History of ACC Ltd.
1936
- The Comp. was Incorporated at Mumbai. The Comp. manufacture cement, refractories & cement plant & other heavy machinery including structural & mild fabrications. The Comp. undertook revamping of Kymore unit for production of high value refractory intermediates. ACC, is India oldest & largest cement company, belonging to the Tata group.
- 6,03,200 No. of equity shares issued for consideration other than cash.
1959
- In January, the Comp. in association with Vickers Ltd., & Babcock & Wilcox Ltd., formed a new Comp. called ACC-Vickers-Babcock and Wilcox Ltd., formed a new Comp. called ACC-Vickers-Babcock Ltd.
1965
- On 12th March, two agreements were signed between the Government of West Pakistan & the Comp. for sale of all the immovable properties of Comp. at Wah & Rohri in Pakistan to the Government of Pakistan. According to these agreements, a total consideration of Rs 3.26 crores was payable by Government of West Pakistan to the Comp. in seven annual instalments along with interest due.
- The Government of West Pakistan caused the Mumbai Branch of First National City Bank to furnish an irrevocable & without recourse guarantee to the Company.
- 4,74,731 Right Equity shares issued at par in the prop. 1:5.
1973
- The Comp. owned two collieries, one at Nowrazabad & the other at Kotma, both in M.P. Both the Collieries were taken over by Government with effect from 1st May, under the provisions of coal Mines [Nationalisations] Act, 1973.
1975
- With the acquisition of 2,86,000 shares during the year, AVB became a subsidiary of Company.
1979
- The Comp. received intimation that the Commissioner of Payments had authorised a provisional payment of Rs 61.01 lakhs out of which a sum of Rs 6 lakhs was kept aside towards claims of third parties which were pending in appeals.
- 4,74,731 Bonus shares issued in prop. 1:6.
1980
- The Comp. entered the field of chemical engineering as process consultant & secured orders as well as turnkey contracts. The provisional payment of Rs 60.01 lakhs was received.
1981
- The name of this subsidiary was changed to ACC-Babcock Ltd., consequent upon the disinvestment of shareholding of Vickers Ltd., U.K., in the Company.
1982
- The Comp. also received a communication in April, from the State Cement Corporation of Pakistan limited [SCCPLs], informing the Comp. that they do not accept the judgement of Mumbai High Court as final and binding & as alleged successors-in-title they intend to proceed for arbitration in the matter of settlement of Company sale price for its undertaking in Pakistan.
1985
- A Collaboration agreement was finalised with Licensintorg of Moscow, U.S.S.R. for acquisition of `low temperature' technology for savings in fuel consumption, increase in production capacity & improvement in the whiteness index in the manufacture of white cement.
- 6,64,623 Bonus Equity shares issued in prop. 1:5.
1986
- 80,882 No. of Equity shares issued to financial institution in conversion of loans/debs. & another 16.175 shares allotted to them as bonus shares in respect of those shares.
1987
- During October, the Comp. issued 20,42,399 - 12.5% debentures of Rs 125 ech to shareholders on rights basis in the proportion 1 debenture: 2 equity shares. Of these, 14,94,931 debentures were taken up. The unsubscribed portion of 5,47,468 debentures were not allotted & the issue was treated as closed.
- Another 1,02,120 - 12.5% debentures of Rs 125 each were offered to the employees [including Indian working directorss] of Comp. on an equitable basis. Only 15,776 debentures were taken up. The unsubscribed portion of 86,344 debentures was allowed to lapse.
1988
- The entire face value of each debenture was compulsorily and automatically converted into 1 equity shares of Rs 100 each at a premium of Rs 25 per share as at 1st June. 15,10,707 No. of equity shares were issued on 1st June, by virtue of this conversion.
1989
- As per the agreement signed on December 16th, the four loss making plants viz., Shahabad [Karnatakas], Lalani [Bihars], Kistna [APs] and Porbandar [Gujarats], were sold & handed over to the purchases in a phased manner between the period December 1989 & February 1990.
- The Comp. undertook to set up a project for use of 100% lignite at Madukkarai Works in technical assistance with M/s. Rheinbraun Engineering of W. Germany.
- The Comp. also assisted the plant suppliers in commissioning and other activities preceding the take over of management operation and maintenance of one million TPA cement plant at A1-Qaim.
- A Memorandum of Understanding was signed with M/s. Nihon Cement Company, Japan for offering joint services in process engineering and productivity services, erection & construction, geological, environment & mining etc.
1990
- Production of grey cement at 74 lakh tonnes was almost same as in the previous year, that of refractory products stood lower at 31,742 tonnes due to a 4 months strike at the Katni plant.
- The coal washing at the Kymore cement works was machanically completed & was commissioned in 1991-92.
- The products developed in-house were dark colour portland slag cement, CASAL - non portland cement for concrete repairs, `Shrinkkump-40', a new grouting formulation with rapid hardening properties CALAL-65 a new calcium aluminate cement for refractory application & Low Cement Castable - a new generation refractory material.
1991
- The Comp. entered into an agreement with Refractechnik, Germany for manufacture of high quality bricks for cement industry. Also an additional turbine of 25 MW capacity was being installed at the existing 25 MW captive power plant at Wadi works.
- The Comp. undertook to set up a synthetic ferric oxide plant of 10,000 tonnes per annum capacity at Falta in West Bengal at an estimated cost of Rs 24 crores.
- The Comp. entered into a joint venture agreement with Nihon Cement Co. Ltd., Japan, pursuant to which a new Comp. viz., Acc-Nihon Castings limited [ANCLs] was incorporated for manufacture of high quality alloy steel castings.
1992
- A technological collaboration agreement was entered into with International Steel Services Inc. USA for supplying IROX-NKK technology for setting up the Company 10,000 TPA high purity synthetic ferric oxide plant at Falta in West Bengal.
- One of rotary kilns at Sindri Works was converted to slag drier and new auxillary equipment installed to enable during of wet slag received from steel plants for manufacture of portland blast furnace slag cement.
- Also seven large electrostatic precipitators were installed completing the programme for providing individual ESP to all the 27 kiln operated by Company.
- In addition, the Comp. proposed to acquire a significant equity stake in Webel Electro Ceramics Ltd., in Kalyani, West Bengal. It had set up a modern plant for manufacture of soft ferrites.
- The Comp. along with TELCO, & Tata Exports Ltd., signed a joint venture agreement with Asahi Glass Co. Ltd., Japan for participating in the equity of Floatglass India Ltd., for manufacture of float glass at Taloja, Maharashtra.
- An integrated pilot plant was set up for a new generation of refractories.
- 22,38,202 Bonus Equity shares issued in November in prop. 2:5.
1993
- The Comp. undertook to instal additional power plant of 25 MW capacity at Wadi works.
- Advanced research work was carried on in the field of chemically bonded ceramics in collaboration with materials research laboratory of the Pennsylvania State University, USA.
- The Comp. entered into a joint venture agreement with Aluminium Company of America [ALCOAs] USA. The joint venture Comp. Alcoa-Acc Industrial Chemicals Ltd., is to set up a 10,000 TPA capacity plant at Falta in W. Bengal.
- A MOU was signed in the Fars Khuzistan Cement Co., Iran for a joint venture Comp. to be set up in Iran for providing engineering and consultancy services in governmental & specifically in the areas of process dignostics productivity optimization, plant upgradation etc.
1994
- The Comp. signed a MOU for management, operation & maintenance of the existing 1.2 million TPA cement plant at Yanbu for a period of 3 years commencing from March 1996, with Yanbu cement company.
- The Comp. proposed to undertake major modernisation programme of its old unit at Lakheri and Kymore by adopting dry process technology at a total estimated cost of Rs 123 crores.
1995
- The new 1.2 MTPA clinkering unit at Kymore & the cement grinding, packing & loading plant at Kymore was modernized & made operational.
- The surplus clinker from Kymore would be supplied to a new grinding unit to be set up in Uttar Pradesh & the balance to Sindri Works, where the grinding, packing & loading capacity was under expansion from 0.3 MTPA to 0.6 MTPA.
- Operation of Cement plant unit at Bandra-Kurla Complex was expanded. A second unit was commissioned at Kalamboli to supply ready mixed concrete in the Navi Mumbai area. The third RMC plant was commissioned at Bangalore to facilitate the supply of quality concrete to the expanding construction activities in the city.
- The Comp. signed a joint venture agreement with Bridgestone Corporation, Japan, for setting up a plant near Indore in Madhya Pradesh for manufacture of internationally renowned Bridgestone brand of all steel radial tyres for motor vehicles.
- Approvals were received for issue of equity shares and/or equity related instruments for a Euro issue of upto US $ 100 million. Approval was received for issue of upto 5,00,000 warrants to certain Tata Companies.
- Cement Marketing Co. of India Ltd., Associated Tyre Machinery Co. limited & ACC Nihon Castings, limited are subsidiaries of Company.
- 7,29,565 Rights shares issued [Prop. 1:10; Prem. Rs 39.00s].
1996
- The Comp. was awarded another contract for management operation and maintenance of new two MTPA cement plant at Saudi Arabia.
- The Comp. proposed to set up a new cement plant at Wadi with an initial capacity of 2 MTPA.
- The Company new unit at Nagpur for manufacture of monolithic refractories was partly commissioned. New products under licence from M/s. Intoeast of Germany were produced for first time at Nagpur.
- The Comp. also offered consultancy services in respect to design and drawings for construction of cement plants, refractory linings and technical know-how in prospecting work.
- 51,37,971 bonus equity shares issued in prop. 3:5.
1997
- A memorandum of understanding [MoUs] was signed to facilitate the new venture by KPCL managing director K Jairaj & his ACC counterpart T M M Nambiar in the presence of Karnataka Chief Minister J H Patel.
- The Associated Cement Companies [ACCs] has set up a modern pre-grinding unit based on the vertical pre-grinder technology at its plant in Chanda, Maharashtra. The pre-grinder, set up for first time in the country, has been developed by ACC Machinery Comp. Ltd [AMCLs], a 100-per cent subsidiary company.
- ACC Wadi plant in Karnataka is installing a single kiln with a capacity of 10,000 tonnes per day [tpds].
- The Associated Cement Companies [ACCs] will enter the syndicated debt market shortly with a seven-year floating rate paper of Rs.100-crore with the coupon pegged at three to 3.5 percentage points above the bank rate of nine per cent. The paper will have a put-and-call option after five years.
1998
- The modernisation project at Sindri was commissioned during April and the new portland pozzolana cement grinding unit of 0.6 MTPA capacity at Tikaria in U.P. was under implementation.
- ST-BSES, the coal washing joint venture between BSES Ltd, Spectrum Technologies & CLI Corporation of USA, has signed up with the cement major ACC Ltd to sell washed coal.
- ACC & Ebara Corporation of Japan have signed an MoU for joint implementation of environment-related projects in India.
- ACC Ltd has bagged the Ficci award for adopting innovative measures for pollution control, waste management & conservation of mineral resources in mines & cement plants in Himachal Pradesh. The award is for the Gagal cement unit, which has also received the ISO 14000 certification from the Bureau of Indian Standards.
- ACC made a preferential offer of naked warrants/equity shares to the promoter group at an exercise price of Rs. 110 per share. - ACC made a rights offer of equity at a price of Rs. 55 per share, and subdivide the face value of shares of Rs. 100 each to Rs. 10 each have stirred a hornet nest.
1999
- In Jan. 1999, the Comp. came out with the rights issue of equity shares of Rs 10 each at a premium of Rs 45 per equity shares in ratio of 1:4 to raise funds for capital expenditure on modernisation/expansion of existing plants & creation of new capacity at wadi. Also, in Nov. 1999, it commenced commercial production of captive power plants with capacity of 25 MW each at Jamul & Kymore.
- ACC objective is to increase its cement capacity by approximately three million tonnes per annum over the next two years.
- Of the 14,31,022 scam-tainted shares, which constitute 10.4 per cent of the total equity, 6,76,731 shares are held in the name of notified parties - of which the Harshad Mehta group holding adds up to 6,23,345 shares. Benami shares, allegedly held by Harshad Mehta, amount to 6,50,356 shares, while unregistered shares amount to 1,03,935 shares.
- The ACC has set up an internal committee to 'review' investments in subsidiaries & associate companies.
- Shares of cement major ACC Ltd shot up by Rs 100 to Rs 1,450 after the market was abuzz with unconfirmed reports that French cement major Lafarge had appointed an investment bank to negotiate a buyout of financial institutions' stake in the Tata group cement company.
- The Rs 2,500-crore ACC plans to double capacity at its Wadi, Gulbarga plant from the present two million tonnes to four million.
- ACC Ltd will offer ready-to-use value-added products in a year's time. The `Suraksha' brand was launched a year ago in the Konkan region & has features which make it a durable cement for coastal belt.
- The ACC has taken up capital expenditure programme amounting to Rs 750 crore for modernisation-cum-expansion of existing plants and the creation of new capacity additions at Wadi or through acquisitions.
- ACC is making a rights offer to part-finance its expansion/modernisation programme at its existing plants, & set up a new unit at Wadi.
2000 - Tata group has exited from the Comp. by divesting their 14% equity stake in favour of Gujarat Ambuja group. Notably, Gujarat Ambuja group is the most efficient & aggressive cement group in India. The disinvestment was done in phases at Rs 370 per sahre. ACC has completed the modernization & expansion of Chanda & Madukkarai cement plants for increasing their capacities to around 1 MTPA each. These plants started production from 1 September 2000 & 1 October 2000 respectively. The de-bottlenecking at Chanda, Gagal & Madukarrai plants have added 1 MT to ACC installed capacity.
- During the quarter ended Mar. 2001, the Comp. commissioned its new Wadi plant of 2.6 MTPA, which is the largest kiln in the country. With the commissioning of this plant, ACC installed capacity of cement is the highest in the industry at 15.3 million tonnes. Also, the construction of 15-MW thermal power plant at Chanda Cement Works is progressing satisfactorily & will be completed as per schedule. ACC also plans to have a similar power plant of 15 MW at Madukkarai. ACC has decided to put on hold its plans to set up five new ready mix concrete [RMCs] plants. Instead, it has decided to consolidate the existing 13 RMC units & to go in for a capacity expansion of these operational units. The company, along with the Tatas, has decided to exit from the ailing business at Floatglass India. ACC holds around 13% stake in that company. Asahi Glass of Japan, a co-promoter & the single largest stakeholder, has agreed to buy their stakes. The sale of equity stake, stake in preference capital as well as non-compete fee will fetch Rs 19.9 crore to ACC. - The Comp. has turned down a proposal from the Gujarat Ambuja nominees on its board to set up its own diesel generating sets for the expended capacity at Wadi, Karnataka, instead of sourcing power from the Tata Electric Companies.
- The Comp. has suspended operations at one of its smaller cement works at Mancherial, which has a capacity of about 330,000 tonnes. The suspension is due to non-availability of lime-stone.
- ACC is likely to set up a 1-million tonne per annum cement plant in Bellary.
- The Comp. proposes to exit from its non-core businesses.
2002
- ACC Ltd has informed that 18300 shares have been allotted to the permanent employees of Comp. including employees retired during the FY 2001-02. The Comp. has received from applicants the issue price of Rs.108/- per share in full for 18300 shares allotted on December 31, 2001.
- The ACC .Mr. T.M M Nambiar has been re-appointed as Managing Director for a further period from June 01, 2002 to November 30, 2002 on the existing terms & conditions.
2. M L Narula, Wholetime Director, is redesignated as Chief Operating Officer. In addition to his current responsibilities of being incharge of the Cement Business, Mr. Narula will be also directly supervise the Human Resources & Finance functions. He will continue to report to the Managing Director.
3. Mr. A K Jain, President-Marketing has been inducted on the Board in the casual vacancy of Dr AK Chatterjee & appointed Wholetime Director for a period of three years with effect from January 25, 2002.
2002
- Associated Cement Companies Ltd has informed that Mr P J Jagus has resigned from the Board of Directors of Comp. wef January 25, 2002 after a long & fruitful association of 55 years with ACC. The Board has at its meeting held on January 25, 2002 appointed Mr S M Palia as a Director in the Casual vacancy. - In Feb. 2002, consequent upon the transfer of shares from Etex Group to the company, Eternit Everest has become a subsidiary of company w.e.f. 12.02.02. The Comp. now holds 76.01% of total equity shares of Eternit Everest Ltd.
-ACC re-appoints P K Sinor as Wholetime Director.
-Associated Cement Companies Ltd has informed that pursuant to the resolution passed by circular dated June 10, 2002, by Shareholders/Investors Grievance Committee, 12100 shares were allotted against exercise of Stock Options granted to employees under the Employees Stock Option Plan 2000.Consequently the paid up share capital of Comp. has increased from 1,70,811,885 shares as on May 16, 2002 to 1,70,823,985 shares of Rs 10/- each as of date.
-Associated Cement Companies Ltd has informed that a share purchase & transfer agreement has been executed between ACC & EPCOS AG, Germany, for sale of 1,52,18,098 equity shares of face value of Rs 10 each held by ACC in International Ferrites Ltd [IFLs] to EPCOS AG, Germany. This constitutes the sale of ACC entire shareholding in IFL amounting to about 35% of IFLs share capital.
-ACC divests its entire holding in GRUH Finance in favour of HDFC.
-T M M Nambiar retires as Managing Director of ACC wef December 01, 2002.
-Chairman Emeritus Mr N A Palkhivala expires
-Singapore Investment Corp increases its stake in ACC up to 5.04%
-Divests 500,000 shares of Tata Industries
-Stops its agrotech & mining operations
-Appoints Mr. M L Narula as managing director in place of Mr. T M M Nambiar
-Receives full consideration for sale of equity shares in International Ferrites
-Wins PHDCCI Good Corporate Citizen Award for year 2002
-LIC holds 14.31% stake in the company
2003
-Govt. of Singapore cuts down its holding in the Comp. from 4.23% to 2.96%
-Sells 19.5% stake in Bridgestone ACC India to Bridgestone Corporation, Japan for Rs 50 crore
-Increases stake in its subsidiary Eternit Everest India from 26 per cent to 76 per cent by acquiring the shareholding of Belgium-based Etex group. The name of Eternit Everest India rechristened Everest Industries Ltd.
-Bids for Idcol Cement of Industrial Development Corporation of Orissa [Idcols], where the Government of Orissa hold 87% & remaining owned by UTI
-Special court decides not to auction ACC shares held by Harshad Mehta
-Foreign Institutional Investors [FIIs] increase holding in the Comp. from 18% to 22% in two months
-ACC on December 22, 2003 has signed a share purchase agreement with Industrial Development Corporation of Orissa Ltd to acquire its entire shareholding in IDCOL Cement Ltd [ICLs] amounting to 86.79% of ICL equity share capital. Earlier this month, the State Cabinet Committee on Disinvestment had approved the sale of IDCOL Cement Ltd to ACC as announced by Department of Public Enterprise, Government of Orissa.
2004
-Associated Ceramics Ltd has informed that at the meeting of BoD held on January 31, 2004, the Board approved voluntary delisting of shares from Calcutta Stock Exchange Association Ltd & Hyderabad Stock Exchange Ltd.
-launches $100m GDR, FCCBs
-ties up with UTI MF to buy out their entire 13.3 per cent shareholding in Bargarh Cement [formerly Idcol Cements] for a total consideration of Rs 26.85 crore.
-Associated Cement Companies [ACCs] has purchased 13.21 per cent stake in Bargarh Cement Ltd from Unit Trust of India. ACC bought 3.5 crore shares of nominal value of Rs 10 each in the company, for a consideration of Rs 26.85 crore. With this, Bargarh Cement becomes a 100 per cent subsidiary of ACC.
-Citigroup purchases 8.06 lakh GDRs of ACC
- ACC Ltd appoints Naresh & Varshitha as Addl Directors
-Delist from Cochin Stock Exchange
-Delist from Delhi Stock Exchange with effect from October 13, 2004.
-ACC enters into BTA with ACE Refractories
