History of Ashok Leyland Ltd.
1948
- The Comp. was Incorporated on 7th September, at Chennai. The Company Manufacture Comet chassis & Leyland `Tiger' & `Titan' chassis & Leyland diesel engines.
1951
- In July, 1,00,000 `B' Right Equity shares & in December, 1,00,000 `A' & 1,00,000 `B' equity shares offered. 133571 `A' equity shares subscribed for out of 1948 issued & July 1951 right issue; 22159 `B' shares subscribed for out of December 1951 rights issue.
1952-55
- Further 6321 `A' equity & 948 `B' equity shares of 1951 issue subscribed. All converted into Rs 5 face value.
1955
- The name of Comp. was changed from Ashok Motors Ltd., to Ashok Leyland limited in July. Ashok Leyland Motors Ltd., are the associates of the Company.
1956
- In June, 4 lakh shares allotted to Leyland motors. In Nov. 11 lakh share issued at par 15,03,456 shares as rights in prop. 19:40 & 5,96,544 shares to Leyland motors to maintain their holding at 40%.
1957
- 9,88,688 issued at par to public in August 1957. 11,312 shares reserved for allotment to Leyland motors to hold their level below 49%.
1959
- In May, 25 lakh right shares offered at par in prop. 5:8 of this Leyland Motors were eligible for 12.25 lakh shares.
1960-63
- In December 34.45 lakh equity shares issued at par. 6.63 lakh shares as rights in prop. 1:5 & 27.82 lakh shares to Leyland Motors to keep their holding between 60%.
1963
- In October 11.05 lakh shares issued out of which 6,62,777 shares offered at par to Leyland Motors to be allotted from time to time. The balance offered as rights to other members in prop. 1:9.
1965
- In May, 44,18,984 shares issued at par of which 26,51,110 shares offered to Leyland Motors against plant & machinery supplied by them. The balance offered as rights to other members in prop. 2:5.
1975
- 31,15,404 bonus shares issued in prop. 1:15.
1978
- 93,46,217 bonus shares issued in prop. 1:2.
1979
- In February, the Comp. made a public issue of 49,61,349 No. of equity shares of Rs 5 each at a premium of Rs 3 per share.
- 4961349 shares issued [prem. Rs 3 per sharess] 2,48,049 shares reserved & allotted on a firm basis to employees & business associates of Comp. & 47,13,300 shares for public subscription during February 1979.
1980
- In collaboration with Leyland Vehicles, Ltd., the Comp. embarked on a programme of manufacture of integral buses. The R&D division was also engaged in developing a new vehicle prime mover with turbocharged engine which in operation with a Tandem-Axle trailer, would enable a GTW of 26T.
- The Comp. also developed a longer integral bus with larger seating capacity. A technical collaboration agreement was entered into for the manufacture of synchromesh transmissions to the designs of Azhnradfabrik Friedrichschafen AG of West Germany.
1981
- Shares of Rs 5 each consolidated on 7.12.1981.
1982
- Prototypes of 36' long integral bus & articulated bus for city applications were built.
1983
- The Comp. entered into an agreement for a joint venture in Sri Lanka for assembly & progressive manufacture of Ashok-Leyland vehicles.
- ACL proposed to create facilities for body building & assembly of panels for front-end structures for truck & business in order to cater to the requirements.
- The Comp. entered into a technical collaboration with Hino Motor, Ltd., Japan for their `W' series engines.
- Land-Rover Leyland International Holdings, Ltd., ceased to be a holding Comp. of Comp. from 1st November.
1984
- During April-May, the Comp. offered the following convertible and non-convertible redeemable debentures, all of face value of Rs 100 each, for cash at par to the resident Indian equity shareholders on a rights basis for an aggregate nominal value of Rs 32.60 crores; [as] 8,15,000 - 13.5% Series III-A secured convertible. [bs] 16,30,000 - 13.5% Series III-B Secured Convertible. [cs] 8,15,000 - 15% Series III-C Secured non-convertible with options of cumulative and non-cumulative schemes for payment of interest.
- The basis of offer was one block of debentures for every 10 equity shares & every shareholders holding less than 10 equity shares was entitled to receive a minimum of one block of debenture. One block of debenture comprises the following:
- One III-A Series debentures of Rs 100 each; Two III-B Series debentures of Rs 100 each & One III-C Series debentures of Rs. 100 each.
- The Comp. has an obligation to convert Rs 36 per debenture out of Rs 100 as follows: [as] In the case of III-A Series debentures, two equity shares of Rs 10 each at a premium of Rs 8 per share to be allotted on 1.11.1984. [bs] In the case of III-B Series debentures, two equity shares to Rs 10 each a premium of Rs 8 per share to be allotted on 1.1.1986.
1986
- DGTD registration for manufacture of metal cutting & grinding machines at the Hosur & Alwar plants was obtained.
- A prototype of rear engine bus chasis according to the specifications laid down by special working group for use in State Transport Undertakings was acknowledged by latter during the year.
- The Comp. issued 10,00,000 - 13.5% secured non-convertible debentures - series IV, redeemable at 5% premium on 14th March, 1993.
1987
- The 'Intermediate' vehicle with 4-cylinder HINO engine was introduced in the market under the brand name 'CHITAL'. A test track for endurance testing of vehicles was also commissioned.
1989
- The Comp. introduced Normal Control [bonnetteds] vehicle. With access to superior IVECO technology, the Comp. was evaluating various contemporary product options that were relevant to the requirements of Indian road transport industry.
- During July-August, the Company, offered 26,04,233 - 12.5% convertible debentures [Series Vs] of Rs 150 each to Indian resident shareholders as Rights in the proportion 1 debenture : 5 equity shares held. [all were taken ups]. Additional 3,88,226 debentures were allotted to retain oversubscription.
- Another 1,30,212 - 12.5% debentures were also issued to employees of the Comp. [only 38,100 debentures were taken ups]. The unsubscribed portion of 92,112 debentures was allowed to lapse.
- Rs 70 of face value of each debenture was compulsorily converted into two equity shares of Rs 10 each at a premium of Rs 25 per share on 1.1.90.
- Rs 80 of face value of each debenture was to be redeemed at par in five equal annual instalments at the end of 5th, 6th, 7th, 8th and 9th years from the date of allotment of debentures.
- 60,61,118 shares allotted [prem. Rs 25 per shares] on conversion of V series debs. on 1.1.90. 38,91,858 shares were allotted to NRIs [prem. Rs 25 per shaes] to maintain their percentage of shareholding in the company.
1990
- A 25 tonnes three axled 6 x 6 articulated clump trunk was developed.
- Effective from 1st March, Ductron was merged with the Company. As per the scheme of amalgamation, the shareholders of Ductron Castings were allotted without payment in cash, one equity share of Ashok Leyland, limited for every 3 equity share held by them in the erstwhile Ductron Castings limited Accordingly 1,53,333 equity shares were allotted.
1991
- The Comp. offered 96,16,226 - 14% secured redeemable partly convertible debentures [Series VIIIs] of Rs 200 each aggregating Rs 192.32 crores to the existing equity shareholders in the proportion of 1 debenture for every 2 equity shares held.
- Another 4,80,812 - 14% partly convertible debenture of Rs 200 each were offered to the employees [including working directorss] on equitable basis. Additional 14,42,429 debentures to the equity shareholders & additional 72,121 debentures to the employees were allotted to retain oversubscription.
- The non-convertible portion of Rs 100 of each debenture would be redeemed at par in three annual instalments of Rs 35, Rs 35 & Rs 30 at the end of 7th, 8th & 9th years respectively from the date of allotment of debentures.
- Simultaneously with the offer of 14% partly convertible debentures, the Comp. offered 128,78,436 equity shares of Rs 10 each at a premium of Rs 40 per share to non-resident shareholders in the proportion of 1:1, in order to maintain their existing percentage of shareholding in the Company.
- Ductron Castings, Ltd., had become sick under the provisions of the Sick Industrial Companies [Sp. Provisionss] Act 1985.
1992
- 116,11,585 No. of Equity shares allotted [prem. Rs 40 per shares] on part conversion of VIII series debs. on 11.5.92. Another 73,96,687 shares allotted to NRIs on 11.5.92.
1993
- A 6 x 2 truck model was launched during the year.
- With a view to increasing the shareholding of collaborators LRLIH limited to 51%, the Comp. allotted 171,00,000 No. of equity shares of Rs 10 each at a premium of Rs 40 per share on 29th September.
1994
- The Comp. issued 10,771,908 GDRs at an issue price of US $ 12.79 per GDR for a total value of US $137.773 millions. Each GDR represents 3 equity shares of Rs 10 each.
- 32,315,724 shares issued through GDRs.
- The Comp. entered into a technical collaboration with Hino Motor, Ltd., Japan for ther `W' series engines.
1998
- As at 31st March, the Comp. held 14,26,854 No. of Equity shares of Rs 10 each of Ennore Foundries, Ltd.
- As on 31st March, sums of Rs 174.65 crores & Rs 50.72 crores were outstanding against term loans from financial institutions & banks respectively.
- Ashok Leyland has introduced 'The Panther', a low floor bus which has been indigenously designed to cater to the needs of common masses and is based on the parameters set by Central Institute of Road Transport & the Association of State Road Transport Undertakings.
- Ashok Leyland Ltd., the commercial vehicles major, has entered into an agreement with the leading US-based management consultant, A T Kearney, to kick-start the process re-engineering work in the company's various production units.
- Ashok Leyland Limited is developing a new range of low floor chassis in the passenger vehicle sector for more convenient urban transportation.
- Ashok Leyland Ltd [ALLs] is introducing its latest hi-tech product, Panther into the Delhi Transport Corporation [DTCs] fleet.
- The ministry of defence vehicle factory in Jabalpur has signed manufacturing agreements with Ashok Leyland & Tata Electric and Locomotives Comp. [Telcos] recently.
- The commercial vehicle industry suffered severely due to the unprecedented slow down of Indian economy.
1999
- The Comp. would enter into an alliance with dealers of tractor on a temporary basis. The Comp. was talking to tractor manufacturers including Mahindra and Mahindra, Eicher, TAFE, & Punjab Tractors in this connection.
- Hinduja group flagship Comp. Ashok Leyland recently signed a memorandum of understanding with the Punjab government to set up a driving training institute at Rajpura in Punjab.
2000
- The Comp. launched of two interactive Internet initiatives, one for domestic parts operations & the other for exports.
- Ashok Leyland has announced a voluntary retirement scheme for its `unionised staff'.
- The Comp. has will hive-off its engines division to a joint venture with Iveco, which is a subsidiary of Fiat of Italy.
- ALIT Inc, a 100 per cent subsidiary of Ashok Leyland Information Technology Ltd, has signed a contract to provide software services to a top Fortune-listed company.
- Ashok Leyland Ltd [ALLs] & Maruti Udyog Ltd have been selcted for the IRTE National Award, in recognition of their efforts towards promoting the cause of road safety, traffic managemen & environment protection.
2001
- Commercial vehicles manufacturers Ashok Leyland Ltd, Sundaram Industries limited & Irizar of Spain have formed a joint venture company - Irizar TVS Ltd for bus body building. The JV Comp. has been set up with a paid-up capital of Rs 75 lakhs with equal contribution from the three partners.
- Ashok Leyland Ennore unit has received ISO 14001 certification for its environment management system from Indian Registrar Quality Systems.
- The Comp. has crossed its first milestone in setting up an environmental management system with its Ennore plant obtaining the ISO-14001 certification from the Indian Register Quality Systems.
- The hinduja group flagship Ashok Leyland has chosen Compaq as the most preferred vendor in building an end-to-end IT infrastructure covering all operations of company. - Ashok Leyland, a flagship Comp. of Hinduja group, has withdrawn from the race for wresting control of oil marketing PSU IBP.
- Ashok Leyland Ltd [ALLs], the second largest commercial vehicle manufacturer, has unveiled two more variants of its existing models - the self loading truck & the gullwing container - in a bid to boost its sales.
- Ashok Leyland Ltd [ALLs] has reported a 3 per cent increase in net sales to Rs 637.46 crore for second quarter ended September 2001.
- Ashok Leyland, which is half way through its borrowing programme for this year, proposes to raise Rs 100 crore by December. So far this year, the Comp. has raised Rs 95 crore.
- Ashok Leyland. According to corporate circles, about 15 companies have recognised the need for rewarding non-executive directors by way of commission.
2002
- Ashok Leyland Ltd has informed that Mr G Boschetti ceased to be a Director on our Board. Mr Marc Petit also ceased to be an Alternate Director to Mr G Boschetti.Mr R Sorce has been appointed as a Director in the place of Mr G Boschetti.
-R Seshasayee reappointed as Managing Director of Ashok Leyland.
- Ashok Leyland forms an `automotive electronics group' within its Product Development Division, to explore technologies for developing Euro-3 & Euro-4 compliant engines.
-Ashok Leyland Ltd has informed that the Board approved:1. Mr S R Krishnaswamy, Executive Director, LIC has been appointed as Nominee Director of LIC in the place of Mr P A Balasubramanian.2. Mr Matta Luigi of IVECO Spa, Italy has been appointed as an alternate Director to Mr R Sorce.
-Ashok Leyland Ltd has informed that the following changes have taken place in the composition of BOD w.e.f. October 25, 2002: 1s] Mr. R Sorce has ceased to be Director of company. 2s] Mr. Marco Bianchi has been appointed as a Director. 3s] Mr. Matta Luigi who was hitherto Alternate Director to Mr. R Sorce has been appointed as Alternate Director to Mr. Marco Bianchi. 4s] Mr. B D Punjabi who was hitherto Alternate Director to Mr. A K Das has been appointed as Alternate Director to Mr. F Sahami. 5s] Mr. i N Chatterjee has been appointed as an Alternate Director to Mr. A K Das.
2003
-Leyland has reported a 70% increase in its sales.
-Ashok Leyland set to increase 'Hino' engine platform through in-house product development, to deliver higher horsepower in tune with improving road infrastructure.
-Ashok Leyland Ltd has supplied 25 buses to Afghanistan Which is a part of Indian Government Assistance to the war-ravaged Afghanistan.
-Mr.Arun Pande has been appointed as Executive Director - Marketing.
-Leyland bagged $46 million truck supply contract from the United Nations.
-Ashok Leyland launhes fuel-efficient Hino H series engine
-D G Hinduja has elected as Vice Chairman.
2004
-Arun Pande resigns from Ashok Leyland
-Ashok Leyland unveils new range of buses & trucks in a bid
-launches Ecomet, a light commercial vehicle, in the Andhra Pradesh market
-Ashok Leyland Hosur unit bags CII awards in safety, health & environment
-Ashok Leyland Ltd [ALLs] & Indian Oil Corporation [IOCs] have joined hands to offer freight management services across the country
- Ashok Leyland Ltd signs a collaboration agreement with ZF of Germany for local manufacturing of ZF 9-speed synchromesh gearbox.
-Wipro Infotech has signed up with Ashok Leyland for strategic cost reduction
-Partners with IIT-B to train employees
-ALL unveils Funbus for underprivileged kids
- Ashok Leyland Limited chooses product suite of MatrixOne India, subsidiary of Scandent Solutions Corporation Ltd, to provide an end-to-end PLM [Product Lifecycle Managements] solution for company.
-Ashok Leyland Ltd receives BS7799 certification for information security management system
2005
-Ashok Leyland rolls out 'H' series multi-axle vehicle
-Gulf Oil, Ashok Leyland unveils co-branded oils
2006
-Ashok Leyland gets ISO/TS 16949 corporate certification
- Ashok Leyland has unveiled its 20-ft extra loading vehicle Comet 1611
-Ashok Leyland forges alliance with French firm
2007
-Ashok Leyland, on June 22, has named Rajive Saharia as the new executive director-marketing of company.
- Ashok Leyland, Siemens VDO signs agreement to set up joint venture.
-Ashok Leyland Ltd has signed a Heads of Agreement with Nissan Motor Co. Ltd, Japan for development, manufacture & marketing of LCV products.
