History of Bharat Forge Ltd.
1961
- The Comp. was incorporated on 19th June at Mumbai. The main object of the Comp. is to manufacture forgings & finished crankshafts.
1971
- Shares of Rs.100 each subdivided.
1976
- 9,30,000 Bonus Equity shares issued in prop. 3:5.
1978
- Pref. shares redeemed in 3 equal instalments on 2nd January, 1st July and 1st January, 1979.
1981
- The Company technical collaboration with Sifco Industries Inc., of U.S.A., ended on 31st March.
- 24,80,000 No. of equity shares issued at a prem. of Rs.30 per share in part conversion of V Series debentures.
1982
- Balchandra Investment Pvt. ltd., became a wholly owned subsidiary of the Comp. & consequently, a deemed public limited Comp. under section 43-A of Companies Act, 1956.
1983
- An agreement was concluded with Tokyo, Drop Forging Co., Ltd., of Japan for technology upgradation, cost optimisation & quality improvements in the Company forging unit.
- The Comp. concluded an agreement with Maharashtra Electronics Corporation limited [MELTRONs], to establish a joint venture to manufacture colour T.V. sets.
1984
- Forge Investment Ltd., & Mundhwa Investment Ltd., became subsidiaries of Bhalchandra investment Ltd., with effect from 4th January.
1985
- The installed capacity of steel forgings at Pune was further increased from 30,000 tonnes to 40,000 tonnes per annum.
- Industrial licence for steel forgings was endorsed for 7,200 tonnes and 42,800 tonnes per annum at Jalgaon & Pune units respectively.
- In addition, the Comp. also received industrial licence for the manufacture of couplings with 600 tonnes per annum capacity at Mundhwa, Pune.
- To obtain technology & know-how for manufacture of couplings, the Comp. entered into a collaboration agreement with Torsiflex Ltd., U.K.
- The Comp. privately placed with financial Institutions 3,80,000-15% secured redeemable non-convertible debentures [IV Series - PPs] of Rs. 100 each, for working capital requirements. Also, 4,80,000-15% fully paid secured redeemable non-convertible debentures [IV series-Rightss] of Rs.100 each were issued on rights basis to finance its industrial machinery & couplings projects at Vaduth, Satara, & at Mundhwa, Pune.
- In addition, 7,50,000-10% fully paid secured redeemable convertible debentures [V Seriess] of Rs.240 each were issued on rights basis to finance its front axle assembly projects & for expansion of open forgings capacity & defence products machinery at Mundhwa, Pune.
1986
- A letter of intent for machine components was partially converted into an industrial licence for manufacture of some of items such as defence products machinery etc. as included in the letter of intent at Mundhwa, Pune.
- Registration was obtained for manufacture of assemblies, components, spares, accessories for metallurgical machinery, size reduction & crushing equipment, conveying equipment & size separation units with a total capacity of 1,200 tonnes per annum at Vaduth, Satara.
- Registration for additional capacity of 700 tonnes per annum was obtained for Vaduth unit, for manufacture of other items of industrial machinery. The Comp. also undertook to market colour TV receivers & automotive components manufactured by other companies.
- The name of Comp. was changed from Bharat Forge Co. Ltd., to Bharat Forge, limited with effect from 30th April.
- 3,12,500 No. of equity shares issued at a prem. of Rs 30 per share in part conversion of V Series debentures.
1987
- Effective from 31st October, Jalkumbhi Investment & Finance Pvt. limited & Starflower Investment limited became subsidiaries of Forge Investment Ltd.
- Chakrapushpa Investment & Finance limited & Jalakamal Investment and Finance became subsidiaries of Mundhwa Investment, Ltd.
1989
- The Comp. undertook modernisation & rationalisation of steel forgings and furnish machined crankshafts division at Pune.
- Delay in the receipt of imported equipment & the initial teething troubles delayed the modernisation programme at the steel forgings division, Pune. Both the presses were installed by 1991-92.
- A joint venture under the name of Kalyani Sharp India limited [KSILs] was set up for manufacture of Televisions and VCRs. Necessary approvals were received for transfer of Company electronics marketing division to KSIL effective from 1st, October.
- During September-October, the Comp. offered 10,55,450-14% non-convertible [VI Seriess] debentures of Rs.100 each on Rights basis in the prop. 1 debenture : 10 equity shares held. [All were taken ups]. Additional 1,52,349 debentures were allotted to retain over-subscription.
- The Comp. also issued 63,882 debentures [inclusive of over-subscription of 15% of 55,500 debenturess] to employees [including Indian working directorss]/workers of Comp. on an equitable basis [only 2,010 debentures were taken ups]. The unsubscribed portion of 61,872 debentures was allowed to lapse.
- A detachable coupon is attached to every debenture entitling the holder thereof the right to apply & get one equity share of Rs.10 each at a premium as may be approved by CCI at the expiry of 5 years from the date of allotment of debentures.
- The debentures were to be redeemed at par at the end of seventh year, from the date of allotment of debentures.
- 52,72,500 bonus shares issued in prop. 1:1. 35,15,000 rights shares issued [prem. Rs.40 per share; prop. 1:3s]. 4,76,412 shares allotted to retain oversubscription. Another 50,838 shares allotted privately [prem. Rs.40 per shares]. Another 48,450 shares allotted to employees [prem. Rs.40 per shares].
1991
- On 22nd May, the Comp. allotted 10,00,000-14% non-convertible debentures [7th seriess] of Rs.100 each on private placement basis.
- The Comp. issued 19,00,000-18% secured redeemable non-convertible debentures [8th Seriess] of Rs.100 each on private placement basis with Mutual Funds. These are to be redeemed in equal instalments at the end of 6th, 7th & 8th year from the date of allotment viz., 26th November, at a premium of 5% payable along with the instalment due at the end of 7th year.
1992
- The Financial Services Division commenced for investment in various fund based areas. During the year, it diversified its portfolio into real estate development.
- The Comp. commissioned the 12,800 tonnes capacity screw type hot forging press.
- During September/October, the Comp. offered 13,36,500-16% Non-convertible debentures of Rs.300 each with a detachable warrant on Rights basis in the prop. 1 debenture : 11 equity shares held. All were taken up.
- Another 66,830-16% Non-Convertible debentures of Rs.300 with detachable warrants each were offered to the employees' on an equitable basis only 1,560 debentures were taken up. Unsubscribed portion of 65,270 debentures was allowed to lapse.
- These debentures are to be redeemed at a premium of 5% in three equal instalments at the expiry of 6th, 7th, & 8th year from the date of allotment of debentures.
- Every debenture was attached with a warrent which entitled the allottee [of the debentures] to receive a equity shares of 12 months from the date of allotment of debentures. If the right attached to any coupon/warrant was not exercised within the specified period, the equity shares pertaining to the warrants were to be disposed of at the discretion of directors.
- Forfeiture on 370 shares annulled. 38,01,950 shares allotted as rights/to employees [prem. Rs.150 per shares].
1993
- The fall in exports was due to the letter of credit not being opened at Ukraine & recessionery conditions in the thrust markets of Japan & W. Europe.
- 13,37,035 No. of equity shares issued at a prem. of Rs. 145 per share on excercise of warrants attached to NCD [9th sharess].
1994
- During February/March, the Comp. offered 65,93,300 No. of equity shares of Rs.10 each at a premium of Rs.40 per shares in prop. 1:3 [all were taken ups].
- Another 3,29,700 No. of equity shares of Rs.10 each were issued to the employees on an equitable basis [all were taken ups].
- The Comp. also offered 28,26,000-14.5% secured redeemable non-convertible debentures of Rs.50 each with a coupon/warrant attached in the prop. 1 deb : 7 equity shares held. [All were taken ups].
- Another 1,41,300-14.5% debentures were issued to the employees on an equitable basis [only 1,00,450 debentures taking unsubscribed portion was allotted to lapses].
- These debentures would be redeemed at par in three equal instalments at the expiry of 6th, 7th, 8th year from the date of allotment.
- Each warrant entitles the holder to apply for one equity share of Rs 10 each at a premium of Rs 40 per share.
- On 1st March, the Comp. issued convertible notes [1994-1999s] of Swiss Francs 20.00 million equivalent approximately to Rs.431 million.
- Effective from 24th October, Starfflower Investment & Finance Ltd. and Chakrapushpa Investment & Finance limited ceased to be subsidiaries of the Company.
- Forfeiture on 4485 shares annulled. 69,23,000 shares allotted as Rights to the shareholders & employees, 12,09,801 shares issued [Prem. Rs. 40 againt Equity Warrants attached to NCD VI Series. 35,00,000 shares allotted [Prem. Rs. 146s] against Warrants issued to Promoters. Pref. shares issued on private placement basis.
1995
- The Comp. proposed to set up a plant for manufacture of Finish Machined Crankshafts with a capacity of 1,80,000 nos. per annum at Pune.
- The Comp. had entered into a technical knowhow & Assistance agreement with Metalart Corporation, Japan for manufacture of small precision forgings.
- 293, shares allotted. 29,26,450 shares allotted [prem. Rs. 40 per shares] against warrants attached to NCDs. [Xth seriess]. 15,68,600 shares issued [prem. Rs. 186.93 per shares]. Under senior executive stock cum share option scheme 18,00,000 shares issued [prem. Rs. 107.18 per shares] to Promoters/Group Companies.
1997
- 120,00,000 Redeemable pref. shares redeemed during the year.
1998
- The Comp. has decided to go head with the implementation of the Mundhwa project for additional forgings capacity of 38,000 Tonnes.
- BFL also has a financial services division which it set up in FY 93, IN FY95 it diversified into production of wheel rims.
- BFL wheel rim division has been hived off into a joint venture with the collaborator Lemmerze-Were of Germany, with effective from 4th June 1996.
- BFL is the leading player in the sector. It is the flagship of the Kalyani group & was established in 1961 in collaboration with Steel Improvement & Forge Co., USA [SIFCOs], Commercial production of forgings began in 1966 with the setting up of plant at Mundhwa near Pune.
1999
- Bharat Forge has surprisingly turned an impressive results. Being the fifth-largest forging Comp. in the world in volume terms.
2000
- Demerger of Investment Division and Wind Mills Division with effect from March, 1.
2002-Bharat Forge Ltd has informed that Mr G A Nayak, Nominee Director of Unit Trust of India [UTIs] has resigned & ceased to be Director, with effect from December 19, 2002, his nomination having been withdrawn by UTI.
2001
-Bharat Forge Ltd has retrenched around 800 employees which represents close to one fourth of its total workforce at its manufacturing facility.
-G A Nayak has replaced Mr.K.G.Vassal as the nominee of UTI on the Board of Bharat Forge.
-Bharat Forge reported a 16% drop in the revenue & 81% drop in the net profits.
2002
-Bharat Forge signs a contract with Dana Corporation Spincer Europe Ltd., for supply of forgings.
-Leading Chinese Auto Dealer OEM has awarded the Comp. a large contract for the supply of engine components,which is worth around $20 million order.
2003
- Bharat Forge Ltd secured the second Largest Customer in China. Guangxi Yuchai Machinery Co. a part of second Auto Works is among the largest Auto companies in China, which is a stepping stone for acquiring a large size of the Chinese Markets.
-Bharat Forge Ltd has appointed Ajay S Nagle as Comp. Secretary and also to act as Compliance Officer.
-New contracts has been won in the area of passenger car components. BFL has been chosen by Ford Motor Comp. & Daimler Chrysler as a supplier of components for their global passenger car programs.
-Board approves raising of raising long term resources
2004
-Bharat Forge all set to enter China
-Bharat Forge Ltd [BFLs] has tied up with BITS-Pilani for offering employees an opportunity to enhance their education while continuing to work with the Comp. & acquire degrees in BE & B.Tech.
-Bharat Forge Ltd has appointed Mr Amit B Kalyani as Director of Comp. wef May 11, 2004 & also as Executive Director of Comp. wef May 11, 2004.
2005
-Bharat Forge Ltd receives `outstanding organisation' award for quality from the National Institution for Quality & Reliability on April 23
-Bharat Forge acquires Imatra Kilsta AB, Sweden and Scottish Stampings, Scotland
-Bharat Forge Ltd has signed a Joint Venture contract with FAW Corporation for its forging business
-Bharat Forge enters in JV contract with FAW Corporation, China
2006
-Bharat Forge Ltd has appointed Mrs. Lalita D Gupte as Director of Comp. with effect from December 05, 2006.
2008
-Bharat Forge Ltd has announced that on February 08, 2008, the Comp. has signed a Memorandum of Understanding [MOUs] with NTPC Ltd, to set up a Joint Venture Comp. for its foray into the Capital Goods sector.
