Otis Elevator Company (India) Ltd.

1953
 
 - The Company was incorporated on 30th October, as a private limited
 company.  It was converted into a public limited company on 11th
 August, 1972.  The Company manufacture, installation, servicing
 repairs
 and maintenance of various types of elevators and their components,
 escalators and travolators and high speed gearless elevators
 operating
 at a speed of 700 ft. per minute.
 
 - Otis Elevator Co., New Jersey, U.S.A., the foreign collaborators,
 were authorised by the Indian Government to undertake phased
 manufacture of lifts (elevators) in India and, for that purpose,
 allowed to float a subsidiary company.
 
 1956
 
 - 2,500 Right Shares issued in prop. 5:4.
 
 1958
 
 - 15,500 Shares issued.
 
 1964
 
 - 15,000 Right shares issued in prop. 3:4.
 
 1967
 
 - 15,000 Right shares issued in prop. 3:7.
 
 1968
 
 - 20,000 Bonus shares issued in prop. 2:7.
 
 1972
 
 - 20,000 Bonus shares issued in prop. 2:7.
 
 1973
 
 - On 31st July, the Company entered into a revised technical
 assistance
 agreement with Otis Elevator Co., U.S.A. as the previous one was in
 force till 30.6.1970.
 
 - On 8th January, the Company entered into an exports sales agency
 agreement with Otis Elevator Co., U.S.A.
 
 1974
 
 - Shares subdivided.  2,25,000 shares offered to the Indian public
 (prem. Rs 10 per share) during May 1975.
 
 1976
 
 - 4,50,000 Bonus shares issued in prop. 2:5.
 
 1980
 
 - 9,45,000 Bonus shares issued in prop. 3:5.
 
 1984
 
 - 25,20,000 Bonus Equity shares issued in prop. 1:1.
 
 1985
 
 - The Company received approval from Government to increase its
 licensed capacity from 937 to 1,396 elevators per annum.  Further
 application was made to Government for expansion of its licensed
 capacity to 2,800 elevators per annum.
 
 1987
 
 - The Company proposed to introduce new generation of Otis products
 such as 11 VTR and 13 VTR geared machines, medium range
 door-operator
 systems, electronic doorway obstruction detectors and automatic
 rescue
 device in the event of power failure.
 
 - At the Company's R&D Centre a simplified and compact
 microprocessor
 based operational control system for geared elevators was developed.
 
 1989
 
 - The performance of R&D Centre was adversely affected mainly due to
 stagnant conditions in the construction industry, agitation by
 workmen
 in the Kandivli factory and regional offices and power shortages.
 
 - 3,16,800 No. of Equity shares issued (Prem. Rs 90 per share) to
 resident Indian shareholders in prop. 1:7 as Rights.  Another 15,338
 shares (Prem. Rs 90 per share) were allotted to employees.
 
 1990
 
 - 446 shares issued on rights basis NRIs (Other than parent Company)
 vide resolution dated 28.8.90 (Prem. Rs 90 per share).
 
 1992
 
 - The Company proposes to diversify into software development
 activity
 to fully exploit its in-house capabilities.
 
 1993
 
 - 56 No. of Equity shares were issued to 4 Shareholders out of the
 Rights issue made in 1990.  During January 1994, the Company
 allotted
 8,98,404 rights equity shares
 
 1994
 
 - A new model OTIS-2001 elevator incorporating upgraded technology
 and
 enhanced aesthetics was introduced.
 
 - Four new state-of-the-art elevatoring system viz., Otis 2001 for
 medium size residential apartments and other Hydraulic elevator for
 low
 rise building were introduced.
 
 - 62,71044 bonus equity shares issued in prop. 1:1.
 
 1997
 
 - A range of high-performance and aesthetically upgraded products
 with
 current technology was developed and released to meet the augmenting
 market.
 
 - With a view to increasing production capacity, the Company set up
 a
 State-of-the-art manufacturing facility at Jigani industrial area
 near
 Bangalore with a capital outlay of Rs 18 crores with technical
 assistance from Otis Elevator Co. USA and Nippon Otis, Japan.
 
 - Otis Elevator Company (India) has been awarded the ISO 9002
 certification for applying a quality assurance system in marketing,
 installing, modernising and servicing of elevators and escalators.
 
 - Otis Elevator Company (India) Ltd. has announced the launch of a
 new
 safety device to counter power failures and technical snags that
 bring
 moving lifts to a halt.  Otis claims that it is the first company to
 introduce the new device in India.
 
 - Otis Elevator Company (India) Limited has offered a Voluntary
 Retirement Scheme (VRS) to its permanent employees and a
 manufacturing
 plant at Kandivli and its headquarters in South Mumbai in view of
 the
 changing and competitive environment.
 
 1998
 
 - Otis Elevator Company and Dongyang Heavy Industries signed a stock
 purchase agreement to form a joint venture company in south Korea
 called Otis Korea Elevator Co Ltd, to sell, install and maintain
 elevators and escalators.
 
 - The agreement results from negotiations between Dongyang Heavy
 Industries and Otis that started three years ago.  It follows a
 letter
 of intent signed by the two companies in Seoul on December 17, 1997.
 
 1999
 
 - Otis Elevator (India) is one of the oldest joint ventures between
 an
 Indian and an American promoter, established some 45 years ago.
 
 - Otis Elevator Co. (India) is the market leader in the domestic
 elevator industry.  It has a technical-cum-financial collaboration
 with
 Otis Elevator Co. New Jersey, numero uno in the global arena.  The
 American collaborator holds close to 45 per cent stake in the Indian
 venture.
 
 - Otis Elevator (India) will thus become a subsidiary of Otis
 Elevator
 of USA, which is a subsidiary of the $25.7-bn United Technologies
 Corporation.
 
 2001
 
 - Mr. R.R. Bajaj has resigned from the board and he also ceased to
 be
 the chairman of the company.
 
 2002
 
 - Otis Elevator Company India Ltd has informed that Mr Patrick L
 Hosts
 has resigned from the Board of Directors of the company. Mr Randy
 Wilcox has been appointed as Director, to the causal vacancy arised
 due
 to resignation of Mr Patrick L Hosts.