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Indian Aluminium Company Ltd.

BSE: 500445 | NSE: INDAL | Series: NA | ISIN: INE249A01023 | SECTOR: Aluminium

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Indian Aluminium Company is not listed on BSE

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Indian Aluminium Company is not listed on NSE
Company History - Indian Aluminium Company
1938
 
 - The Company was Incorporated at Calcutta.  The Company Manufacture
 aluminium and its semi-fabricated products.  The Company acts as
 distributors for Alcan Asia Ltd.  Some of the products manufactured
 are
 alloys, architectural sections, barns, chequered plates, circles,
 coils
 sheets, foils, stock silos, ingots, irrigation tubing, paste for
 plant
 and pigments, powder, plates, prefabricated house and sheds, rods,
 slugs, strips, structural sections and chemicals such as alumina
 calcined, alumina hydrated, carbon electrode paste, etc.  The
 Company
 uses the trade name `INDAL'.
 
 1944
 
 - The Company changed its name from `Aluminium Production Company of
 India Ltd.' to Indian Aluminium Co. Ltd.
 
 1950
 
 - British Aluminium Co. Ltd. and Jeewanlal (1929), Ltd. sold their
 shareholding in the Company to Alcan Aluminium Ltd., Canada.
 
 1968
 
 - In Jan., 2,580 No. of Equity shares issued on conversion of Loan
 Stock.  In Feb., 60,08,459 rights equity shares issued (prem. 70
 paise
 per share; prop. 1:1).  72 No. of Equity shares in 1969 and 312
 equity
 shares in 1970 allotted on conversion of loan stock.
 
 1972
 
 - On 29th December, 60,07,275 bonus equity shares issued in the
 prop.
 1:2.
 
 1974
 
 - During January-February the Company issued 31,90,477 equity shares
 at
 a premium of Rs 11 per share.  As stipulated in the consent of the
 Controller of Capital Issues, the Company offered 12,42,132 equity
 shares to its Indian shareholders resident in India and registered
 on
 20th November, 1973, in the proportion of 1:5.  4,89,670 No. of
 equity
 shares were reserved for allotment: 2,00,000 shares to Unit Trust of
 India, 1,89,670 shares to LIC and 1,00,000 shares to the employees
 of
 the Company.  The balance 14,58,675 shares were offered for public
 subscription.
 
 1977
 
 - 84,85,455 Bonus Equity shares allotted in prop. 2:5 on 28.11.1977.
 
 1978
 
 - 40,000 pref. shares of Rs 100 each redeemed at Rs 105 per share.
 
 1982
 
 - 16,75,675 shares issued to financial institutions (prem. Rs 8.50
 per
 share) in part conversion of loans 11,29,730 shares issued in
 conversion of debs. (prem. Rs 8.50 per share).
 
 1986
 
 - Government clearance was received for the Company's pre-sensitized
 aluminium lithyo sheet project in technical collaboration with
 Coates
 Brothers, p.l.c., U.K.
 
 - The Company undertook to set up a unit for the manufacture of
 professional grade multilayer printed circuit boards at Nanjangud
 (Mysore), a backward area in Karnataka State with an annual capacity
 of
 30,000 square metres.  This project was registered with DGTD.
 
 - During April, the Company offered to the existing shareholders
 20,00,000 - 15% secured redeemable non-convertible debentures of Rs
 100
 each on rights basis.  Due to oversubscription, an additional amount
 of
 Rs 1.9 crores was retained.  Thus debentures for a total amount of
 Rs
 21.9 crores were allotted.  A sum of Rs 5 crores was earmarked for
 normal capital expenditures and the balance Rs 16.9 crores was used
 to
 augment the long-term resources for working capital.
 
 1987
 
 - A technical collaboration agreement was signed with PCK technology
 division of Kollmorgen Corporation, U.S.A.
 
 - During September, the Company offered 9,00,000 - 12.5% secured
 redeemable partially convertible debentures of Rs 500 each for cash
 at
 par to resident Indian nationals.  4,50,000 debentures were offered
 on
 rights basis to the shareholders in the proportion 1 deb.: 36 shares
 and 45,000 debentures were offered on preferential basis to
 permanent
 employees of the Company (only 41,045 debentures were taken up). 
 The
 remaining 4,05,000 debentures along with unsubscribed portion of the
 employees and shareholders quota of 71,235 debentures were offered
 to
 the public.
 
 - The Convertible portion of Rs 200 of each debenture was to be
 converted into 10 equity shares of Rs 10 each at a premium of Rs 10
 per
 share during November.
 
 - The non-convertible portion of Rs 300 of each debenture was to be
 redeemed in 5 equal annual instalments commencing from November
 1992.
 
 - The equity holding of Alcan Aluminium Ltd. in the Company was
 reduced
 to 39.88% by the issue of partial convertible debentures worth Rs 45
 crores to resident Indian nationals.
 
 - 86,57,720 shares allotted in part conversion of 12.5% debentures
 till
 31.12.1987.
 
 1988
 
 - (15 months), a new Company under the name Hirakud Power Company
 Ltd.,
 was formed to set up a 67.5 MW thermal plant.  The first boiler
 leased
 to Hirakud Power Company, Ltd. for its 67.5 MW power plant dedicated
 to
 the Hirakud smelter was lit up in March 1993.  This project become
 fully operational in March, 1994.
 
 - The Company developed several new grades of hydrates and aluminas
 for
 use as fillers in plastic and in selected ceramic applications.
 Extruded and rolled products in special alloys were developed for
 Defence applications.  Also, a new process was developed for making
 ferric alum which helped to improve productivity at lower costs.  A
 new
 process route was established for producing white hydrate for import
 substitution.
 
 - 3,34,440 shares allotted in part conversion of 12.5% debentures
 till
 31.3.1989.
 
 1989
 
 - During March, the PCB unit was commissioned.  A new Company Orissa
 Extrusions Ltd. (OEL) was incorporated as a joint sector project
 with
 the Industrial Promotion and Investment Corporation of Orissa Ltd. 
 The
 project, at a total cost of Rs 15.6 crores, was licensed to
 manufacture
 5,000 tonnes per annum of speciality extruded products.  Equity
 participation of the Company in OEL was to the extent of 25%.
 
 - The Company developed an improved foilstock alloy, high elongation
 closure stock and heavy gauge anodising quality circles for making
 pressure cookers with a view to improving exports.  New process
 route
 was developed for flat mill tempered products, pressure cooker
 circles
 and casting of rolling ingots.
 
 - Intricate and heavy heat sinks were also produced.  Other import
 substitution efforts were made at development of a new stick
 lubricant
 for extrusions, semi-synthetic oil for cutting extruded sections and
 a
 paint for selective nitriding.
 
 1990
 
 - It was decided to expand the installed capacity of the Company's
 alumina plant at Belgaum from 1,80,000 tonnes to 2,20,000 tonnes.
 
 - The Research & Development wing at Belgaum developed improved
 grades
 of FRSS fillers for conveyor belting, hydrates for synthetic marble
 and
 quality papers, special quality aluminas for technical ceramics and
 high alumina refractory intermediates.
 
 1991
 
 - The Centre carried out extensive process studies for retrofitting
 the
 predesilication concept to the existing Bayer circuit, leading to
 reduction in capital investment for alumina plant expansion project.
 
 - A new precipitation technique was developed to improve alumina
 quality.  Metal and coating studies were undertaken by the
 department
 to enhance surface finish of the steel products.  A process was
 developed for converting wet scrubker sludge a waste material from
 scrubker.
 
 - The Company issued 17.5% non-convertible debentures aggregating Rs
 30
 crores on private placement basis: These are redeemable in three
 equal
 annual instalments beginning from January 1998 and at a premium of Rs
 5
 per debenture payable in January 1999.
 
 1993
 
 - The Company introduced a voluntary retirement scheme and training
 and
 redeployment of the employees were also being carried out.  The
 aluminium paste and powder operations at Kalwa were discontinued in
 April due to environmental reasons.
 
 - One of the potlines at Alumpuram Smelter which has suffered a
 breakdown in early year was reenergised after modernisation.
 
 - A capacity of printed circuit board plant at Nanjangud was being
 enhanced by 25,000 sq. mtrs per annum.  A capacity of 20,000 TPA was
 also being added to the special alumine manufacturing facility at
 Balgaum.
 
 - With a view to improve the casing rolling and finishing
 capabilities,
 a major modernisation programme was started at Taloja.
 
 1994
 
 - The Company acquired a 26.5% stake in Annapurna Foils Ltd. (AFL),
 Hyderabad (A.P.) under a rehabilitation proposal of BIFR approved in
 October by investing in 52,00,000 equity shares of AFL of face value
 of
 Rs 10 each for cash at par.  The Company provides operational,
 marketing and managerial assistance to AFL.
 
 - On 1st March, the Company issued GDRs representing 59,11,330
 shares
 at a price of US $10.15 per GDR.
 
 - The Company's Belgaum smelter was fully de-energised in August
 1992
 due to high power tariffs and low metal prices endangering the
 viability operations of the entire company.
 
 - 130 electrolytic pots with an annual capacity of 18,000 tonnes of
 metal have therefore been put back in operation.
 
 - Hirakud Power Co., Ltd., was amalgamated with the Company.  The
 Company signed a joint venture agreement with Courtaulds plc group
 U.K.
 to establish an aluminium foil based laminated tube plant in Goa.
 Indal is to have a 30% stake in the new Company.
 
 - During the year, the Company was actively pursuing the Utkal
 alumina
 project jointly with Hydro Aluminium as and Tata Industries Ltd. for
 setting up a export oriented one million tonne p.a. capacity alumina
 plant.
 
 - The Company undertook to implement the scrap recycling project at
 Taloja, Maharashtra next to the Company's existing sheet plant.
 
 - The Company was sponsored by Alcan Aluminium Limited of Canada
 (Alcan), the principal shareholder of the Company.  Alcan, has also
 provided the Company with necessary technical and engineering
 facilities in fulfilling its various expansion programmes and in
 attaining proficiency in the complicated operations of smelting and
 fabricating aluminium.
 
 1995
 
 - The Company is pursuing to set up a naphtha based captive power
 plant
 for the smelter at Belgaum.  The company is also in the process of
 finalising upgradation and expansion of its sheet and foil
 capacities
 in close consultation with Alcan.
 
 - An electronic engraver was commissioned at the foil plant at Kalwa
 for improved quality of printing during the year.
 
 - 23,703,994 Bonus equity shares allotted in prop. 1:2 on 27th
 September.
 
 1996
 
 - The Company undertook to set up a naphtha based captive power
 plant
 for the Belgaum smelter with a capacity of 100 MW on
 Build-cum-Operate
 Transfer (BOOT) basis.  Coastal Power Corporation, USA was selected
 to
 instal and run the power plant, which would enable the smelter to
 run
 to a capacity of 40,000 tpa.
 
 - The Company improved its capacity utilisation of the Cold rolling
 SMS
 mill at Belur and Taloja sheet mill while the Hirakud Smelter
 attained
 its expanded capacity of 30,000 tpa.
 
 - A project for installation of a sophisticated remelt furnace and
 casting facilities at Taloja was launched to addren the quality
 requirements of sheet plant.
 
 - The existing plant at Lahordaga for production of Kaolin was to be
 produce Kaolin for paper, print and refractory use.  Based on this
 the
 Company was to instal a 75-100 Ktpa Kaolin plant at Lohardaga in
 future.
 
 - A Comprehensive upgradation plan drawn up with inputs from Alcan
 was
 being implemented in the sheet mills.  A state-of-the-art integrated
 information and communication plan was to be implemented.  Lease
 part
 for mining was awaited.
 
 1997
 
 - During the year, development work on new packaging and building
 product applications were initiated and new products were developed
 for
 can-ends for packaging fish and processed foods.  Apart from this,
 non-foil laminates for the tea industry and polyester foil for the
 milk
 industry were also introduced into the market.
 
 - The Company undertook a major sheet expansion-cum-modernisation
 programme at both Belur, West Bengal and Taloja, Maharashtra.  The
 Company, also proposed to expand the alumina capacity to 510,000
 tonnes
 per annum at Belgaum, Karnataka and to 100,000 tonnes per annum at
 Muri, Bihar.
 
 - The Company, undertook to increase the generating capacity of the
 captive power plant at Hirakud from 67.5 MW to 144.5 MW.  The
 Company
 has signed a Memorandum of Understanding with Tata Electric
 Companies
 with this regard.
 
 - During the year, the New Remelt at Taloja, Maharashtra and Caster
 at
 Hirakud, Orissa were commissioned within the time scheduled.
 
 - The profitability of rolled and semi-fabricated sectors, including
 extrusions was severely affected by the sharp increase in import
 duties, demand stagnation and rise in administered costs.
 
 1998
 
 - Indian Aluminium Co Ltd (Indal) has signed a $40 million
 syndicated
 loan facility to finance the modernisation of its sheet-rolling
 facilities at Belur in West Bengal and Taloja in Maharashtra,
 according
 to a company release.
 
 - The US Trade and Development Agency has signed an agreement with
 the
 Indian Aluminium Company Ltd granting $500,000 towards a feasibility
 study for the expansion and modernisation of the Hirakud aluminium
 smelter in Orissa.
 
 - Indian Aluminium Co. (Indal) is negotiating with Bihar State
 Mineral
 Development Corporation (BSMDC) for a joint venture thermal power
 project in South Bihar.
 
 - Indal had already signed the power purchase agreement with Coastal
 Power of the US which was to set up the naphtha-fired captive power
 plant on a build-own-operate-transfer (BOOT) basis.
 
 1999
 
 - Indian Aluminium Co. Ltd. (Indal) is reviewing the operations of
 all
 its five joint ventures with the aim of controlling costs and
 improving
 its own margins.
 
 - Indian Aluminium Company (Indal) has signed a new wage settlement
 with employees' unions at its Belur Works after months of tortuous
 negotiations.
 
 2000
 
 - Indian Aluminium Company Ltd (Indal) has awarded Rockwell
 Automation,
 a US-based Rockwell International Corporation a $1 million contract
 for
 an automation upgrade at its Taloja plant near Mumbai.
 
 - Indian Aluminium Co. Ltd. became a subsidiary of the Aditya Birla
 flagship company Hindalco Industries Ltd. which has taken up a 74.6
 per
 cent equity stake in Indal.
 
 2002
 
 - AAIFR approves Scheme of Amalgamation/Merger of Annapurna Foils
 with
 INDAL.
 
 -Indal posted marginal hike in the net of Rs.1cr, it has posted after
 tax at Rs.117cr
 for the year.
 
 -Indal informed BSE that it had shut down the pot lines at its
 Hirakud Complex 
 in Orissa due to severe storm.
 
 -The Indian Aluminium Company, Alupuram, Kalamassery has won
 commendation
 certificates for energy conservation from the State Level monitoring
 committee
 for energy conservation.
 
 2003
 
 -Indal comes out three outstanding strategy on leveraging ascendency
 in the upstream
 and downstream business, strengthening portfolio of highvalue
 products and
 pushing export volumes for the bright future of the company.
 
 -Mr.S.C Jain, nominee of the Life InsuranceCorporation of India has
 withdrawn.
 
 -Indal decided to de-energize the smelter operations at Alupuram
 because of hike
 in power tariff.
 
 -Indal has notified to shutdown its smelter plant at Alupuram near
 Kochi to KSEB
 due to increased power tariff.
 
 -Indal has acquired stake in with Utkal Alumina International Ltd by
 increasing from 20% to 55%
 equity.
 
 2004
 
 -Indian Aluminium Company Ltd has informed that Mr. Aniruddha Sen has
 been appointed as Company Secretary of the Company w.e.f. February 1,
 2004 with cessation of Shri Sanjeeb Chatterjee as Company Secretary.
 Mr. Sen will also act as Compliance Officer.
 
 -Indal acquires 51% equity stake in Suvas Holdings
 
 -INDAL equity shares delisted form Calcutta Stock Exchange