History of Aditya Birla Nuvo Ltd.

1956

- The Comp. was incorporated on 26th September, 1956. Formerly the Company was Known as Indian Rayon Corporation Limited. The Company manufacture viscose rayon yarn & fabrics, chemical products, reinforced rubberlined products, high & low tension insulators and bushings & Portland Cement.

1958

- The Comp. entered into an agreement with Von Kohorn International Corporation, Von Kohorn International [Londons], Ltd., & Von Kohorn Eastern Corporation, Ltd., who agreed to design & supply from U.S.A. and U.K. the entire plant & machinery for Company rayon factory.

- They also agreed to supervise the erection & installation as well as the commissioning of plant. Von Kohorn International Corporation also agreed to invest jointly with the Financial Development Fund Inc., U.S.A. a sum of U.S. $8,25,000 in the equity capital of Company.

1975

- Controlled percolation hoses were manufactured in collaboration with George August and Co., Ltd., U.K.

- A collaboration agreement was signed with Ceramconsult Langenthal, Ltd., Switzerland for manufacture of Long Red insulators & high alumina bodies.

1976

- Jay Shree Textiles and Industries, limited was amalgamated with the Company with effect from 1st January.

1977

- The new synthetic spinning unit, acquired with the amalgamation of Jay Shree Textiles and Industries, limited with the Company, was partially commissioned during the year.

1978

- Phillippines Govt. gave a licence to the Comp. to set up a unit in that country for manufacture of 3,000 tonnes of insulators per annum.

1979

- The Comp. received a letter of intent to set up a new industrial undertaking for manufacture of 6,000 tonnes per annum of sophisticated insulators at Halol in Gujarat State.

- The Comp. executed a technical collaboration agreement with Doulton Insulators Ltd., of U.K., for new range of products for 400 KV transmission line & sub-station insulators & for improving the quality of present range of products.

1980

- Equity shares subdivided on 1.12.1980. 15,370 - `D' Pref. shares redeemed.

1981

- The Comp. issued 10,00,000-12% secured debentures of Rs 100 each. Out of this, 25,000 debentures were reserved for subscription by the employees, directors & business associates of Comp. and 4,25,000 debentures were offered to resident equity shareholders in the proportion of 1 deb.: 10 equity shares. The balance of 5,50,000 debentures were offered for public subscription during March 1981.

- During September, the Comp. offered for public subscription 5,00,000-13 1/2% Secured debentures of Rs 100 each with 1% additional interest per annum when the dividend on equity shares exceeds 14% for the immediate preceding year with appropriate adjustment for any future bonus issue of shares. These debentures are redeemable in 4 equal annual instalments on the commencement of 8th, 9th, 10th & 11th years from the date of allotment of debentures.

- During September, Vokin Holdings Inc. U.S.A. offered for sale 1,16,250 No. of equity shares of Rs 10 each of Comp. to the existing resident Indian shareholders & Indian employees of the Company at a premium of Rs 30 per share.

- 1054, `C' Pref. shares redeemed. Dividend on 22,635 `C' Pref. shares increased from 11% to 13.5% with effect from 1.7.1982. On 1.7.1982, 9,86,779 No. of equity shares issued [prem. Rs 10 per shares] to V series debenture holders. 15,00,000 more equity shares [prem. Rs 18 per shares] issued to VII series debentures holders.

1982

- The Comp. revalued the assets of all the units [except Halol Units] as on 1st July. The net surplus of Rs 28,24,15,415 arising out of this was credited to revaluation reserve.

1983

- The Comp. received a letter of intent to set up a plant to manufacture 80,000 tonnes of white cement per annum.

- A technical collaboration agreement with the Onuda Engineering & Consulting Co., Ltd., of Japan was approved by Government. The plant was commissioned in March 1988. The product 'Birla White' was well received in the market.

- The Comp. set up a carbon black plant at Remikoot in Mirzapur district of Uttar Pradesh with an installed capacity of 20,000 tpa.

- The Comp. issued 15,00,000-13 1/2% 7th Series debentures of Rs 140 each; 9,25,000 debentures as rights to resident equity shareholders in the proportion 5 debentures for every 40 equity shares or part thereof held; 2,25,000 debentures on a preferential basis to the Company's employees, directors, etc. & 3,50,000 debentures to the public.

- Each debenture of Rs 140 has part `A' Rs 28 & Part B of Rs 122. Part `A' of each debentures shall be redeemed on 30th June, & older thereof shall be allotted one equity share of Rs 10 each of Company at a premium of Rs 18 per share.

- Part `B' of debentures shall be redeemed at par in 5 equal annual instalments at the end of 8th, 9th, 10th, 11th & 12th year from the date of allotment.

- The Comp. issued 8,00,000-15% eighth series secured debentures of Rs 100 each aggregating Rs 8 crores on a `Rights basis' for augmenting long-term resources for working capital.

- For financing the rupee cost of two diesel generating sets installed at the cement plant, 10,000 - 15% ninth series secured debentures of Rs 1000 each aggregating to Rs 1 crore were issued to Unit Trust of India on private placement basis.

- 6,165 No. of equity shares issued [Prem. Rs 10 per shares] to holders of Vth series debentures upon part conversion.

1985

- Veraval Properties, Pvt. limited & Indrayon Properties, Pvt. Ltd. became the wholly owned subsidiaries of Company.

1986

- New products such as flame retardent fabrics, oil/chemical resistant fire hoses & rove boiled flax yarn were developed.

- The Comp. undertook to set up a ceramic unit to manufacture 10,000 tonnes per annum of sanitaryware & 12,000 tonnes per annum of wall tiles in Uttar Pradesh.

- The sanitaryware project was proposed to be set up in technical collaboration with Villeroy & Boch of Federal Republic of West Germany & equipment for wall tiles project were to be supplied by SITI of Italy.

- For the manufacture of sanitarywares the Comp. was to incorporate the ceramic fibre lined tunnel & shuttle kilns technology.

- A technical collaboration with Felten and Gujillene Energietichnic GmbH, West Germany was entered into for manufacture of condensor bushings, coupling capacitors & instrument transformers.

- Another collaboration with Asea Brown Boveri and Co., limited of Switzerland was finalised for manufacture of lighting arrestors.

- The Comp. issued during November 80,00,000-15% - 12th series secured redeemable non-convertible debentures to the equity shareholders on a rights basis.

- The Comp. issued during December 77,45,000 - 13.5% - 11th Series fully convertible debentures of Rs 1000 each as follows: [is] 68,70,000 debentures to the existing equity shareholders on a rights basis in the proportion of 1 debenture for each equity share held; [iis] 3,75,000 debentures to the employees of Comp. & [iiis] 5,00,000 debentures to non-resident Indians/persons of Indian origin residing abroad on repatriation basis. 17,17,500 additional debentures to the equity shareholders & 1,25,000 additional debentures to the non-resident Indian were issued to retain over-subscription.

- As per the terms of issue a portion of Rs 50 out of each debenture was converted into 1 equity share of Rs 10 each at a premium of Rs 40 per share on 30th September, 1987, at the first stage of conversion. The remaining part of Rs 50 was converted in the same manner as on 1st July, 1988.

1987

- The Comp. commissioned the expanded worsted rayon project. Machines like radio frequency drier & auto winding unit with electronic controls were installed. Fancy doubling machines were also installed to produce fancy yarn.

- The working of Cotton Spinning division was adversely affected due to higher cotton price, rise in power tariffs etc. To rationalise the product-mix the Comp. proposed to convert existing spindles for production of high value added synthetic yarn. Also fancy doubling machines were to be installed for production of fancy yarns.

- Production declined due to strike by workmen for 82 days. By the end of the year, the Comp. proposed to instal certain balancing equipments including a roller press for raw material grinding.

- It was also proposed to instal two additional DG Sets of 5.4 MW each during the year.

- M/s. CE Europe, Luminus Crest division & Engineers India, Ltd. were appointed as Consultants for project.

- As on 1st July, the fixed assets of Comp. [except the recently set up white cement & a carbon black unitss] were revalued & the net surplus of Rs 75,55 crores arising out of it was credited to the Revaluation reserve.

- The name of Comp. was changed from The Indian Rayon Corporation, limited to Indian Rayon & Industries limited with effect from 23rd January.

- 92,66,489 No. of Equity shares issued [prem. Rs 40 per shares] on conversion of 13.5% debentures on 30.9.1987.

1988

- Two 1950 KVA power generating sets were commissioned during the year.

- The working of cotton spinning division continued to be affected due to high prices of cotton. To ensure its competitive edge over others, the division was upgrading its technology by adding latest machines such as Savio auto-coners. Two-for-one twisters, etc.

- A new kiln was commissioned at Halol to meet the growing demand for the company product range.

- A Pref. & C Pref. shares redeemed on 30.6.1989. 93,03,035 No. of equity shares issued [prem. Rs 40 per shares] on the second conversion of 11th Series debentures on 1.7.1988.

1989

- Necessary balancing equipment was being installed for producing finer denier yarn in view of increasing demand.

- Operating results of flax division were however adversely affected by steep hike in the cost of major inputs coupled with sharp deterioration in the supply of power. One more diesel generating set of 1000 KVA was being installed.

- Additional 2,592 spindles & other balancing equipment were installed to improve flexibility in product-mix & meet the changing demand patterns.

- The Comp. proposed to expand the capacity to 9 million TPA from 3 million TPA received Government approval.

- The foreign collaboration agreement with AKZO Fibres and Polymers - Enka International b. v. of Netherlands was approved by Govt. Necessary steps were being taken to implement the project.

- The Comp. is a co-promoters of Bina Power Supply Co., Ltd., & Rosa Power Supply Co., Ltd., to be set up as two separate joint ventures with Powergen of U.K. Bina Power Supply Co. limited was to be set up at M.P. & Rosa Power Supply Co., limited at U.P.

- The Birla Capital International AMC limited was set up as an asset management Comp. jointly with Capital Group International, USA.

- Birla Telecom limited was set up an collaboration with AT and T for bidding for basic telephone services and Birla Communications limited with McCaw Cellular Communications Inc., for bidding cellular mobile services.

1990

- A superior quality cement under the brand name `BIRLA SUPER' was introduced, initially, in Karnataka & the market response was reported to be good.

- The lightning arrestors project was commissioned during the year and the unit undertook to execute an order for 400 KV transmission line for the National Thermal Power Corporation.

- The Comp. undertook a modernisation programme to improve the quality & enlarge the product range.

1991

- A fire mishap in the dryer plant in May, caused disruption in production for a period of ten days. To tide over power shortage, a DG set of 2270 KVA was installed.

- The Spinning & Weaving division undertook to further modernise apart from expanding its installed capacity for worsted yarn by 2,400 spindles.

- The Comp. proposed to convert the Halol factory into a manufacturing unit exclusively for exports.

- All steps were taken to set up a project for manufacture of 50,000 tonnes of high purity refractory grade magnesia from sea water near Visakhapatnam, A.P.

- A collaboration agreement for transfer of technology with Refractories consulting & Engineering GmbH, Austria, was signed for the same.

1992

- A diesel generating set of 2270 KVA was commissioned. The Company undertook further investments in installation of balancing equipment as well as equipment for upgradation of quality.

- Two additional CS2 furnaces were commissioned to increase the carbon-di-sulphide capacity from 6000 TPA to 10,000 TPA. It was proposed to instal 10 contravan spinning machines at an estimated cost of Rs 36 crores.

- The installed capacity of worsted yarn was increased by 1200 spindles. Capacity was being further increased through installation of 24 sophisticated looms.

- It was proposed to implement modernisation programme involving a capital outlay of Rs 6 crores.

- However, Government permitted to expand the capacity to 40,000 tpa and the Comp. was obtaining necessary clearances for import of capital goods.

1993

- During September, the Comp. issued 51,88,000-zero interest fully convertible debentures of Rs 170 each on rights basis in the proportion of 1 debenture: 5 equity shares held. Only 50,48,203 debentures taken up.

- Another 2,59,400 - zero interest fully convertible debentures of Rs 170 each were offered to the employees. Only 2,55,314 debentures taken up. Simultaneously, the Comp. offered 16,20,000-zero interest fully convertible debentures of Rs 200 each to Group companies. All were taken up.

- Each debentures issued to shareholders & employees was to be converted into 1 equity share of Rs 10 each at a premium of Rs 160 per share on 1st April, 1994. Each debenture for Group companies was to be converted into 1 equity share of Rs 10 each at a premium of Rs 190 per share on 1st April, 1994.

1994

- The working in the Rishra Insulator plant suffered loss on Acc. of a five months strike.

- Work was underway to increase the capacity of Halol plant from 6,000 TPA to 10,000 TPA & subsequent to which combined capacity of two plants would be 30,000 TPA.

- The Cement grinding & packing facilities of new plant of 1.2 million tonnes capacity at the existing location was commissioned and the remaining sections were to be commissioned by June 1995.

- The split grinding unit of 1.2 million tonnes capacity being set up at Sholapur in Maharashtra was to be commissioned in June 1995.

- The Comp. proposed to set up a 400 TPA capacity fibre glass plant at an estimated capital outlay of Rs 109 crores to be located in the Alwar district of Rajasthan.

- During January, the Comp. offered 55,53,087 GDRs represent 55,53,087 at a price of US $ 22.51 per GDR. These equity shares were allotted in January 1994.

- The Comp. issued 72,27,400 - 16.5% fifteenth series non-convertible debentures of Rs 300 each with detachable warrants: [is] 51,88,000 debentures on rights basis in the proportion of 1 debenture: 5 equity shares held [only 50,48,198 debentures taken ups]; [iis] 2,59,400 debentures to employees [only 2,55,314 debentures taken ups]; & [iiis] 17,80,000 debentures to Group companies [all were taken ups].

- UTI had agreed to buy the debentures upto Rs 135 crores. The Company had made arrangements with Birla Growth Fund limited for handling the sale of the debentures. Each debentures of Rs 300 could be offered for sale at a price of Rs 275 per debenture, at a current yield of 18%. Each debentures would be redeemed at par in three equal instalments of Rs 100 each at the end of 7th, 8th & 9th year from the date of allotment.

1995

- The division undertook to set up 8 continuous spinning machines on parallel yarn at an estimated cost of Rs 36 crores.

- The working of Cotton Spinning Division was affected by strike between mid February 1996 to mid May 1996. This in turn affected the modernisation work also.

- The Halol Unit had undertaken substantial expansion & two new kilns were set up. Negotiations were on with Overseas companies manufacturing lighting arrestors in India. Negotiation were also underway for acquiring technology to produce silicon based insulators, in some applications.

- 1-2 million TPA capacity raw material grinding & clinkerisation unit was commissioned at Malkhed, Karnataka. Also, a 1-2 million TPA capacity grinding unit was commissioned.

- 9,085 shares allotted.

1996

- A 16.5 MW Co-generation thermal plant was being set up. An additional 12 MW captive power plant was to be set up as an extension to 16.5 MW plant at a cost of Rs 40 crores.

- The Comp. proposed to add 8 continuous spinning machines on parallel yarn at an estimated cost of Rs 40 crores.

- The sluggish market conditions & strike at the Cotton Spinning Division plant between mid February 1996 to mid May 1996 affected the flax division working.

- Performance of division was affected due to labour trouble at Rishra plants & sluggish market conditions.

- The Comp. proposed to instal a new carbon black plant of 35,000 tonnes capacity at Gummidipondi, Chennai.

- During the year, plans were finalised to double the capacity from 1,50,000 tonnes p.a. to 3,00,000 tonnes p.a. by installing second line at the existing location.

- 11,424 shares issued.

1997

- The Comp. proposed to set up a second power plant of 15 MW capacity, at a cost of Rs 70 crores to ensure complete self-sufficiency of stable & uninterrupted power to VFY & caustic soda plants.

- Sea Water Magnesia plant was commissioned with an installed capacity of 50,000 TPA.

- The Comp. has made a bonus issue in the ratio of 1:2 to the existing shareholders of Company.

- 2,24,94,007 No. of Equity shares of Rs 10 each allotted as fully paid bonus shares in the prop. 1:2 & 2,980 No. of equity shares allotted out of abeyance.

- Indian Rayon Industries, the Aditya Birla Group diversified company, has commissioned its 36,000 tpa caustic soda plant at Veraval in Gujarat.

- It has singed a Memorandum of Understanding with the Orissa Mining Corporation for setting up a mega integrated aluminium complex comprising an alumina refinery of 1 million tonnes per annum capacity based on the Kadnagamali-Pottangi bauxite deposit in Karaput district in south Orissa & a greenfield aluminium smelter of 2.5 lakh tpa.

- Indian Rayon and Industries Ltd has proposed to issue bonus shares in the ratio of one share for every two shares held. Reacting to the news, the Indian Rayon scrip declined by Rs.10, before closing on Tuesday at Rs.392.75, as the bonus ratio fell short of market expectations.

- The Comp. is also setting up a 35,000 tonne carbon black unit to be commissioned in October 1998. It is already the second largest installed capacity in the industry after Philips Carbon Black 78,000 tonne.

- Indian Rayon and Industries Ltd is seriously considering a proposal to issue bonus shares in the proportion of one new equity share for every two existing equity shares held.

- Indian Rayon limited an Aditya Birla group company, is setting up a 25 mw captive hydel power project in West Bengal.

- Indian Rayon, an Aditya Birla Group Comp. & one of leading players in its field, has become the first private sector firm to raise Rs.40 crore through private placement of secured redeemable non-convertible debentures at a coupon rate of 14.25 per cent, payable half yearly for a five years period.

1998

- Sea Water Magnesia suffered a set back due to substantial dumping from China leading to poor offtake & huge inventory.

- Indian Rayon and Industries Ltd has commissioned its Greenfield 35,000 MTPA carbon black plant, set up at an investment of Rs 135 crore. With this plant at Gummidipondi, near Chennai, the Aditya Birla group company carbon black capacity stands raised to 95,000 MTPA. The plant at Renukoot [UPs] has a manufacturing capacity of 60,000 MTPA.

- Indian Rayon has temporarily suspended the operations of its Sea Water Magnesia plant at Visakhapatnam.

- 1,020 shares kept in abeyance is used.

1999

- Indian Rayon Industries Ltd, the flagship Comp. of Aditya Birla group, is yet to find buyer for its sea water magnesia project.

- The company, which has an installed capacity of 95,000 tonnes per annum, is 'strongly' considering the option to hike capacity by another 50,000 tonnes.

2000

- The strike from March 11 by a section of workmen of viscose filament rayon plant at Veraval, Gujarat, has been called off from the night of March 22 & normalcy is being restored.

- ICRA has assigned `LAAA' rating to the non-convertible debentures aggregating Rs. 50 crores privately placed by Comp. with ABN Amro Securities [Is] Pvt. Ltd.

- The Aditya Birla group Company, Indian Rayon & Industries Ltd, will promote an insurance joint venture with 125 year old Sun Life Financial of Canada.

- The Comp. has entered into agreements, with NSDL, CDSL & MCS Ltd., for dematerialisation.

2001

- The shares department of Comp. has been accredited with ISO 9002:1994 certification by KPMG.

- Aditya Birla group flagship Indian Rayon will acquire a 50.35 per cent controlling stake in PSI Data Systems from Groupe Bull, France, for Rs 71 crore.

2002

- Indian Rayon and Industries Ltd has informed that Mr.Devendra Bhandari has been appointed as Vice President and Comp. Secretary of company in place of Mr.Mehernosh Kapadia.

-The Board of Directors of Indian Rayon and Industries Ltd on July 24, 2002 approved a scheme to demerge its insulator Division & to form a separate Joint Venture Comp. with NGK Insulators Ltd of Japan.

-Indian Rayon and Industries Ltd has informed BSE that at a meeting of Board of Directors of Comp. held on August 1, 2002, the Comp. has decided to sell to ONGC Ltd 41012461 equity shares of Mangalore Refineries and Petrochemicals Ltd at a price of Rs 2/- per share.

2003

- Indian Rayon and Industries Ltd has informed that pursuant to acquisition of equity share capital Transwork Information Services Pvt Ltd [TISPLs], the Comp. has become a wholly owned subsidiary of Indian Rayon &Industries limited TISPL has two subsidiary, Transwork IT Services India Pvt Ltd, Bangalore & Transwork Inc [a Delaware Corporations] which have also become subsidiaries of Indian Rayon and Industries Ltd.

-Shri Siddhartha Sen, a Director of Comp. expired.

-Indian Rayon and Industries Ltd has launched its insulator Joint venture with Japan based NGK Insulator Ltd, & the JV is named as Birla NGK Insulators Private Ltd.

-ICRA reaffirmed the highest rating of LAAA assigned to various NCD programmes of Indian Rayon and Industries Ltd amounting to Rs.130crs.

-Indian Rayon is all set for a major spread of its carbon black, insulators & viscose filament yarn businesses.

-IndianRayon has announced its entry into BPO sector with the acquisition of M/s TrasWorks Information Services pvt ltd.

-Indian Rayon Industries M/s S R Bartliboi &Co have been appointed as the Joint Statutory Auditors.

-Indian Rayon Industries has informed that the BOD have co-opted Mr Harsh V Lodha as the Director of company.

-Hi-Tech Carbon, a unit of Indian Rayon Industries Ltd of Aditya Birla group has decided to double its carbon black manufacturing capacity at its plant at Gummidipondi in Tamil Nadu.

- Delisted from Delhi Stock Exchange wef October 30, 2003.

-Van Heusen launched `Fundamentals' range of shirts

2004

-Indian Rayon & Industries Ltd has informed that pursuant to approval of Scheme of Amalgamation by Hon'ble High Court, Gujarat at Ahmedabad, effective January 7, 2004 M/s Rajnidhi Finance Ltd a subsidiary of M/s Laxminarayan Investment Ltd [subsidiary of Companys] is amalgamated with M/s Laxminarayan Investment Ltd from the Appointed Date i.e. April 1, 2003.

-Indian Rayon signs an agreement with ST Telemedia and TM International to acquire stake in Idea Cellular

2006 -Aditya Birla Nuvo Limited has submitted a copy of Abstract of terms of appointment of Dr. Bharat K Singh as Managing Director, & Mr. Vikram Rao as Whole-time Director u/s. 302 of Companies Act, 1956 & Performance Update for half year ended September 30, 2006.

2008

- Aditya Birla Nuvo Ltd has informed that the Board of Directors of Comp. at its meeting held on August 04, 2008, inter alia, have appointed Mr. Arun Maira as an Additional Director on the Board of Company.

2009

- Aditya Birla Nuvo has acquired an additional 20 per cent in Apollo Sindhoori Capital Investments for over Rs 71 crore.