporating role bending system, anti-friction bearings,
 drag
        generator, microfog lubrication, oil blow-off system, new
 drives,
        installation of a new annealing furnace and an indigenously
 built
        dry-laminator.
 
      - Necessary approvals were received for expansion of its
 rolling
        capacity.  Efforts were made for importing Achenback Foil
 Rolling
        Mill, with financial assistance from ICICI.
 
 1991 - A multi-colour Rotomec Gravure printing machine was imported
 from
        Italy which was commissioned during the year.  It was proposed
 to
        instal another dry laminating machine to improve the
 product-mix
        and increase the volume of production of flexible packaging
        products.
 
 1992 - The Company offered 21,87,533 rights equity shares of Rs 10
 each    
        at a premium of Rs 30 per share in the proportion of 1:2. 
 All
        were taken up.
 
      - Another 1,09,377 No. of equity shares of Rs 10 each at a
 premium
        of Rs 30 per share were issued to the employees of the Company
 on
        an equitable basis.  Only 1,06,300 shares taken up.
 
 1994 - The Company undertook a massive expansion-cum-modernisation
        project at Kamarhati by installing state-of-the-art wide
        Universal Rolling Mill from `Achenbach' Germany.  Other
        equipments to be installed were Electronic Engraving Cylinder
        procuring system from USA.
 
      - Namtok Investments Ltd. and Maknam Investments Ltd., had been
        merged with the Company effective from 1st April.
 
      - Pursuant to the scheme of Amalgamation 45,38,465 No. of
 equity
        shares of Rs 10 each at a premium of Rs 65 per share were
        allotted to the shareholders of above two Companies.
 
 1995 - The Company entered into a technical collaboration agreement
 with
        M/s. Pechiney Rhenalu of France, the world leaders in the
        aluminium industry.
 
      - The Company commissioned a modern European
 Coating-cum-lamination
        machine at Hoera to further widen the product range of the
 Unit.
 
      - 50,000-14% Cumulative Redeemable Preference shares issued
 during    
        the year.
 
 1996 - The Company commissioned a most modern 6 colour Rotomec
        high-speed printing machine with computerised electrical
 control,
        online automatic registration control, online heatreal
 coating
        arrangement and web monitoring system at Kamarhoti factory. 
 Also
        installed a versatile heatseal coating and laminating machine
 at
        Hoera factory.
 
      - The Company was in the process of executing modernisation of
 its
        7 colour Rotomec printing machine at Taratala factory to
 extend
        it to 8 colour with quick change over system.
 
 1997 - The implementation of the intermediary Rolling Mills Project
 to
        augment the capacity of foilstock manufacturing at Hoera
 factory
        was kept in abeyance due to depressed market conditions.
 
      - Light Metal Industries Ltd. was amalgamated with the company
 with
        effect from 1st April.
 
 2003
 -suspended the operations of its unit at Hooghly West Bengal and at
 Hoera Village
 due to labour unrest and continuous losses suffered by the unit since
 last couple of years.
 
 2007
 
 -India Foils Ltd has appointed Mr. Chiradeep Guha as the Manager.
 
 -India Foils Ltd has appointed Mr. Sandeep Agrawal as CEO (Chief
 Executive Officer) w.e.f. May 01, 2007.
 
 2009
 
 - India Foils Ltd has inducted Shri K. Raghuraman as the Special
 Director under Section 16(4) of the Sick Industrial Companies (
 Special Provisions ) Act, 1985 on the Board of India Foils Limited.
 
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