Wartsila NSD India Ltd.

YEAR                       EVENTS
 1986 - The company was incorporated as a public limited company on
 25th
        April, at New Delhi and obtained the Certificate of
 Commencement
        of Business on 17th June, 1986.  It was promoted by Dy
 Wartsila
        Ab, Finland (in equity participation with Finnish Fund for
        Industrial Development Corporation Ltd.), Shapoorji Pallonji
 &
        Co. Pvt. Ltd. and Banaras House Ltd.  The main objects & 
        activities of the company include the manufacture of high
 power
        diesel generating sets/engines in the range of 500 KW to 7500
 
 
 1987 - The Company entered into a technical assistance & licence
        agreement and technical assistance and services agreement
 with
        Oy. Wartsila Ab, Finland (WARTSILA) in May 1987, under which
 the
        Company was licensed to manufacture in India, Diesel
 Generating
        sets in the power range of 500 KW to 7,500 KW.
 
 1989 - The technical collaboration agreement was transferred to Oy
        Wartsila Diesel International Ltd; a wholly owned subsidiary
 of
        Oy Wartsila Ab, formed exclusively to cater to diesel
 technology
        business. 
 
      - Under the financial agreement, Wartsila agreed to contribute
 to
        the equity capital of the company alongwith Finnish Fund to
 the
        extent of 40% of the total equity capital.
 
      - One DG set rated for 4 MW output was delivered.
 
      - 70 shares subscribed for by the signatories to the memorandum
 of
        association.  89,99,930 shares issued at par of which the
        following shares were reserved and allotted:
 
      - (i) 22,50,000 shares to by Wartsila Ab, Finland; (ii)
 13,50,000
        shares finished Fund for Industrial Development Corporation
 Ltd.;
        (iii) 9,29,930 shares to Shapoorji Pallonji & Co. (Pvt.) Ltd.
        (SPC); and (iv) 4,70,000 shares to Banaras House Ltd. (BHL).
  
      - Out of the remaining 40,000 shares, the following shares were
        reserved for preferential allotment: (i) 10,00,000 shares to
 UTI
        (All were taken up); and (ii) 4,50,000 shares to
        Employees/Workers of the Company as also to those of SPC and
 BHL
        (only 79,100 shares taken up).
 
      - The balance 25,50,000 shares, alongwith the unsubscribed
 portion
        of 3,70,9000 shares of the employees quota, were offered for
        public subscription during May, 1989.  Additional 6,00,000
 shares
        issued to the public to retain oversubscription.  4,00,000
 shares
        were also allotted to foreign collaborations (2,50,000 shares
 to
        Oy Wartisila Ab, and 1,50,000 shares to Finnish Fund for
        Industrial Development Corpn., Ltd.) to maintain their
        shareholding at 40%.
 
 1990 - The depreciation of rupee against Finnish Mark adversely
 affected
        the performance of the Company as it lead to increase in the
 cost
        of imports.
 
      - The company started a training centre at Khopoli to impart
        training to its own engineers & technicians.  It was set up
 under
        the guidance of WARTSILA.
 
 1991 - Five power plants aggregating 56 MW in captive power were
        commissioned.
 
 1995 - The parent company METRA entered into an agreement with
        Fincantieri of Italy to merge the operations of its diesel
        division Grandi Motori Trieste SpA, Diesel Ricerche SpA and
 New
        Sulzer Diesel (NSD) with Wartsila Diesel International Ltd. Oy
 to
        form `Wartsila NSD Corporation'.
 
      - 20,34,000 Right equity shares issued at a prem. of Rs. 131.25
 per
        share to Wartsila Diesel Industries Ltd.
 
 1997 - With the merger of operations of `Wartsila' and `Sulzer' and
 the
        change in name of Wartsila Diesel International Ltd. Oy to
        Wartsila NSD Corporation, the name of the Company was changed
 
        from `Wartsila Diesel India Ltd.' to the Wartsila NSD India
 Ltd.
 
      - Duff and Phelps India has assigned as Ind D1+ rating to the
        Rs.15-crore commercial paper programme of Wartsila Diesel
 India
        Ltd.  The rating indicates very high certainty of timely
 payment.
 
      - WDL will supply DG sets for the 117.5 mw independent power
        producer being set up in Madurai by Balaji Industries.
 
      - The company has installed around 1,100 MW of captive power
        generation capacity at 77 sites around the country.
 
 1998 - The company has an installed capacity of 25 sets a year at
 its
        Khopoli plant, which remains underutilised.
 
      - The company's engine sets, capable of operating on a wide
 variety
        of heavy fuel such as LSHS, high-speed diesel and furnace
 oil,
        would stand to gain the most from this boom.
 
      - The company had successfully reduced its outstanding debt. 
 The
        company has entered certain new lines of business which
 includes
        operation and maintenance of power plants.
 
      - Wartsila India is a subsidiary of Wartsila NSD of Finland,
 which
        is one of the largest power genset suppliers in the world.
 
      - Wartsila NSD Operations India Ltd, a 100 per cent subsidiary,
        has been formed.
 
      - The company is forming a 50:50 joint venture with Coastal
        Corporation, USA for supply of heavy fuels, primarily to the
        customers of their power plants.
 
 1999 - The company is also O&M contractor for DG sets (52mw) for
 Gujarat
        Ambuja Cements unit at Vadinar in Gujarat.  The operations
 and
        maintenance is done by its 100 per cent subsidiary.
 
 2001 - The name of the company has been changed from Wartsila NSD
 India Ltd. to Wartsila 
              India Ltd effective 1st January.
 
 2002
 
 -Wartsila Corp holds 6,562,442 shares of Wartsila India and Wartsila
 Technology holds 3,637,300 shares of Wartsila India.
 
 -Authorises DSP Merill Lynch Ltd as its agent to send the required
 daily reporting of the open market purchases to NSE.
 
 2003
 
 -Wins the contract for operating and maintaining the 25mw power plant
 and Asea Brown Boweri Ltd for distributing electricity in Tronica
 City.
 
 2004
 
 -Wartsila introduces new model of dual-free engines
 
 -Wartsila has bagged an order from TEBMA for Mumbai port trust for
 two tugs of 32 tone Bollard pull capacity
 
 -Wartsila India executes agreement with GAIL for supply of Gas at MP
 
 2005
 
 -Wartsila India signs MoU with PTC
 
 -Wartsila India mulls gear box unit at Khopoli
 
 2006
 
 -Wartsila India Ltd has appointed Mr. Vishram Panchpor as the Company
 Secretary of the Company
 
 2009
 
 - Wartsila inked a ship design contract with Pipavav Shipyard of
 India. The contract calls for a total of 12 offshore supply vessels
 to be designed by Wartsila and built by Pipavav for delivery to
 ONGC.