History of Castrol India Ltd.
1919
- The Indian branch of Castrol commenced it activities in 1919 and operated through four regional offices at Mumbai, Calcutta, Delhi and Chennai.
1944
- The name was changed to Castrol limited In 1966, Castrol became a part of the Burmah Group.
1981
- During the year as per the scheme of Amalgamation sanctioned by the Mumbai High Court, the Indian Marketing & Business of Castrol was amalgamated with Indrol Lubricants and Specialities limited As per the Scheme, Castrol voluntarily agreed to hold 40% equity capital in the company. As a part of consideration for transfer of business and undertaking in India, Castrol was allotted 6,00,000 No. of equity shares of 10 each without payment in cash.
- The balance consideration of Rs 95.27 lakh was retained with the company as interest-free loan from Castrol. This amount was to be repaid in the three equal annual installments.
- As a result of acquisition of equity shares of Foseco Plc. by Burmah Castrol Plc in U.K., the undertakings in India in which Foseco plc have an investment interest, it became inter-connected with the Company under MRTP Act, 1969 & the Comp. came within the purview of Part-A of Chapter III of MRTP Act. - On 9th June, the Comp. entered into a registered user agreement to use Castrol trade mark which were used by Indian branch of Castrol. This agreement is valid a period of years from the date of amalgamation or so long as Castrol holds 30% or more of equity share capital of the company, which ever is later.
1982
- The Comp. was incorporated on 10th December under the name of Indrol Lubricants and Specialities Ltd.
- In June, the first Phase of lube oil refining plant was commissioned.
- During the year the Comp. set up a modern blending plant & brake fluid plant at Patalganga. The brake fluid plant & the lube oil blending plant were commissioned in February & March 1985 respectively.
1983
- In March 9,00,000 equity shares issued at a premium of Rs.9 per share, of which 75,000 shares to employees & Indian directors of the company, 75,000 shares to business associates, 30,000 shares to LIC and 30,000 shares to UTI were reserved & allotted. The balance of 6,90,000 shares offered to the public.
1985
- 1,50,000 rights shares issued [prem. Rs 10 per share; prop. 5:50s] linked to debs. in August. In June 1986, 8,93,800 shares issued [prem. Rs 40 per shares] [8,25,000 shares as rights in prop. 1:2, 41,300 shares to employees/workers of Company; & 27,500 shares to Castrol, Ltd.s].
1986
- On 27th June the second Phase of lube oil refining plant was commissioned.
- 25,43,800 bonus shares allotted on 21.3.1987 [prop. 1:1s].
1987
- As a measure of diversification, the Comp. formed a subsidiary Company under the name of Indtech Speciality Chemicals, limited for the manufacture of Telephone cable jellies, pharmaceuticals jellies and industrial waxes in technical collaboration with Dussek Campbell, U.K.
1988
- During August/September, the Comp. offered 14% - 6,10,520 secured redeemable convertible debentures of Rs.150 each to the existing shareholders [Except Castrol limited UKs] on right basis in the ratio of 1 debenture for every five equity shares held. Additional 30,526 debentures were reserved for subscription by employees/Indian Working Directors/workers of company. All the debentures were taken up.
- As per the terms of debentures issue, Part `A' of Rs 50 each of the debenture will be automatically & compulsorily converted into one fully paid up equity share of Rs 10 each at a premium of Rs 40 per share on the expiry of six months from the date of allotment of the debenture.
- Part `B' of non-convertible portion of Rs 100 of each debenture would be redeemed at par at the end of 7th year from the date of allotment thereof.
1989
- On 15th March Comp. offered & allotted 4,27,430 No. of equity shares of Rs. 10 each at a premium of Rs. 40 per share to Castrol Ltd. UK to maintain their equity share capital after conversion of the debentures into equity shares.
1990
- With effect from 1st November, the name of Comp. was changed from Indrol Lubricants and Specialities limited to Castrol India Ltd.
- 36,93,645 bonus shares issued prop. 3:5 in December.
1992
- With effect from 1st January, Indtch Speciality Chemicals the subsidiary was merged with Castrol India Ltd.
- 59,09,832 bonus equity shares issued in prop. 3:5.
1993
- 35,37,862 No. of equity shares of Rs 10 each allotted to Castrol Ltd. U.K. at a premium of Rs 100 each.
1994
- Comp. set up a new plant in Silvassa, Union Territory of Dadra/Nagar Haveli at a cost of Rs.50 crores. The new plant was to incorporate the state-of-art technology for lubricant blending.
- 192,97,415 bonus equity shares issued in prop. 1:1 on 27th May.
1995
- Castrol India Limited, has plans to introduce a wide range of futuristic lubes which will help it maintain its position as the market leader. While the Comp. has a wide marketing network consisting of 120 depots & 12,000 dealer outlets, the Comp. is installing a satellite linked management information system [MISs], connecting the vast network. - Castrol was the first oil in the lubricant sector to obtain the ISO 9002 certification. It has also introduced Tractormax & RX Super Plus for diesel engines. Its R&D wing at Wadala in Mumbai is engaged in the innovation & modification of existing range of products as well as productive new versions. - During the year Castrol India, has signed an agreement with Hindustan Powerplus as sole supplier of lubricants for Caterpillar engines. With the proper usage of new Castrol RX Super Plus & with regular filter change & maintenance, the engine life is expected to be 20,000 hour plus. Castrol RX Super Plus is a new generation diesel engine oil exceeding the highest 4 stroke diesel engine lubricant service class requirements- API CF4. The product also confirms to AP1 SG service class requirements for 4 stroke petrol engine oils.
- During the year Castrol India has launched two stroke engine oils - Jett X & Super TT. Both exceed the Japanese Automobile Standards Organisation [JAPOs] specifications.
- 231,56,898 bonus equity shares issued in prop. 3:5.
1997
- Maruti Udyog, India largest car producer has signed an agreement with Castrol to sell high performance Castrol products, through its dealer outlets & authorised service stations.
- The leader in the private sector, Castrol India [CILs] is well-known for its product quality, distribution network & after-sales service. It recently expanded its blending capacity by 1,80,000 kl.
1998
- With effect from 15th January, Consequent upon the Securities and Exchange Board of India [SEBIs] making dematerialisation of shares compulsory for Foreign Institutional Investors [FIIss], Financial Institutions [FIss] etc., the Comp. was required to sign an Agreement with the National Securities Depository Limited [NSDLs] as it had shareholders who were compulsorily required to dematerialise their shareholdings in the Company. The Comp. has appointed Sharepro Services to act as an agent for interface with NSDL.
- Castrol India bags QS 9000 certification Castrol India, which already has ISO 9002 certification, has become the first lubricant Comp. in Asia-Pacific to get QS 9000 certification, which is possibly the most rigorous quality system standard for suppliers to the automotive industry worldwide.
1999
- Castrol performance seems to be losing momentum which in turn will put the Castrol share price on alert While the 1:1 bonus issue from Castrol has cheered the market there seems little scope for further upsides in the Castrol share price, based on fundamentals.
- Castrol India Ltd, has improved its market share from 18 per cent to 20 per cent of its oil & lubricants during the year 1998 & is likely to improve its market share further during the current year.
- Authorised capital reclassified. 617,51,728 bonus shares allotted.
2000
- Castrol India Ltd has announced the launch of Castrol Active 4T, an engine oil for 4 stroke bikes.
- Castrol introduced GTX Magnetic for passenger cars, accompanied with a print campaign that stresses the 'molecular attraction' of the lubricant, allowing it to stick to engine parts, even when it is switched off.
- TELCO & LML have tied up with Castrol India Ltd [CILs], marketer of specialised lubricants & lubrication services, for sourcing customised lubricants for various vehicles manufactured by these companies.
- 'The Comp. has entered into strategic alliances with several automotive & industrial majors with a view to developing a customise products & services for Indian market.'
- Castrol India & Tata Engineering signed two agreements for the supply of specially formulated lubricants for Tata commercial vehicles and for use of motor oils for Indica passenger car.
- Castrol has launched a web site dedicated to motor sports, `www.castrolbikeworld.net'.
- Ram Savoor, chief executive & managing director of Castrol India, has been appointed as business unit head for global major BP Amoco's operations in India, Middle East & South Asia.
- In Wadala Plant the manufacturing has become an unviable activity due to restrictive space & lay-out, coastal regulations zones/rules restricting constructions & several other operations hazards.
- The Comp. has signed up with the Chennai-based Rane Engine Valves limited for total supply of its lubricant requirements.
- The Comp. has stopped commercial production at its Wadala Plant with effect from 1st July,
- The year 2000 was a difficult year for transport industry and, as a consequence, the automotive lube market is estimated to have declined by around 6%. This decline was mainly driven by an increase in lube and diesel prices which squeezed margins in the road transport industry. There was also a move towards `floor' sales tax rates for several products including lubes which translates to a higher selling price. The rationalisation of sales tax attempted to equalise sales tax across the country resulted in a decline in road freight movement. Together with this, the drought condition prevailing in certain parts of the country affected the demand for diesel engine oil in the agricultural segment.
2001
- Castrol India has launched `Castrol call-for-a-can' whereby Castrol products including motorcycle, scooter & car engine oils, coolants and brake fluids will be available to customers over phone.
- Castrol India has closed down its manufacturing facility at Hoskote in Karnataka.
-Tata BP Lubricants India Ltd has been amalgamated into Castrol India Ltd [CILs], following Tata group decision to exit the lubricants business.
- Castrol India Ltd has posted a net profit of Rs 22.23 crore for the quarter ended September 30, 2001 as compared to Rs 28.17 crore for the same quarter last year.
- During the year 2001, Castrol, UK acquired a 20% stake in the company vide an open offer made to the shareholders of CIL, thereby increasing its stake from 51% to 71%.
2002
-Appoints Naveen Kshatriya as new MD and CEO.
-Announces change in the management structure & still continue its focus on lubricants & allied services.
-Aspi Modi has been appointed as Comp. secretary.
-Launches CRB Turbo special oil for new generation turbocharged vehicles.
-Mr. Uswin Desousa,Mr.Roger Elston-Green & Mr Ravindra Pisharody appointed as wholetime directors.
-Shifted four of its offices to Andheri.
-Alastair Ferguson has been nominated as director of castrol India.
-Launched a slew of integrated marketing plans.
2003
-Castrol India has entered into motorcycle servicing business with the launch of 'PrimaZona' brand of franchisee workshop.
-Restructured its sales & marketing force. It has set up 3 groups including retail specialists, workshop specialists & institutional specialists.
-Castrol India has posted a net profit of 408.6million for quarter June 30,2003 & declared a dividend Rs 4.00 per equity share for december 2003.
---Baged tenth slot among `Top 10' in Asiamoney corporate governance poll on Asian companies in the energy sector. And joined the club of select few Asian companies.
2004
-Castrol India Ltd has said that Mr Philip J. Hughes was nominated by Castrol Ltd UK with effect from January 9, as a director of Comp. in the place of Mr D. Hulf. On Mr Hulf ceasing to be a director, his alternate Mr K. Warnett also ceased to be a director. Further, from the said date, Castrol Ltd UK has also nominated Mr L. Freese as an alternate director to Mr P. Hughes.
- Castrol India in pact with Mahindra Tractors
-Castrol India managing director Naveen Kshatriya has been appointed regional vice president of parent BP transcontinental lubricant business
-Castrol India, the Indian arm of BP group, has become a global hub for supplying marketing professionals to the group
-Escorts has announced a tie-up with Castrol India for exclusive supply of engine oils for service refill as well as after market sales
-Castrol India rolls out BikeZone in Bangalore
2008
- Castrol India Ltd has appointed Mr. Soren Malekar as a Wholetime Director designated as Director-Supply Chain.
