Mukand Ltd.

YEAR                                                   EVENTS
 1937 - Mukund Ltd. was incorporated on 29th November, at Mumbai.
              The company is engaged in general engineering work and
              manufactures iron & steel products, steel castings,
 steel
              structurals, EOT and other cranes, and various types of
              industrial machinery.
 
           - The steel melt shop established continuous sequence
 casting with
              flying tundish practices and introduced a special
 techique for
              alloy additions.
 
            - The vendors' business was taken over as a going concern
 as and 
               from 21st October.  The business of Hindustan Iron and
 Steel
               Products, Ltd. was also taken over by the Company from
 its
               Liquidator.
 
             - 59,000 No. of Equity shares and 5,900 Defd. shares
 issued.
 
 1944 - 68,750 Right Equity shares issued in the prop. 1:2.
 
 1946 - 10,000 Right Pref. shares in propn. 1:20.
 
 1958 - 2,04,725 Right Equity shares in propn. 1:1.
 
 1960 - 4,09,450 Right Equity shares in propn. 1:1.
 
 1963-67 - 1,00,000 Right Equity shares propn. 1:8, 9,18,900 Right
 Equity
              shares in propn. 1:1.
 
 1970 - 2,44,601 Bonus Equity shares issued in March 1970, in the
 propn.
              1:10.
 
 1972 - 2,691,075 Bonus shares issued in the propn. 1:1.
 
 1976 - 26,91,187 Bonus Equity shares issued in the propn. 1:2 in
 July
              1976.
 
 1979 - Mukand Holdings Pvt. Ltd. was incorporated on 23rd June, as
 an
              investment Company.  It became a wholly owned subsidiary
 of the
              Company and also a public limited Company with effect
 from 30th
              June.  As at 31.3.1993, the Company held all the
 1,24,950 No. of
              equity shares of Rs 100 each issued by this subsidiary.
 
 1983 - Ladle refining furnace and the vacuum degassing station were
             successfully commissioned.
 
           - 17,50,000 No. of Equity shares issued at a premium of Rs
 5 per
             share in conversion of 13.5% debentures.
 
 1984 - The 10.5 metre radius bloom caster, the largest in India, was
              commissioned in October.
 
           - The Company formed a research and development division
 effective
              from 1st January.
 
           - As on 30th June, the Company revalued its land, roads
 and
             buildings.
 
 1985 - The Company's application for collaboration with Advanced
 Design
              Materials Corporation, U.S.A., was approved by
 Government.
                                    
           - The Company as on 30th June, revalued its plant and
 machinery and
              the resulting increase of Rs 27,48,78,249 was credited
 to
              revaluation reserve.
 
           - The Company was formed to acquire the business being
 carried on
              under the name and style of Mukand Iron Works, Mukand
 Steel
              Rolling Mills and Mukand Steel Foundry since 1920.
 
 1986 - Basic engineering package was received from BBC Brown Boveri,
              Switzerland and the whole project was implemented during
 the
              year.
 
           - The R&D introduced super steel - 60 bars.  The controlled
 surface
              layer (CSL) process developed for colouring stainless
 and alloy
              steel components for decorative purposes was fully
 established.
 
 1987 - The Modernisation programme included top and bottom blown
              converter and additional roughing stand for the bar
 mill.  The
              converter was the first of its kind to be used for bulk
              production of stainless steel.
 
           - The Company installed tools like scanning electron
 microscope and
              automatic computer controlled polishing machines.  The
 R&D units
              designed and installed a pilot plant for production of
 larger
              quantities of coloured stainless steel components.
 
 1988 - The oxygen top and bottom blown converter was installed.  The
              dust collection system was also installed and
 commissioned during
              the period.
 
           - 49,11,781 Bonus shares issued in the propn. 1:2.
 
 1989 - Effective from 23rd March, the company's name was changed
 from
              Mukand Iron & Steel Works Ltd. to Mukand Ltd..  This was
 done
              to reflect this company's corporate identity in view of
 its
              diverse operations.
 
            - The Company supplied the bulk of the equipment for
 medium
               merchant and structural mill to Rashtriya Ispat Nagam
 Ltd.
 
            - The Company developed both Railway and Non-Railway
 castings like
               side frames, bolsters, speciality couplers and track
 pads for the
               USSR and wear - resistant castings for the American and
 Japanese
               markets.
 
             - An electro-magnetic stirrer and an auto mould level
 controller
                had been installed in the bloom caster to provide for
 improved
                internal structure of the blooms.  The Company also
 installed an
               automatic pendulum type shot blasting machine, a
 machanised sand
               supply system, pollution control equipment etc.
 
            - Mukand Dravo Wellman Pvt. Ltd. became a subsidiary of
 the
              Company.  As at 31.3.1993, the Company held 7,20,000 No.
 of
              equity shares of Rs 10/- each in the subsidiary.
 
            - Effective from 23rd March, the Company's name was
 changed from
              Mukand Iron & Steel Works, Ltd. to Mukand Ltd.  This was
 done
              to reflect the Company's Corporate identity in view of
 its
              diverse operations.
 
 1990 - Production and sales of steel and alloy castings were lower 
             mainly due to a short fall in the sales/exports to USSR
 and lack
             of additional orders for bogies and couplers from
 Railways.
 
           - The major jobs undertaken during the year consists of
 heavy duty
              cranes ranging in capacity from 140 tonnes to 200 tonnes
 and iron
              ore handling equipment.
 
            - A bell furnace was installed to spheroidise annealing of
 wire
              rods for ball bearing and other applications.
 
           - Mukand Soviet Engineering Ltd. a joint venture with two
 leading
             Soviet Organizations - Gipromez and Tyazhpromexport,
 became a
             subsidiary of the Company.  As at 31.3.1993, the Company
 held 60
             equity shares of Rs 10 each in the subsidiary.
 
 1991 - The Machine Building Division manufactured and supplied
 11,000
               tonnes of major machanical equipment apart from
 successfully
               completing the order for supply of equipment for the
 Medium
               Merchant and Structural mill to Visakhapatnam steel
 plant.  In
               addition, the unit also manufactured equipment for
 sponge iron
               plants and vacuum degassing equipment for mini steel
 plants and
               portal type scrapper reclaimer for exports.
  
            - During the year, orders were received from SAIL for
 supply of      
              Oxygen furnace equipment for its Rourkela steel plant
              modernisation project.
 
            - Exports increased due to better quality of products,
 introduction
              of new products, break through in new markets like Latin
 American
              countries and countries of Northern Europe.  Some of the
 new
              items introduced for exports were carbon steel fasteners
 made        
              from steel manufactured by the Company.
 
           - Casting facilities in the steel plant were being
 modernised and
              the Company proposed to add ladle refining, vacuum
 degassing and
              rolling facilities.
 
            - Some of the additions made were hot briquetted iron
 feeding
              systems on the melting furnace, finishing facilities
 like
              spheroidised annealing furnaces, heat treatment furnaces
 and
              straightening machines.
 
           - The R&D activities were carried out in heat treatment
 and
              development of import substitution steel viz., ball
 bearing, cold
              heading quality steel.  Also, further studies were
 carried out in 
              on surface finish, machinability and crack formation in
 stainless
              steel, free cutting steel and special steel.
 
 1992 - The Machine Building division received preliminary acceptance
              certificate for successful commissioning of 11,000 TPA
 of
              equipment for medium merchant and structural mill
 project of
               Visakhapatnam steel plant.
 
            - The Company also supplied and commissioned equipment of
 sponge
               iron plant for Bellary Steel and Alloys Ltd. & Raipur
 Alloys &
               Steel Ltd.
 
            - The machine building division undertook a major
 expansion project
               for augmenting the machining facilities and increasing
 the shed
               area for fabrication and assembly activities.
 
             - The Company had set up Engineering Construction
 Division to
               undertake such services as feasibility surveys,
 project
               engineering and contracts in the engineering, chemical
 and
               metallurgical industries for site fabrication,
 equipment
               installation, piping, etc. as well as turnkey jobs.
 
             - Becom Engineering Co. Ltd., merged with the Company on
 20th
               October and became a division of the Company.
 
            - The Becom Engineering Division developed new models of
 heavy duty
               lathe, plano miller, high spindle torque lathe, oil
 country lathe
               and deep hole drilling machines.
 
             - Wire rod mill unit No. 2 was commissioned and with
 this, the
               Company hoped to produce wire rods of new and stringent
 grades of
               special steel and improve the quality of the present
 products to
               cater to the needs of the discerning and demanding
 customers.
 
             - During September-October, the Company offered 36,94,744
 No. of
               equity shares of Rs 10 each at a premium of Rs 90 per
 share on
               Rights basis in the proportion 1:4 (all were taken
 up).
 
             - Another 1,84,737 No. of equity shares of Rs 10 each at
 a premium
               of Rs 90 per share were also offered to employees' on
 an
               equitable basis. (all were taken up).
 
             - Simultaneous to the above Rights Issue, the Company
 offered
               36,94,744-16% secured redeemable Non-convertible
 debentures of Rs
               325 each with detachable equity warrants on Rights
 basis in the
               proportion 1 debenture: 4 equity shares held.
 
             - Another 1,84,737-16% secured Non-convertible debentures
 of Rs 325
               each with detachable equity warrants were offered to
 employees on
               an equitable basis. (only 1,82,179 debs. taken up).
 
            - The detachable warrants, to be separately listed on the
 Stock
               Exchange, enable the holder to apply for 1 equity share
 of Rs 10
               each for cash at a price not exceeding Rs 100, within
 24 months
               from the date of allotment of debentures.  These
 debentures are
               to be redeemed in five equal annual instalments
 beginning at the
               end of 5th year from the date of allotment of
 debentures.
 
 1993 - The Company transferred the business of Engineering
 Construction
               Division to Mukand Engineers Ltd. in order to
 concentrate on the
               main business.
 
            - As on 1st March, the Company allotted 23,759 No. of
 equity shares
              of Rs 10 each in the proportion 1 equity: 35 shares held
 in Beco
              and 1 equity: 6 Pref. held in Beco.  The Company sold
 the assets
              of Batala Unit of erstwhile Beco Engineering Co. Ltd.
 
 1994 - The Company proposed to transfer machine building division to
 the
               newly formed company named Mukand Industrial Machinery
 Ltd.
 
            - The Company installed an electro-magnetic stirrer and
 auto mould
               level control equipment in order to get better quality
 of steel,
 
            - The company installed the new technology of chemically
 bonded
               sand system and suitable processing facilities to step
 up the
               output of bright bars and steels.
 
             - 33,70,500 Shares (Prem. Rs 315 per share) allotted to
 FIIs, FIs
               and Corporate Bodies on private placement basis. 
 38,76,923
               shares (Prem. Rs 90 per share) to equity warrant
 holders.
 
 1995 - The Steel Foundry division undertook to enlarge the share of
               high value alloy and stainless steel castings in the
 product-mix.
 
            - The Rolling Mill division set up and commisioned
 solution 
               annealing furnaces and related downstream facilities
 for coil
               finishing.  It was proposed to install facilities for
 annealing
              of cold heading quality steels with a view to providing
 better
              services to the fastener industry and meet
 international
              competition.
 
            - Import substitution products were developed during the
 year, for
              fastener manufacturers and fine wire drawing units.
 
           - The Company received approvals to commence construction
 for an
              area of about 2 lakh sq. ft.  The company proposed to
 develop
              a hotel site therein.
 
           - The Company achieved break through in new markets like
 Suria,
              South Africa and South East Asian Countries.  The
 Company has
              developed casting for customer in Europe & the USA.
 
           - The Company has signed agreements with five ministeel
 plants for
              providing technical know-how for electric steel
 manufacture.  In
              some of these the Company is also rendering service for
              supervision of construction, erection and commissioning
 of
              plants.
 
            - With the continuous steep increase in cost of scrap and
              electricity, production of steel through electric
 furnace route
              was being uncompetitive vis-a-vis main producers.
 
           - The Company proposed to have a alliance with Kalyani
 Ferrous
              Industries Ltd. which is setting up a mini blast furnace
 at
              Hospet, Karnataka.  Under the term of the alliance, the
 Company
              would install facilities for converting hot metal into
 steel.
 
           - The Company would buy hot metal from Kalyani and convert
 it into
              steel billets & blooms and sell a part of output to
 Kalyani Steel
               Ltd.
 
            - Necessary permission were received from Govt. of
 Karnataka to set
              up a steel plant with a capacity of 1.25 million tonnes
 p.a.  The
              steel plant was to be set up by a new Company of which
 Mukand was
               to be a major promoter.
 
            - The Company was promoted through joint venture to
 manufacture
               stainless steel billets and flats at Jodhpur.
 
             - The Company received for an industrial license for
 substantial
                expansion of its steel making capacity from 1,35,000
 tonnes to
                2,70,000 tonnes per annum.
 
              - Mukand Industrial Machinery Ltd. became a wholly owned
 subsidiary
                of the Company with effect from 31st March.
 
             - 2,259,250 No. of Equity shares allotted on exercised
 of
               conversion warrants.
 
 1996 - Trip hummer testing fascility designed in-house was
 commissioned.
 
           - The Company intensified its multipronged efforts for
 cost
             reduction by improving yields and by securing reduction
 in
             alternate raw materials.
 
           - The Company entered into technical know-how agreement
 with a
              leading Japanese consultancy firm which would study the
 company's
             operations and would implement know-how including
 training of
             personnel by the Japanese.
 
          - Two short-time cycle furnaces imported from USA were
 installed
             for heat treatment of wire rods.
 
          - The Company installed the largest bloom caster in the
 country to
             cast blooms upto the size 250 mm square.  The Company
 also
             undertook rehabilitation and modernisation of the bar
 mill at
             Kurla.
 
           - The Company signed a MOU with Mitsui Engineering
 Services, Japan
              for co-operation in Indian for manufacture of cranes
 for
             container projects.
 
            - A surface wheel lathe for Indian Railways, a hevy duty
 roll
              turning CNC lathe with an admit of 6 inches between
 centre and a
              heavy duty CNC roll turning lathe of 20 tonnes were
 developed.
 
 1997 - As at 31st March, a sum of Rs 8250 lakhs was outstanding
 against
              term loans from financial institutions.
 
 1998 - The International Aluminium Products Ltd. was to have a
 capacity
              of 50,000 tonnes of rolled products p.a. and was likely
 to be
              commissioned in early of the year.
 
            - The joint venture company was floated by Mitsui Babcock
 Energy
               India Private Ltd, a subsidiary of the Britain-based
 global
               engineering company Mitsui Babcock Energy Ltd, and
 Mukand Ltd,
               an Indian engineering company.
 
            - The company has signed a memorandum of understanding
 with Hitachi
               to supply boilers to Hinduja National Power promoted
 Vizag power
               project.  The company is also talking to National
 Thermal Power
               Corporation to supply boilers to its Talcher project.
 
            - Crisil has downgraded the non-convertible debenture
 issues of
               Mukand from A+ to BBI+.
 
            - Mukund Limited, a part of Bajaj Group, manufactures 23
 grades and
              600 types of castings including carbon steel, manganese
 steel and
              stainless steel.
 
 1999 - Mukand Ltd, the alloy steel major, has given itself a six
 month
              deadline to bring down rejection levels by over 50 per
 cent at
              its manufacturing facilities at Kalwe district in
 Maharashtra
              and Hospet (in Karnataka).
 
            - To improve the quality of its steel grades, Mukand has
 developed
              a new technique to strike an effective co-relation
 between the
              contaminants in steel making and the metallurgical
 features of
              stainless steel.
 
            - Mukand, which is a pioneer in steel making and
 engineering, has
              developed a series of innovative technological processes
 to cope
              with the current slump in the industry.
 
            - Mukand Ltd is one of the largest stainless and alloy
 steel
              manufacturers in the country.
 
           - Mukand Ltd, a leading steel making and engineering
 company, has
             as a part of the company's overall corporate strategy,
 developed 
             a series of innovative technological processes to cope
 with the
             current slump in the industry.
 
           - In a bid to beat the current slump in the steel industry,
 Mukand
             Ltd has developed a series of technological processes to
 reduce
             production costs, eliminate defects and customise its
 products to
             suit the needs of customers.
 
 2000 - Mukand Ltd., leading private ISP Satyam Infoway and
             Calcutta-based M K J Enterprises have entered into a
 joint
             venture agreement to launch a new company for an
 e-commerce
             global portal or web marketplace for steel trading.
 
           - The Company has decided to close down its foundry unit at
 Kurla
              in Mumbai.
 
            - Rahul Bajaj has been appointed as the new Chairman of
 the Company.
 
            - Alloy Steel maker Mukand has introduced a Voluntary
 Retirement Scheme
              at its Kalwe plant in Maharashtra
 
 2004
 
 -Enters the capital market with a rights issue of shares in the ratio
 of nine shares for every four shares held to raise Rs 50.64 crore. The
 offer price is Rs 10 per share
 
 -Jamnalal Sons Pvt. Ltd. have acquired 205,35,981 equity shares
 representing 28.076% of the total paid up capital of Mukand Ltd
 
 -Mukand Ltd has appointed Shri. K M Jayarao as the Nominee Director
 of ICICI Bank Ltd on the Board of the Company in place of Smt.
 Vishakha Mulye with effect from May 10, 2007.
 
 
 2005
 
 -Kalpataru emerges as highest bidder for Mukand's Kurla foundry.
 
 -Mukand Ltd has earmarked an investment of Rs 120 crore to increase
 alloy steel capacity by 40 per cent and stainless steel by nearly 80
 per cent within a couple of years.
 
 
 2006
 
 -Shri. K. J. Mallya, a qualified Company Secretary has been appointed
 as Company Secretary of the Company.
 
 -The Board of Directors has recommended payment of dividend
 (including arrears) @ 0.01% on the Preference capital of the
 Company.
 
 2007
 
 -Shri K.M. Jayarao has been appointed as the Nominee Director of
 ICICI Bank Ltd. on the Board of the Company.
 
 
 2008
 
 -Joint Venture Agreement with Vini Iron & Steel Udyog Ltd for captive
 mining of coal block in the State of Jharkhand as per the letter for
 allocation of coal block issued by Government of India, Ministry of
 Coal.
 
 
 2010
 
 -Shri Amit Yadav has been appointed as the Director of the Company.
 
 
 2011
 
 -Mukand Bekaert Wire Industries Pvt. Ltd. was formed as a 50:50 Joint
 Venture of Mukand Ltd. and NV Bekaert SA.
 
 
 2012
 
 -Formation of Joint Venture with Sumitomo Corporation, Japan & sale
 of Cold Finished Bars & Wires Business to subsidiary, Technosys Metal
 Processing Ltd.
 
 2014
 -Mukand has announced  Rights in the Ratio of  1:1.
 
  2017
 -Mukand Ltd has partnered with Sumitomo Corporation, Japan (SC) to
 engage in the business of rolling and finishing of alloy steel.
                                                              
 
 2023
 -Mukand Limited Signed PDA For 43.75 MW AC Group Captive Solar Plant
 With Tata Power Renewable Energy Limited.