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Tata SSL > Company History > Steel - Tubes & Pipes > Company History of Tata SSL - BSE: 500396, NSE: SPECIALSTL
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Tata SSL

BSE: 500396|NSE: SPECIALSTL|ISIN: INE675A01011|SECTOR: Steel - Tubes & Pipes
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Tata SSL is not traded in the last 30 days
Tata SSL is not traded in the last 30 days
Company History - Tata SSL
YEAR                                                          EVENTS
 1958 - The company was incorporated as a Private company on 10th
 May.
        It became a public company on 28th March, 1958.  It was
 converted
        into a Public Co. on 16th Feb., 1967.  The objects of the
 Company
        include the manufacture of all kinds of high carbon wires such
 as
        electrode wires, galvanised iron wires, umbrella rips wires,
        cycle spoke wires, cable armour wire, ASCR core wire,
 prestressed
        concrete wire, rope wire and other wires.
 
 1964 - 10,000 Pref. shares and 31,000 No. of equity shares at par to
 the
        existing shareholders on Rights basis.
 
 1966 - 17,500 Bonus shares issued in propn. 1:4.
 
 1973 - 1,20,000 bonus shares issued in propn. 1:1.
 
 1975 - 60,000 Right Equity shares issued in propn. 1:4.
 
 1979 - With the filing of order of High Court Gogte Steels Ltd., was
        merged with the Company effect from 1st July.
 
      - 50,000 Right Equity shares issued in propn. 1:6.
 
 1980 - The proposal for amalgamation of Gogte Steels Ltd., with the
        Company was approved by the shareholders at the meeting held
 on
        18th November.  The Scheme of Amalgamation was confirmed by
 the
        Mumbai High Court vide their order dated 24th June, 1981.
 
      - With the operations of the erstwhile Gofte Steels were
 resumed
        with effect from 19th April, and the earlier leasing
 arrangement
        between Gogte Steels and the Company for operation of the
 plant
        stood cancelled by virtue of the amalgamation.
 
 1984 - The Company became a subsidiary of Kalimati Investment Co.
 Ltd.,
        a wholly owned subsidiary of Tata Iron & Steel Co. Ltd., with
        effect from 30th June.
 
 1987 - 43,615-15 Pref. shares redeemed on 1st August.  Arrears: Rs
        4,000.
 
 1988 - The Government converted the letter of intent to an
 Industrial
        Licence to enhance capacity of wire rod mill to 96,000 TPA.
        Government also endorsed higher capacity of 72,000 TPA of
 billets
        resulting from modernisation of mini steel plant.
 
      - Two new wire drawing machines were set up at the bead wire
 plant.
        At Borivli a new furnace for processing stainless steel wires
        was set up.  Two machines were also set up to manufacture
 cable
        armour wire and PC wire.
 
 1989 - One predrawing machinery and two wire drawing machines were
        commissioned at the bead wire plant as part of phased
 programme
        of replacement of old equipments.
 
      - The Company issued 3,00,000-14% non-convertible secured
        redeemable debentures of Rs 100 each to UTI, LIC, GIC & its
        subsidiaries on private placement basis.  These debentures
 are
        redeemable at 5% premium on 26th September, 1996.
 
 1990 - A letter of intent and the MRTP clearance were received to set
 up
        a Cold rolling mill unit at Tarapur.
 
      - 28 No. of Equity shares were forfeited and were subsequently
        reissued at the market price.  Equity shares then subdivided.
        11% III Pref. shares redeemed on 1.1.1990, 37,96,500 bonus
 equity
        shares allotted in proportion 1:2.
 
 1991 - In the steel billets unit, the second electric arc furnace
 was
        renovated while a new 6 mtrs radius continuous casting
 machine
        installed.  The Capacity of the unit increased from 72,000
 tonnes
        to 92,000 tonnes per annum besides improving the quality of
        billets.  Additional facilities were provided at the wire
 plant
        at Tarapur for the manufacture of PC wire, shutter wire and
 cycle
        spoke wire.
 
      - Balancing facilities were also set up at bead wire plant to
        increase the capacity of the plant to 30,000 tpa.  A 132 KVA
        sub-station was also put up to improve the stability of
 power.
 
      - At Borivli, an old machine for ACSR wire was replaced with a
        high-speed machine.  The Company sought for industrial
 approvals
        for enhanced capacities at 1,50,000 tpa each for billets at
 mini
        steel plant and for wire rods at wire rod mill and 50,000 tpa
 of
        wires at Tarapur wire plant.
 
      - During November, the Company issued 71,75,385-14% secured
 partly
        convertible debentures of Rs 125 each of which 68,33,700
        debentures were offered on rights basis to the then existing
        equity shareholders in the ratio of three debentures for
 every
        five equity shares held.
 
      - Additional 10,25,055 debentures were allotted to retain
        oversubscription.  (1,065 debentures were kept in abeyance).
        3,41,685 debentures were offered to the employees/workers of
 the
        Company.  Only 2,54,100 debentures were taken up.  The
 balance
        87,585 debentures were allowed to lapse.  The debentures were
        allotted on 14th January, 1992.
 
      - As per the terms of the issue, Part-A of Rs 75/- of each
        debenture will be converted into one equity share of Rs 10/-
 each
        at a premium of Rs 65 per share at the end of 12 months from
 the 
        date of allotment of the said debentures.  Part `B' of Rs 50
 will
        be redeemed at par on the expiry of 8th year from the date of
        allotment.
 
 1992 - The Company has obtained a letter of intent for substantial
        expansion of its stranded wire production at Borivli to
 20,000
        tonnes per annum.  The Company undertook to set up facilities
 for
        manufacture of low relaxation PC wire.
 
      - As at 31st March, 39,27,180 shares of the Company were held
 by
        Kalimati Investment Co., Ltd. and another 19,50,000 shares by
        Tata Iron & Steel Co. Ltd.
 
      - 81,12,855 Shares allotted (Prem. Rs 65 per share) on part
        conversion of 14% Debentures.
 
 1993 - The Company had obtained a letter of intent for substantial
        expansion of its stranded wire production at Borivli to
 20,000
        tonnes per annum.  The Company undertook to set up facilities
 for
        manufacture of low relaxation PC wire.
 
      - The Company had obtained a letter of intent for expansion of
 its
        galvanised wire capacity at Borivli to 45,000 tonnes per
 annum.
 
 1994 - The project for the manufacture of low relaxation stranded PC
        wire was commissioned in March.
 
      - 69,16,100 No. of Equity shares of Rs 10 each allotted to the
        shareholders of the erstwhile Tata Metals and Strip Ltd. on
        amalgamation with the Company.
 
 1995 - Import galvanising furnace and two of the five wire drawing 
        machines forming part of the project to increase galvanised
 wire
        capacity at Borivli were received and wire installed.
 
      - Tata Metals and Strips Ltd. was amalgamated with the Company
 with
        effect from 31st March.
 
 1996 - One imported Galvanising furnace and 4 out of 5 wire drawing
        machines, forming part of the project to increase galvanised
        wires capacity was commissioned at Borivli plant.
 
      - The mill to produce hot rolled profiles, imported from PALCI
        s.p.a. Italy, the first of its kind in India was installed
 during 
        the year.
 
      - The name of the Company was changed from Special Steels Ltd.
 to
        the present one.
 
      - 52,81,849 No. of equity shares at a premium of Rs 40 per
 share
        were allotted on conversion of part A of the 14% PCD of Rs 50
        each on 1st July.
 
 1997 - The Company undertook to set up a cold rolling mill with a
        1,00,000 TPA capacity of cold rolled strips and sheets mainly
 to
        cater to the requirements of automobile, refrigeration and
        air-conditioning industries as a part of its import
 substitution
        programme.
 
      - The company has now set itself an export target of 11,000
        tonnes for 1997-98 and a domestic market target of 6,000
 tonne.
 
 1998 - Tata SSL came out with a rights offer PCD of Rs.100 each
        aggregating Rs.52.83 crores to part finance the expansion of
        its wire rod mill from 1,50,000 tonnes per annum (tpa) to
 from
        2,00,000 tpa to 40,000 tpa (taking the overall production
        capacity of flat rolled products to 1,40,000 tpa) and setting
        up a new project to produce 4,000 tpa of hot rolled and cold
        drawn profiles.
 
 1999 - The company has an upper hand due to its state-of-the-art
        Act Furnace unit, which makes its products cost competitive.
 
      - The company has also commenced supplying complex hot rolled
        profiles in technical collaboration with FALCI S.p.A. Italy
        which is the first of its kind in India.
 
 2000 - Tata Steel, the flagship of the Tata group, has made an open
 offer for acquiring
              a 54.24 per cent stake in Tata SSL at Rs 27 a share.
 
           - Tata steel Company proposes to make an open offer to the
 remaining shareholders
              of Tata SSL Ltd to acquire 1,74,62,902 fully paid-up
 equity shares of Rs 10 each of TSSL.
 
          - Tata Iron and Steel Company is interested in increasing
 stake in Mumbai-based special steel subsidiary Tata SSL from 83 per
 cent to over 90 per cent.
 
 2001
 
 -Tata Steel acquires around 38.2 per cent stake in Tata Special Steel
 through an open offer initiated on December 22. With this, Tata
 Steel's holding and that of its subsidiary Kalimati Investment in
 Tata SSL has increased to 82.9 per cent.
 
 -Becomes a subsidiary of Tata Iron and Steel Company
 
 - LIC sells 23,21,340  equity share of Tata  SSI, Ltd. at the rate of
 Rs 27 per share to Tata Iron & Steel Co .Ltd.
 
 -Tata Steel's stake in the company crosses 90 per cent
 
 2002
 
 -Tata Steel and Kalimati Investment Company fully owned subsidiary of
 Tata Steel has made final offer to acquire the remaining stake of Tata
 SSL, currently both the companies own 92.9 % stake of Tata SSL. 
 
 -Mr B Muthuraman elected as the Chairman for the future Board &
 General meetings. 
 
 -Tata SSL has been assigned `P1+ (Structured Obligation) rating by
 Credit Rating Information Services of India Ltd (Crisil).
 
 2003
 
 -Tata SSL Ltd has been amalgamated with Tata Steel
Source : Dion Global Solutions Limited
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