Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Timken India > Company History > Bearings > Company History of Timken India - BSE: 522113, NSE: TIMKEN
YOU ARE HERE > MONEYCONTROL > MARKETS > BEARINGS > COMPANY BACKGROUND - Timken India

Timken India

BSE: 522113|NSE: TIMKEN|ISIN: INE325A01013|SECTOR: Bearings
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Nov 11, 16:00
858.70
-11.9 (-1.37%)
VOLUME 1,446
LIVE
NSE
Nov 11, 16:00
857.45
-12.95 (-1.49%)
VOLUME 16,578
Company History - Timken India
1987 
 
 - The Company was incorporated on 15th June, and obtained the
 Certificate of Commencement of business on 10th September.  The
 Company
 manufacture tapered roller bearings and AP cartridge roller
 bearings.
 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
 retrofitted
 with the state-of-the-art electronic controls, in-process gauging
 and
 other proprietary apparatus.
 
 - The Company entered into a technical and financial collaboration
 with
 Timken Company, USA for technical information, material
 specification
 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.
 
 1991 
 
 - The Company issued 13,00,000-12.5% secured partly convertible
 debentures of Rs 150 each of which 65,000 debentures were reserved
 for
 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
 were
 offered to the public (all were taken up).
 
 - Rs 50 of the face value of each debenture was converted into 5 No.
 of
 equity shares of Rs 10 each on 4th November.  Accordingly 65,00,000
 No.
 of shares were allotted Rs.100 of the face value of each debenture
 was
 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;
 (i)
 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
 companies.
 Balance 2,00,000 shares were offered for public subscription during
 May.
 
 1993 
 
 - 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
 basis
 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.
 
 1994 
 
 - Production of AP cartridge bearings reduced to 337 nos. due to
 lack
 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
 capital requirements.
 
 - 2,70,689 shares allotted on April 1994.  1,350 shares allotted out
 of
 shares kept in abeyance.  Preference shares allotted to the
 promoters
 on private placement basis.
 
 1995
 
 - The Company has issued 26,00,000 9% Cumulative Redeemable
 Preference
 Shares of Rs. 100/- each to The Tata Iron & Steel Co. Ltd.
 (13,00,000
 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
 from
 the date of allotment with an option to the Company to redeem the
 same
 earlier after giving one month's notice.
 
 1996 
 
 - 700 No. of Equity shares allotted out of shares kept in abeyance.
 
 - During the year Mr. J. H. Mayer had resigned as Managing Director
 and
 in his place Mr. Gordon William Robinson has been appointed by the
 Board.
 
 1997 
 
 - The Company undertook a project to complete indigenisation of the A
 P
 Bearing components.
 
 1998
 
 - 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
 dedication
 to achieve excellence leading to outstanding customer satisfaction
 and
 shareholder value.
 
 - As part of the constant endeavour of the Company to improve the
 environment and maintain clean Steel City, the Company had installed
 a
 Pilot Membrane System for treatment of oily waste fluid. 
 
 1999 
 
 - 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
 been
 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
 has
 been changed from Tata Timken Limited to Timken India Limited with
 the
 requisite approval of the Central Government with effect from 2nd
 July.
 
 - 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
 Rail
 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
 of
 the Company with effect from 1st January, consequent to the
 resignation
 of Mr. Gordon William Robinson (Mr. Robinson) as the Managing
 Director
 of the Company with effect from the said date.
 
 - Dr. J J Irani has recently stepped down as the Chairman of the
 Board
 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
 13th
 April, 1999.
 
 2000 
 
 - 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
 its
 products in USA without testing.  The Company is the first Company
 in
 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
 private
 placement basis with ABN Amro Bank after complying with all the
 necessary formalities.
 
 - Mr. Vinod Ku mar Dasari who was appointed as the Managing Director
 of
 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
 from
 the conclusion of the Board Meeting held on 8th April.
 
 - Mr. Joseph F Toot, Jr. has resigned as a Director of the Company
 and
 in the casual vacancy created by such resignation, the Board has
 appointed Mr. Scott A Scherff as a Director of the Company.  The 
 
 2002
 
 -Mr Mantosh Sondhi, director of the company expired on Oct 29th.
 
 2003
 
 -Reports a 81% increase in its second quarter net profit over the
 last year.
 
 
 2004
 
 -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
 the public.
 
 2005
 
 -Indian Oil has inked a MoU with Timken India Ltd to manufacture and
 market 'Timken Premium Automotive Grease' in the country.
 
 2007
 
 - 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
 zone (SEZ).
 
 2009
 
 - Timken India Ltd. Appointed Mr. Sridharan Rangarajan as Additional
 Director [Promoter - Non Executive] at the Meeting of the Board of
 Directors of the Company.
 
 2010
 
 -  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.
 
 2011
 
 -Timken India Ltd. declared payment of Interim Dividend of Rs. 20/-
 per share on an equity share value of Rs. 10/- each.
 
 2012
 
 -Mr. Sanjay Koul has been appointed by the Board of Directors as an
 Additional Director and also as the Managing Director .
 
 2013
 
 - 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.
 
 2014
 
 - 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.
 
Source : Dion Global Solutions Limited
Quick Links for Timken India
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.