History of Ballarpur Industries Ltd.

1945

- The Comp. was incorporated on 26th April, at Nagpur. It Manufactures all kinds of paper & allied products, Vanaspati, Chemicals, Tin Containers & soaps. The Comp. uses the trade names, 'Three Aces' for paper & 'Wisdom' for stationery.

1975

- Effective from 1st October, the name of Comp. was changed from the Ballarpur Paper and Straw Board Mills, Ltd., to Ballarpur Industries Ltd.

- The caustic soda/chlorine plant was commissioned on 30th May. Industrial licence was received for increasing the capacity of the caustic soda/chlorine plant from 100 to 150 tonnes per day.

- 61,48,131.5 bonus equity shares were issued in prop. 1:1.

1977

- A letter of intent was received for establishing plants at Singach salt works for recovery per annum 250 tonnes of bromine/bromides, 3,000 tonnes of potassium schoenite, 1000 tonnes of potassium chloride and 2,200 tonnes of magnesium sulphate. The plant was commissioned in June 1983.

1978

- The Bilt Middle East [Privates] limited Dubai, was incorporated on 10th March, as a joint venture in Dubai in colloboration with a prominent organisation in the United Arab Emirates [UAEs]. The activities of this company are trading in goods imported from India & elsewhere and promotion of industries in the UAE.

- A joint venture Comp. under the name & style of Ballarpur Palm Oil Sdn. Bhd. was incorporated in Malaysia a palm oil refining unit for setting up of physical refining capacity of 200 MT per day & a fractionation capacity of 200 MT per day of palm oil at a total cost of M $14 million. The Comp. was to provide technical & managerial know-how for project.

1979

- The Comp. received a sum of Rs 1.05 crores on Acc. of technical know-how & engineering service.

1980

- The Phosphoric Acid & Sodium Tripolyphosphate plants were commissioned on 24th April.

- The Company proposal to establish a hydro-electric station at Dandeli with an installed capacity of about 60 MW was approved by Karnataka Government & a No Objection Certificate was also received from Karnataka State Electricity Board.

- A sum of Rs 35 lakhs was received on Acc. of technical know-how and engineering services which was converted into equity in this joint venture.

- At the end of year the Comp. had 4,70,387 fully paid shares of Baht 100 each in this joint venture equivalent to about Rs 1.88 crores.

1981

- The ship renamed m.v. Thapar 'Kalinadi' was used for trapping international trading.

- A sum of Rs 5,17,031 became due to the Comp. by way of technical and management fees.

- 3,25,813 No. of equity shares issued as rights [prem. Rs 11.50 per share; prop. 1:5s] to shareholders other than Thapar Group financial Institutions, Insurance Companies, banks & bodies corporate. 40,000 No. of equity shares issued [prem. Rs 11.50 per shares] to Company's employees. 3,64,187 No. of equity shares along with 45,081 shares not taken by above categories offered [prem. of Rs 11.50 per shares] to the public in January/February 1981. After June, 9,50,000 shares allotted to financial institutions on conversion of loans [prem. Rs 10 per shares]. 4,090 No. of equity shares forfeited.

1982

- The Comp. challenged the revised rates in the High Court of Mumbai and received the directions from the court to pay royalty at the rate prescribed earlier.

- The Comp. submitted an application to the Government of Maharashtra for allotment of land near Ballarpur for captive plantations of fast growing pulpable hardwoods.

- The Comp. introduced 100% pure refined corn oil under the brand name 'Cornola'.

- The Comp. undertook to set up a glass container unit in Kaduna, Nigeria. A joint venture Comp. under the name of Ballarpur Glass [Nigerias], limited was incorporated in Nigeria.

1983

- A scheme for full scale modernisation & renovation of paper mills at Ballarpur & Yamunanagar was taken in hand.

- The Comp. proposed to invest a sum of Rs 2,73,12,500 in a joint venture Comp. in the Seychelles for building a resort hotel on Mahe Island.

1984

- It was proposed to amalgamate Andhra Pradesh Rayons, limited [APRLs] with the Comp. with effect from 1st July.

1985

- An iodised salt plant with a capacity of 15,000 tonnes per annum was installed & commissioned.

1986

- A 12.5 MW turbo generator & a new chipper capable of handling fresh bamboo were commissioned.

- A radial well for regular water supply & a 18 MW turbo-generator [at the Shree Gopal Units] were commissioned in March & June 1988 respectively.

- The Comp. commenced test marketing of refined mustard oil under the brand name 'Do Ghora' & refined sunflower oil under the brand name 'Pushapola'.

- The Comp. was placed in Receivership on 6th May. The chances of any realisation whether on capital Acc. or other dues were reported to be bleak.

- The joint venture Comp. also signed an agreement with Simbian International, a Kenyan firm of architects, experienced in the designing & renovation of hotels and, with Bechtel Corporation, a renowned American engineering Comp. with substantial experience in hotel construction, to manage the project to completion.

- The joint venture Comp. has signed another agreement with the Intercontinental Hotel Corporation, Washington for management and operation of hotel for a period of twenty years on its completion.

- The Comp. entered into an agreement with the Andhra Pradesh Industrial Development Corporation for setting up in the joint sector, a Rs 32 crores rayon grade pulp unit in the Warangal district of Andhra Pradesh, with an installed capacity of 26,250 tonnes per annum.

1987

- The paper division was adversely affected due to closure of the Ballarpur unit for about 37 days owing to labour problems.

1988

- The Comp. launched 'Executive Bond', a new brand of writing paper.

- The Comp. introduced a 1Kg. pouch pack under the brand name of 'Gopal'.

- KDB Industries limited [KDBs] was amalgamated with the Comp. with effect from 1st July, as the High Court of Mumbai gave its approval. As per the scheme one equity share Rs 10/- each of BILT was to be allotted for every five equity shares of Rs 10/- each held in KDB.

1989

- J G Glass Ltd., was amalgamated with the company.

- It was proposed to instal one DG set of 11 KW at Karwar unit.

- Necessary approvals were obtained, to amalgamate Bengal Ingot Co. limited [BICs] with effect from 1st April. As per the scheme, one equity share of Rs 10/- each of Ballarpur Industries limited [BILTs] was to be allotted for every sixty four equity shares of Rs 10/- each held in BIC.

- BCR, limited was also amalgamated with BILT with effect from 1st April. As per the scheme, one equity shares of Rs 10/- each of BILT was to be allotted for every twenty equity shares of Rs 10/- each held in BCR, Ltd.

- Necessary approvals were obtained, to amalgamate Jg. Glass Ltd. [Jgs], a subsidiary of Company. As per the scheme, one equity share of Rs 10/- each of BILT was to be allotted for every twenty equity shares of Rs 10/- each held in Jg. Accordingly 1,45,116 shares were allotted. Further a bonus issue of 72,558 shares were made.

- In August, 69,88,132 bonus shares issued in prop. 1:1.

1990

- A pulp mill with a capacity of 250 TPD, incorporating chlorine-di-oxide bleaching was commissioned. A new pupl mill was proposed to be set up at the Shree Gopal Unit.

- Production & sales in term of volume declined as one of units was partly shut down for a major re-build as a part of modernisation programme.

- With a view to entering the packaging paper segment, the Comp. set up a project at Ashti, Gadchiroli, Maharashtra for manufacture of 35,000 tonnes per annum of extensive sack kraft.

- English Indian Clays Ltd., Janpath Investments and Holding Ltd., Jg Moulds Ltd., A G Glass Ltd., Krebs and Cie [Indias] Ltd., and Toscana Shoes Ltd., are subsidiaries of company.

- A new detergent plant with an installed capacity of 30 TPA was commissioned at Karwar, as a part of Company export drive.

- The Mysore State Industrial Investment and Development Corporation decided to set up a caustic soda plant of 100 tonnes per day capacity and a fully state owned Comp. under the name & style of Canara Fertilisers and Chemicals, Ltd., was incorporated for this purpose.

- The Comp. undertook to set up a new facility with a capacity of 225 TPD for manufacture of ultra light glass bottles at Pondicherry in South.

- A letter of intent was received for manufacture of wide range of nitroaromatics & their derivatives. Technology sources have been held up for said project.

- During January, the Comp. offered 15,00,000-14% secured redeemable non-convertible debentures of Rs 100/- each on rights basis to the then existing shareholders in the ratio of one debenture for 10 equity shares & one debenture for every one preference share held. The issue was fully subscribed & the debentures were allotted on 26th April.

- As per the terms of issue, the debentures are redeemable in full in five equal annual instalments of Rs 20/- each beginning at the expiry of 5th year from the date of allotment with a provision to pay a premium of Rs 5/- per debenture with the third instalment.

- The Scheme of Amalgamation of Sewa Papers, Ltd., with the Company w.e.f. 1st April, approved by BIFR was effected during 1991-92. As per the scheme of amalgamation, 1 equity shares of Rs 10 each of the company was to be allotted for every eight shares of Rs 10 each held in SPL.

- The Comp. arrived at an understanding with WIMCO, limited & the foreign collaborators, AB Akerlund & Rausing of Sweden to take over for cash at par the entire shareholding of WIMCO limited in AR Packaging Systems, limited Necessary approvals were awaited.

- The Comp. entered into an understanding with Modern Stramit [Indias], limited to take over its straw board mill at Rajahmundry in Andhra Pradesh. Necessary approvals were being obtained.

- The Comp. arrived at an understanding with the State Govt. of Orissa for taking over of paper unit situated at Choudwar earlier owned by Titagurh Paper Mills Co., Ltd.

- 32,603 No. of equity shares allotted without payment in cash to members of KDB Industries Ltd., Bengal Ingot Co. limited & BCR limited upon their merger.

1991

- Paper sacks under the brand name 'Biltpack' were launched.

- The Company leather division undertook backward integration for establishing a tannery as well as facilities to make full shoes soles and lasts. All efforts were made for technical & financial agreements with some of top names in Europe.

- The furnaces at the Pune & Rishikesh plants were rebuilt thereby adding an energy efficient edge to bottle manufacturing operations.

- Towards the end of year the Comp. proposed to commission a Rupee four crore project at Nanjangud near Mysore for manufacture of 'Spirulina' a highly nutritious health product that has excellent prospects both in domestic & overseas markets.

- The Comp. undertook to set up a new factory at Palwal near Delhi to tackle the twin problems of housing & spiralling costs of increasingly scarce building materials. The unit is to manufacture Aerated Autoclave Concrete [AACs], a brick substitute out of fly ash, a pollutant waste, discharged by thermal power stations & for which no constructive use has yet been discovered.

- The Comp. entered into two joint ventures, one with Chemtex [USAs] to capitalise on their expertise at plant design & detailed engineering, & the other with SDI [USAs] for computer software both on site & offshore.

- Work was initiated for implementation of project for the manufacture of leather footwear for export market. A wholly owned subsidiary under the name of Toscana Shoes, limited was incorporated.

- Pref. shares redeemed 18,17,674 No. of equity shares allotted without payment in cash to members of Jg. Glass limited & Sewa Paper Lt. upon their merger [2,17,674 share to Jg Glass & 16,00,000 shares to Sewa Paperss].

1992

- The captive caustic soda & chlorine plants in Ballarpur & Yamnanagar were fully assimilated leading to savings over 15%. Production of caustic soda declined due to power cuts, water shortage and labour unrest for 26 days in Kaiwar Unit. Rainfal affected Singach salt works.

- The Comp. proposed to undertake export of industrial products and deoiled cakes as a part of its export strategy. It proposed to manufacture soya oil in due course, distribution network, relaunched of corn oil & launch of sunflower oil.

- The Comp. disposed of its ship MV Thapar Kalinadi. The Company took up implementation of glass container project in technical collaboration with Owens.

- During February, the Comp. offered 45,62,935-15% secured redeemable partly convertible debentures of Rs 400 each on Rights basis in the proportion 1 debenture: 5 equity shares held. All were taken up. Additional 6,84,400 debentures allotted to retain oversubscription.

- Simultaneously, another 2,28,147-15% debentures were offered to employees/workers of Comp. on an equitable basis [all were taken ups].

- Rs 100 of face value of each debenture was to be converted into 1 equity share of Rs 10 each at a premium of Rs 90 per share at the end of six months from the date of allotment of debentures.

- The remaining Rs 300 of face value of each debenture was to be redeemed in five annual instalments of Rs 60 each commencing at the end of the fifth year from the date of allotment of debentures.

1993

- The Comp. proposed to install a new pulp mill at Shreegopal to reduce dependence on imported pulp.

- The Comp. successfully launched refined sunflower oil under the brand name `Prime Life'.

- During April-May, the Comp. offered 141,52,243 rights equity shares of Rs 10 each for cash at a premium of Rs 115 per share in the proportion 1:2 [only 140,70,500 shares taken ups]. 81,743 shares were kept in abeyance.

- Another 7,07,613 No. of equity shares of Rs 10 each for cash at a premium of Rs 115 per share were also issued to the employees' on a equitable basis [only 16,200 shares taken ups]. Unsubscribed portion was allowed to lapse.

- Simultaneously the Comp. issued the following through a prospectus, 71,50,000 No. of equity shares of Rs 10 each for cash at a premium of Rs 165 per share of which 10,00,000 shares were reserved for allotment on a preferential basis to NRIs on repatriation basis [only 2,79,400 shares taken ups]. Unsubscribed portion of 7,20,600 shares were issued to the public [all were taken ups].

- Another 2,50,000-15% cumulative redeemable preference shares of Rs 100 each for cash at par with warrants attached were reserved for allotment on a firm basis to Modern Agencies Ltd., a group company.

- Each preference share would carry 10 warrants entitling the holder thereof to apply for 3 equity shares of Rs 10 each per warrant for cash at a premium ofRs 140 per share at any time in one or more stages between 3rd & 5th year from the date of allotment. These preference shares are redeemable at par at a date not later than 5 years from the date of allotment.

1994

- The Comp. introduced indigenously developed dicalcium phosphate which received good market response. The Comp. proposed to set up a plant at Khavda to produce 3000 MT of liquid bromine which was scheduled to be commissioned in February 1996. It was also proposed to establish a marine chemicals complex at Khavda.

- The Comp. issued US $35 million 4% convertible bonds due to the international investors. The bonds are convertible into Global depository receipts [Rs. 275 per GDR representing one equity shares] the conversion period being 1st August to 1st March 1999, to be redeemed at par on 1st April 1999.

- 14,219 shares of Rs 10 each allotted to shareholders of amalgamating companies 21,000 shares previously kept in abeyance issued. 22,814 shares issued on conversion of 40, 4% Euro bonds of face value of US $ 2,00,000 - 4,090 forfeited shares reissued/forfeiture on then annualised. Another 48,540 shares forfeited.

1995

- The Comp. increased the pulp capacity from 300 TPD to 320 TPD and further proposed to increase to 350 TPD. A new pulp mill with a capacity of 150 TPD was being installed at unit Shree Gopal.

- The Comp. undertook to commission a new bromine plant with a capacity of 3000 metric tonnes per annum as well as the Dicalcium Phosphate plant with a view to achieving high capacity utilisation, the company proposed to increase its captive power generation capacity.

- The Comp. was successful in accessing new markets in Korea, Taiwan and it was proposed to develop in house facilities for production of several bromine derivalues for international market.

- The Comp. set up the power division to meet 100% of its requirements. The Comp. negotiated for awarding contract with respect to Barsinagar Lignite Mining-cum-Power project in Rajasthan & Khaparkheda, Thermal Power Project in Maharashtra.

- 197 foreign currency convertible Bonds were converted into GDRs equitable to 1,12,360 shares which were allotted to the Depository i.e. Citibank N.A., New York.

- The Comp. placed 37.5 lakhs Redeemable Non-Convertible Cumulative Preference shares of Rs 100 each, bearing a Dividend at the rate of 13%. These shares are redeemable on 18 months from the date of allotment.

1996

- The Comp. proposed to set up a plant at Visakhapatnam in Andhra Pradesh for manufacture of 10,000 TPA of Aniline alongwith mononitro benzene, sulphuric acid & hydrogen for captive consumption.

- Technical collaborations were also approved for manufacture of Aniline with Rhone Poulenc of France, for Nitrobenzene with J. Meissner of West Germany & for basic engineering & pollution control equipment with Specichim of France.

- The Comp. proposed to hive off the spirulina business at Nanjangud to a separate Comp. `Reitzel India Ltd.'.

- The Comp. undertook to set up a kenaf - based pulp project in Thailand with technical know-how from the Company. The capacity to be installed was 70,000 tonnes per annum.

- Out of total equity share capital of Baht 400 million, the Company share was to be 29.37% or Baht 117.50 million [Rs. 4.70 croress] which was to be contributed by export of machinery and equipment worth Baht 82.50 million & by capitalisation of technical and engineering fees amounting to Baht 35 million.

1997

- 100,000,000 No. of equity shares of Rs 10 each issued [prem. Rs 80 per shares] & 39,63,500 redeemable pref. shares issued to Murjah Trading & Industrial Co. limited Soudi Arabia.

- The Comp. lacked the necessary technology & was dependent upon its collaborators.

- Thapar Power Group, an arm of leading Ballarpur Industries, which entered into an agreement five year ago with the Himachal Pradesh Government to generate electricity through its Uhl-3 hydro power project.

- Phoenix Pulp & Paper Comp. [PPPCs] is a joint venture between European Overseas Development Corporation [EODCs] & Ballarpur Industries Limited [BILTs] with the latter holding around 13 per cent in PPPC.

- The Comp. set up a bromine capacity to derive the benefits from the brine left over after the extraction of caustic soda.

- Owens Illinois limited & Ballarpur Industries limited [Bilts] have settled at a price of Rs 11.80 per share for sale of Bilt 49 per cent equity stake in their joint venture Owens-Bilt Ltd.

- Ballarpur Industries which had a glass division in its fold until 1994 had hived it off in the ear to form Owens-Bilt in collaboration with the US company.

1998

- The joint venture BILT-Owens was in the 'non-core' business of glass.

- Ballarpur Industries Ltd., [Bilts], the flagship Comp. of L M Thapar Group, is all set to divest minority stake in its 100 per cent subsidiary, The Golden Green Company.

- Bilt had set up the division in 1992 at a capital investment of Rs 47 cr to manufacture construction materials like blocks, pre-cast reinforced slabs & wall panels.

- The AAC division is now part of recently set up BILT Chemicals.

1999

- Ballarpur Industries limited [BILTs] is exploring the possibility of collaboration with Swedish Comp. `Tumba Bruk' for manufacturing papers used in paring of currency notes.

- DBIL is a 50:50 joint venture between the Delhi-based DCM limited and Benetton International NV of Netherlands [a subsidiary of Benetton Group SpA of Italys].

- BILT has entered into technical agreements with a South Korean & a Japanese Comp. for manufacturing coated & lightweight coated paper.

2000

- Duff and Phelps Credit Rating India [DCRs] has assinged a D1 [very high certainty of timely payments] rating to the Rs 15 crore shortterm debt programme of Ballarpur Industries.

- The Comp. will be allotting three equity shares of Rs 10 each to the shareholders of APR for every 10 equity shares of Rs 10 each of APR held by them.

- The Board of Ballarpur Industries is being expanded from 12 to 15.

- Mr. Narottam Sahgal has resigned from the Directorship of company w.e.f. 15th September.

2001

- Crisil has assigned `AA+' [SOs] [structured obligations] to the Rs 150-crore structured debt obligation issue of company.

- The Comp. has signed a memorandum of understanding with Sinar MAS India for acquiring equity stake in the company.

- The Comp. has appointed Mr Gautam Thapar, Managing Director, as hte Vice-Chairman & Managing Director of company.

- The board of directors of Ballarpur Industries Ltd [BILTs] on September 17th, accorded its in-principle approval for acquisition of the entire equity capital of BILT Graphic Paper Ltd [BGPLs], formerly Sinar Mas Pulp and Paper India.

- Ballarpur Industries Ltd [Bilts], is in negotiations to sell off its stake of over 60 per cent in its Malaysian subsidiary, Jg Containers [Malaysias] Sdn Bhd. The Comp. is talking to its local joint venture partner to offload the stake. Jg Containers makes glass containers.

- Ballarpur Industries Ltd [Bilts] will shortly finalise an equity issue, which has received the board in-principle approval.

- The Board of Directors of Ballarpur Industries Ltd has noted the change in nomination by Unit Trust of India on the Board of Directors of the company. Mr R K Ahooja has been nominated by UTI on the Board of Directors of Comp. in place of Mr K G Vassal.

2002

-The Board of Directors of Ballarpur Industries has changed the designation of R R Vederah, a Wholetime Director, from Director and COO to Deputy Managing Director with immediate effect.

-R R Vederah designated as Deputy M D of BILT.

2003

-The board of BILT has approved the proposal to divest the investments of Janpath Investments & Holding Ltd.

-BIT announced that its Board members have approved for acquisition of 38% equity capital of APR Packaging Ltd.

-BILT counter is recording a heavy trade in stock market & the players in the market are keen on buying the Comp. stock.

-The Boardhas areeded upon issuance of Global Depositary Receipts aggregating upto USD 35 million [equivalent to approx. Rs 1600 millions] in the international market .

-Company Global Depository Shares [GDSs] issue of USD 35 million [each GDS representing five equity shares of Rs 10/- eachs] has been priced at USD 8.27 per GDS which equates to Rs 74.96 per equity share. The issue was oversubscribed.

2004

-Starlight International Holdings limited acquires 10,000,000 shares of Ballarpur Industries limited amounting to 6.16% of total capital of company

-Ballarpur Industries Ltd has informed that at the meeting of Committee of Directors held on January 15, 2004 the Directors have approved allotment of 92775 equity shares of Rs 10/- each of Company.

These shares have been allotted on the conversion of 17592 9.5% Fully Convertible Debentures [FCDss] of Rs 304/- each which were allotted by Comp. on rights basis in the year 2002.

-Bilt Paper Holdings Limited [BPHLs], one of promoters of company, has acquired 8,10,026 equity shares of Rs.10/- each of company, constituting 0.49% of equity capital. These shares have been acquired from M/s Greaves Leasing Finance Limited inline with the SEBI order for implementation of Family Settlement Agreement executed between the Thapar Brothers.

-ITC Ltd.completed the process of acquiring the paperboard manufacturing facility of BILT Industrial Packaging Co limited [Bipcos] near Coimbatore in Tamil Nadu. The facility, renamed 'unit Kovai', will operate as part of paperboards & specialty papers division of ITC, which has a unit at Bhadrachalam in Andhra Pradesh.