History of Bajaj Hindustan Ltd.
YEAR EVENTS 1931 - The Comp. was incorporated in 1931 at Mumbai. The Company manufacture sugar & its allied products & cement.
1968 - In December, 48,000 `A' Pref. shares offered for public subscription & 24,000 right equity shares offered at par in the proportion 1:6.
1969 - 84,000 bonus equity shares issued in the proportion 1:3.
1972 - 84,000 bonus equity shares issued in the proportion 1:3.
1980 - The Cement factory at Udaipur started production from 26th March.
1982 - 1,12,000 bonus equity shares issued in prop. 1:3.
1985 - A sugar factory with 1,250 tonnes capacity per annum commenced operation at Sampornanagar in the cane supply zone of Gola Palia sugar factories. Due to the Government policy of importing sugar from foreign countries, free market prices remained subdued.
- A stack reclaimer for uniform feeding of timertone & 2 diesel sets of 4 MW each were installed during the year. It was proposed to instal a X-Ray analyser & programmable logic controller [PLCs] for computerised quality control of cement.
- In order to meet part of power requirements, additional diesel sets of total 10 MW capacity was proposed to be installed.
- 1,12,000 bonus equity shares issued in prop. 1:4.
1986 - Government increased proportion of free sugar from 45% to 50%. - The operations of Distillery unit continued to be affected due to heavy duties levied by Government.
1987 - The working of cement unit was adversely affectd due to depressed price realisation owing to over-supply of cement coupled with steep increase in the cost of various inputs.
1988 - The name of Comp. was changed from Hindustan Sugar Mills limited to Bajaj Hindustan limited on 27th June.
1989 - The working of Cement Division was not satisfactory due to all round increase in input costs.
- During September/October, the Comp. issued on rights basis 10,00,000-14% secured redeemable non-convertible debentures of Rs 100 each in proportion 9 debentures : 5 equity shares. All were taken up.
1990 - The working of cement division suffered due to delay in stabilisation of production process & labour problem.
- Construction Boards Ltd., is a subsidiary of company.
1991 - With effect from 1st April, Sharda Sugar and Industries Ltd. [SSILs] was amalgamated with the Company. As per the terms of the scheme 1,46,246 equity shares of Rs 10 each of Comp. were allotted without payment in cash to members of SSIL in the ratio of 2 equity sharers of Comp. for every 5 shares held in SSIL. This allotment was made in early 1991.
- Plant operations were completely suspended from 26th May to 18th June 1991, & from 14th December, 1991 to the end of January 1992.
- The Comp. proposed to dispose of cement unit in view of liquidity crunch & to rationalise the operations of the Company. The Comp. entered into Agreement for sale of its current plant to S. K. Udaipur Udyog limited [a Comp. promoted by Straw Products Ltd.s] for Rs 147.50 crores.
- As per the terms of agreement 1,46,246 No. of equity shares were allotted as fully paid-up to the erstwhile shareholders of SSIL.
- The Comp. held the entire share capital of 15,010 equity shares of Rs 100 each [Rs. 85 paid-ups] & 15 equity shares of Rs 100 each fully paid-up of Construction Boards, Ltd.
- In October/November, the Comp. issued 28,73,000 - 12.5% fully convertible debentures of Rs 40 each at par to the equity shareholders on rights basis in the proportion of 1 debenture : 2 equity shares held.
- The Comp. issued 14,25,000-14% non-convertible debentures of Rs 100 each at par to the shareholders on rights basis in the proportion of 1 debenture : 4 equity shares held.
- Another 71,250-14% non-convertible debentures were issued to the employees of company.
- Only 2,809 debentures were taken up. The remaining 14,93,441 debentures devolved on the underwriters.
- The Comp. had on 23rd December, allotted 14,96,250 Secured Redeemable Non Convertible Debentures of Rs. 100/- each aggregating to Rs. 14,96,25,000 & 29,86,600 Fully Convertible Debentures of Rs. 40/- each for an aggregate amount of Rs. 11,94,64,000.
1992 - Production of industrial alcohol was lower at 150 lakh litres & 142 lakh litres respectively due to the partial control on molasses imposed by U. P. Government.
- 526 shallow borings were installed & 135 pump sets distributed, resulting in additional increase of 5260 acres under irrigation.
- 21 India Mark II hand pumps were installed with assistance from CAPART & the Jamnalal Bajaj Foundation making safe drinking water facilities available to about 6300 villagers.
- 90 ordinary hand pumps were installed on 50% subsidy to benefit about 900 villagers.
- Comp. was the first to set up a full-scale Primary Effluent Treatment Plant way back in 1960.
- The Comp. has since installed a full-scape Primary and Secondary Treatment Plants based on French technology for separately treating sugar factory effluent with significant results.
1993 - The Comp. has signed the Agreement for Sale [Memorandum of Understandings] on 10th June, & is likely to handover the possession of Cement Plant.
1994 - Production of industrial alcohol continued to decline to 65 lakh litres & 38 lakh litres respectively due to the unfavourable policies of government.
1995 - 29,86,600 equity shares issued on conversion of 12.5% fully convertible debenture of Rs 40 each of which 28,73,000 shares and 1,13,600 shares now allotted to the shareholders & employees respectively.
- The Comp. has received a Letter of Intent from Central Government for installation of new sugar plant at Shardanagar, Lakshimpur, Dist. Kheri, U.P. with a capacity of 2500 TCD.
1996 - The Comp. Installed one No. Falling Film Evaporator body of 3000 sq.m. heating surface to work as second body of D E V C to result in steam economy at evaporator station.
- The Comp. Installed one No. Evaporator body of 1600 sq.m. heating surface & configuration of evaporator is made such that the plant can run continuously without periodical shut-downs for cleaning.
1997 - The project of upgradation of boiler & power stations at Palia has been commissioned in February.
- Indian Institute of Sugarcane Research also established collaborative varietal selection trials at Company research farm to identify appropriate varieties developed by them for cultivation in the area.
- Company research-cum-demonstration farm bagged 2nd highest sugarcane yield prize in the State with 189 Ton yield/Ha.
- During the year, the free market sugar price constantly remained under pressure due to heavy sugar stocks which have also resulted in higher burden of interest on the Company.
- Necessary modifications in the system have been done & energy efficient Condensors have been installed for economy in use of energy.
- Multistage Turbo Generator Set of 3 MW have been installed.
- Installation of One No. 120 tons per strike capacity pan for 'C' massecuite boiling was commissioned.
1998 - Dumping of sugar by countries like Pakistan, Brazil & a few others at cheaper rates have affected the domestic industry.
- Launched the Minikit scheme under which 200 saplings of early varieties were given to farmers for multiplying their own seed for next crop planting.
- The Comp. treated 704 tonnes of sugarcane seed by Moist Hot Air Method & distributed 5643 Danti & Palkati & installed 1350 borrings & subsidised 290 D/Engines under irrigation scheme to cover about 5000 Ha area.
- One Dynamic Steam swept Semikestner rising film evaporator body of 3000 mw H.S. has been installed to improve evaporation in the Double effect & Quad system.
- One new low head centre steam entry design pan of 120 ton strike capacity is commissioned. Two Nos. Continuous Centrifugal have also been added.
1999 - During the year its Golagokarannath plant started crushing on November 22, 1998, & achieved installed capacity of 9000 TCD, while its Paliakalan plant started crushing on November 30, 1998, with an installed capacity of 7000 TCD.
- The Gola & Palia units have introduced the early & high sugarcane varieties as available to the extent of 20% & 10% respectively.
- The Comp. has entered into an Agreement with National Securities Depository Limited [`NSDL's] to enable investors to hold & trade in Company shares in electronic form with effect from 15.2.1999.
- During the year heavy floods occurred in Gola & Palia areas affecting about 30,000 dwellers.
- During the year Comp. also joined hands with Family Planning Association of India wherein a Project office is opened at Gola with necessary infrastructure.
- Biomethanation plant of 750 M3 capacity per day has been installed & commissioned to treat the spent wash of the distillery.
2002
-Bajaj group increases its stake by acquiring 9.5% stake from UTI for Rs 7.9 crore
-Bachhraj and Co. Pvt. limited has acquired 4,50,000 shares amounting to 5.153% & the shareholding after acquisition is 34,69,625 shares amounting to 39.730%. Jamnalal Sons Pvt. limited has acquired 4,21,559 shares amounting to 4.827% & the shareholding after acquisition is 5,19,359 shares amounting to 5.946%. The combined total [for promoter group as a wholes] are holding 8,71,559 shares amounting to 9.980% & the shareholding after acquisition is 39,88,984 shares amounting to 45.677%. The mode of acquistion is through off-market purchases on August 19, 2002
2003
-Bajaj Hindusthan Ltd has informed that the Board of Directors of Comp. at its meeting held on June 19, 2003 re-appointed Shri. Shishir Bajaj as a Managing Director for a period of 5 years w.e.f. July 1, 2003.
-Acquires 5,000-tcd plant of Monnet Sugar in UP
2004
-Overtakes Balrampur Chini Mills to become the most profitable sugar Comp. in the country
-Bajaj Hindustan ties up term loans worth Rs 400 cr with SBI.
2007
-Bajaj Hindusthan Ltd has Appointed Mr. Kushagra Bajaj as Joint Managing Director of Comp. for a period of 5 years w.e.f. April 24, 2007.
-Bajaj Hindusthan Ltd has appointed Mr. Kausik Adhikari, Asst. Comp. Secretary as Compliance Officer of Comp. with effect from August 01, 2007.
2009
- Bajaj Hindusthan Ltd has informed that the Board of Directors of Comp. at its meeting held on March 12, 2009, has appointed Dr. Sanjeev Kumar, as a Whole-time Director on the Board of Comp. with effect from March 12, 2009.
