Company History - Timken India
- The Company was incorporated on 15th June, and obtained the
Certificate of Commencement of business on 10th September. The
manufacture tapered roller bearings and AP cartridge roller
It was promoted by Tata Iron & Steel Co. Ltd., and Timken Co., USA.
- The major portion of the plant and machinery comprised imported
remanufactured equipment to be supplied by Timken Company
with the state-of-the-art electronic controls, in-process gauging
other proprietary apparatus.
- The Company entered into a technical and financial collaboration
Timken Company, USA for technical information, material
and other documentation pertaining to manufacture of tapered roller
bearings and AP cartridge roller bearings.
- The Company was given a licence to market, sell and service the
Timken Company's products produced in other countries, in India, Sri
Lanka, Nepal Bhutan and Bangladesh.
- The Company issued 13,00,000-12.5% secured partly convertible
debentures of Rs 150 each of which 65,000 debentures were reserved
allotment on a preferential basis to employees (including Indian
working directors)/workers of the Company and those of promoter
companies (all were taken up). The remaining 12,35,000 debentures
offered to the public (all were taken up).
- Rs 50 of the face value of each debenture was converted into 5 No.
equity shares of Rs 10 each on 4th November. Accordingly 65,00,000
of shares were allotted Rs.100 of the face value of each debenture
to be redeemed at par on the expiry of 8 years from the date of
allotment of debentures.
- 7 No. of equity shares subscribed for by signatories to the
Memorandum of Association. 359,99,993 No. of equity shares, then
issued at par of which the following were reserved for allotment;
170,00,000 shares to Timken Co., USA and (ii) 169,99,993 shares to
TISCO. Of the remaining 20,00,000 shares, 18,00,000 shares reserved
for allotment on a preferential basis to employees (including Indian
working directors)/workers of the Company as also promoter
Balance 2,00,000 shares were offered for public subscription during
- Due to lack of order from the railways production of AP cartridge
bearings reduced to 18,887 nos.
- 21,250,000 shares offered to the existing shareholders on right
in prop. 1:2. Out of which 17,200 shares held in abeyance, 3,160
shares could not be allotted due to stock invest lost in transit,
267,529 shares yet to be allotted.
- Production of AP cartridge bearings reduced to 337 nos. due to
of orders from Railways.
- The Company issued 26,00,000-9% cumulative redeemable preference
shares of Rs 100 each on private placement basis to meet the working
- 2,70,689 shares allotted on April 1994. 1,350 shares allotted out
shares kept in abeyance. Preference shares allotted to the
on private placement basis.
- The Company has issued 26,00,000 9% Cumulative Redeemable
Shares of Rs. 100/- each to The Tata Iron & Steel Co. Ltd.
shares) and The Timken Company, USA (13,00,000 shares) on 14 March.
The Preference Shares shall be redeemed at the expiry of 10 years
the date of allotment with an option to the Company to redeem the
earlier after giving one month's notice.
- 700 No. of Equity shares allotted out of shares kept in abeyance.
- During the year Mr. J. H. Mayer had resigned as Managing Director
in his place Mr. Gordon William Robinson has been appointed by the
- The Company undertook a project to complete indigenisation of the A
- The Company feels proud of the Railway business team who won The
Timken Company's coveted award of Dedication to Excellence. This
award is given to one team worldwide as recognition of the
to achieve excellence leading to outstanding customer satisfaction
- As part of the constant endeavour of the Company to improve the
environment and maintain clean Steel City, the Company had installed
Pilot Membrane System for treatment of oily waste fluid.
- As per terms of the issue, the entire outstanding amount of the
Non-Convertible part of 1300000 12.5% Secured Redeemable
Non-Convertible Debentures of Rs. 100/- each (the Debentures) have
redeemed on 4th November, 1999.
- Consequent to the approval of the Members accorded at the Extra
Ordinary General Meeting held on 31st May, the name of the Company
been changed from Tata Timken Limited to Timken India Limited with
requisite approval of the Central Government with effect from 2nd
- The Company launched a tactic to achieve QS 9000 Certification to
further upgrade the quality systems.
- Another Project initiated by the Company for indigenisation of
Road Bearing had successfully been completed. The project has been
completed ahead of schedule and within the budget.
- Mr. Vinod Kumar Dasari has been appointed as the Managing Director
the Company with effect from 1st January, consequent to the
of Mr. Gordon William Robinson (Mr. Robinson) as the Managing
of the Company with effect from the said date.
- Dr. J J Irani has recently stepped down as the Chairman of the
and the Board, at its meeting held on 13th April.
- Mr. Shyamal Kumar Sinha, Director (Finance & Systems) has been
appointed as an Alternate Director to Mr. Jon T Elsasser effective
- ICRA has assigned an A1+ rating to the enhanced Rs 15 crore
Commercial Paper programme of the company.
- The Company achieved certification from American Association of
Railroad (AAR). This would help the Company in quick acceptance of
products in USA without testing. The Company is the first Company
India to achieve Certification from AAR.
- The Company issued 13% Unsecured Redeemable Non-Convertible
Debentures for a sum of Rs. 2 Crores redeemable in 18 months on
placement basis with ABN Amro Bank after complying with all the
- Mr. Vinod Ku mar Dasari who was appointed as the Managing Director
the Company has resigned with effect from 8th April. Mr. Charles
Joseph DeVirgilio, has been appointed by the Board as an Additional
Director and also as Managing Director of the Company with effect
the conclusion of the Board Meeting held on 8th April.
- Mr. Joseph F Toot, Jr. has resigned as a Director of the Company
in the casual vacancy created by such resignation, the Board has
appointed Mr. Scott A Scherff as a Director of the Company. The
-Mr Mantosh Sondhi, director of the company expired on Oct 29th.
-Reports a 81% increase in its second quarter net profit over the
-Timkin, the alloy steel and bearing company opened its second
biggest research and development centre in the world near Bangalore.
Timken Engineering and Research India is a wholly owned subsidiary of
Timken India in which Timken holds 80 per cent stake; the rest is with
-Indian Oil has inked a MoU with Timken India Ltd to manufacture and
market 'Timken Premium Automotive Grease' in the country.
- Timken India mulls to expand its operations in the country by
increasing its capacities at its plant in Jamshedpur. making new
capacity at a greenfield facility in the Chennai special economic
- Timken India Ltd. Appointed Mr. Sridharan Rangarajan as Additional
Director [Promoter - Non Executive] at the Meeting of the Board of
Directors of the Company.
- Timken India Ltd. has approved a plan to expand its tapered roller
bearing manufacturing capacity in India by approximate 2.4 million
races of upto 8 inch tapered roller bearings per annum in view of the
growing demand in construction.
-Timken India Ltd. declared payment of Interim Dividend of Rs. 20/-
per share on an equity share value of Rs. 10/- each.
-Mr. Sanjay Koul has been appointed by the Board of Directors as an
Additional Director and also as the Managing Director .
- Timken India Ltd declared payment of Interim Dividend of Rs. 2/-
per share on an equity share
value of Rs. 10/- each.
- Mr. Christopher J Holding has been appointed as an Additional
Director of the Company.
- Mr. R. Ramesh has been appointed as an Additional Director and also
as a Whole-time Director of the Company .
- Mr. Sanjay Koul as the Chairman of the Board under the designation
Chairman & Managing Director during the year.