History of Crompton Greaves Ltd.

YEAR EVENTS 1937 - The Comp. was incorporated on 28th April, as a private limited Comp. under the name, The Cromption Parkinson [Workss] limited The main objects of Comp. is manufacture, distribution and sales, installation & servicing of electrical & allied equipment such as industrial motors, fractional horse power motors, control gear, power & distribution transformers, alternators, switchgear, tap changers, etc.

- The Comp. also undertakes the manufacture of railway equipments as well as electronic equipment & micro processor based systems in relation to communication, measurement, testing, automation & control, computers & also Research and Development & consultancy assignments in the areas of science and technology.

- The Comp. has also undertaken manufacture & marketing of industrial electronics, consumer electronics, household appliances & railway signalling equipment.

- Greaves Cotton and Cromption Parkinson Ltd., Mumbai a company incorporated on 7th June, as a private Comp. with the main objects of distribution & sale, installation & servicing of electrical & allied equipment

1947 - It was a wholly owned subsidiary of Crompton Parkinson Ltd., England during the year.

1966 - Greaves Cotton and Cromption Parkinson Ltd., Mumbai was amalgamated with the Comp. from 1st January, by an order of Mumbai High Court dated 18th July.

- After the amalgamation of GCCP, the Company name was changed on 2nd August from Cromption Parkinson [Workss] Ltd., to Cromption Greaves Ltd.

1975 - The Comp. had only one other technical collaboration agreement with Hitachi Ltd., Japan for manufacture of moulded case circuit breakers, which was since expired.

1978 - It entered into various technical collaboration agreements with several renowned manufacturers from U.S.A., U.K., Europe and Japan.

- It entered into technical collaboration agreement with Westinghouse Electric Corporation, U.S.A., for manufacture of 400 KV transformers, aluminium wound transformers & high voltage vacuum interrupters, with Brush Electricals Ltd., U.K., for alternators, with Hawker Siddeley Power Transformers of U.K., for medium range on-load tap changers, with Emile Haefely, Switzerland, for current & potential transformers & condensor bushings, with Hundt and Weber, West Germany, for air circuit breakers, with Westinghouse Brake and Signals, U.K., for signalling relays & mosaic panels with Siemens AG, for push button electronic telephone instruments, with Hitachi Ltd., Japan, for motors & contractors & relays with Mitsubishi Electric Corporation, Japan, for SF6 gas circuit breakers with NEI Reyrolle, France, for auto recloser, with Power Conversion Inc., U.S.A., for lithium batteries & with Sekar Enterprises, U.S.A., for polymer concrete insulation.

- Pavana Investment Pvt. Ltd., incorporated on 26th April, with an equity share capital of Rs 50 lakhs became a wholly owned subsidiary of Company.

- Hind Condensor Pvt. Ltd., is a wholly owned subsidiary of Pavana Investment Pvt. limited Both Pavana Investment Pvt. Ltd., & Hind Condensor Pvt. Ltd., became deemed public companies.

- 2,40,000 bonus shares issued in the prop. 1:3.

1981 - Kerala Electric Lamp Works limited [formerly Toshiba Anand Lamps Ltd.,s] became a subsidiary of Company.

1986 - The Comp. jointly with the Punjab state Industrial Development Corporation Ltd., promoted another Comp. under the name Punjab Power Generation Machines Ltd., for manufacture of hydro turbines upto 20 MW in Punjab.

- The Comp. promoted jointly with Economic Development Corporation of Goa, Daman and Diu Ltd., another Comp. under the name of Goa Electricals & Fans Ltd., for manufacture of ceiling fans in Goa.

1987 - An up-to-date plant for manufacture of vacuum interrupters was commissioned at Aurangabad.

- An up-to-date plant for manufacture of industrial electronic items & a project for manufacture of signalling systems commissioned at Nasik & an instrument relays project were commissioned at Pithampur.

- The diversification projects under implementation were fluid purifiers at Aurangabad, rural automatic exchange & line transmission equipment at Bangalore, transformers & reactors at Malanpur near Gwalior, & a software development centre at Mumbai & Bangalore.

- The Comp. developed & introduced 33 KV SF6 breakers, local transformers & hydro generators.

- A new R&D laboratory in the field of illumination was added to the existing laboratories in the areas of power electronics, telecommunication & manufacturing engineering.

- Goa Telematics Ltd., another Comp. promoted jointly with economic Development Corporation of Goa was set up in Goa for the manufacture of moderns, data communication terminals, etc.

- A new Comp. under the name of CG-PPI Adhesive Products Ltd., jointly promoted with Pl Adhesive Products Ltd., Ireland was set up in Goa for manufacture of adhesive tapes for electrical & electronics application.

1988 - The Comp. developed & introduced supervisory control & data acquisition & programmable logical controllers.

- The Comp. commissioned under joint venture, plants for the manufacture of telematics at Goa & television receivers at Pithampur.

1989 - The R&D wing progressed in developing & introducing new products such as magnetic amplifier transistorised AC drive, production line impulse tests, electronic chopper for fork lift truck & energy efficient ceiling fans.

- 9,60,000 bonus shares issued in the prop. 1:1.

1990 - The rural telecommunication unit at Bangalore, the transformers unit at Malanpur & M.P. & vacuum fluid purifier plant at Aurangabad were commissioned.

- Fresh Collaboration agreements were entered into with Kato Electric Manufacturing Co., Ltd., Japan, for fluid purifiers, with Westinghouse Brake and Signals Holdings Ltd., U.K., for point machines & with Hitachi Ltd., Japan for lighting arresters.

- New products developed & introduced by R&D wing were new telephones such as feature phones, slim-line uniterruptible power supply of computers, automatic test systems for motors, MODCMS & data communication terminal 12 KV SF6 capacitor switch & MCCR with Type C Co-ordination.

- The adhesive tapes project at Goa & the turbine project at Punjab were implemented. A joint venture Comp. under the name of CG-Teltec Ltd., with foreign equity participation was promoted by CG & Teltec of Denmark for manufacture of radio communication equipment at Bangalore.

- Another joint venture Comp. was promoted under the name of CG-Newage Electrical Ltd., with foreign equity participation from Newage International Ltd., U.K., for manufacture of electric motors, generators & control systems thereof at Ahmednagar for the manufacture of motors & alternators was commissioned in May 1992.

- Kerala Electric Lamp Works limited [KELWs] was amalgamated with the Comp. with the effect from 1st April. In terms of Scheme of Amalgamation, the shareholders of KELW were to be issued 264 No. of equity shares of Rs 100 each of Comp. in the proportion of one share of Comp. for every 50 fully paid-up equity shares of Rs 10 each of KELW.

1991 - The R&D wing progressed in developing new products such as automatic test systems for motors & transformers, impulse test systems, high performance polyurethane paint, ESMAP-2P, software for FEA of electrical products & computer graphic cards, such as CHROMA & an extended range of transistorised microprocessor based AC drives.

- During February/March, the Comp. offered 6,40,000-12.5% secured fully convertible debentures of Rs 475 each on Rights basis in the proportion 1 debentures: 3 equity shares held [all were taken ups]. Simultaneously another 32,000-12.5% debentures were offered to the employees' on an equitable basis [all were taken ups].

- Each debenture was compulsorily & automatically converted into 1 equity share of Rs 100 each at a premium of Rs 375 per share on 1st August, 1992. Accordingly, 6,72,000 No. of equity shares were allotted. 13,11,216 Rights equity shares [prem. Rs 700; prop. 1:2s] allotted on 19.3.1993.

- 264 No. of Equity shares allotted pursuant to a Scheme of Amalgamation.

1992 - A joint venture project for manufacture of electric meters at Gurgaon & Company plant for manufacture of lithium batteries at Goa were commissioned.

- The R&D unit developed new products like DC/AC current sensor and mixed dielectric insulation system for 220 KV coupling capacitors.

1993 - A joint venture projects for manufacture micro motors at EPZ, Chennai & another for manufacture of solid state energy meters at Gurgaon, Haryana were commissioned. The joint venture unit for electronic battery chargers, a 100% export oriented unit at Chennai, was launched.

- The R&D unit introduced new products like AC drives, static convertors, brushless DC motors, SF6 capacitor switch, inverters for railway applications, impregnating resins, furnace control systems, auto synchronising units, GPIB controller/GPIB instruments, industrial control display & monitoring software design automation & automatic test systems.

- During January/February the Comp. offered 12,96,132 No. of equity shares of Rs 100 each at a premium of Rs 700 per share on Rights basis in the proportion 1:2 [all were taken ups].

- Another 64,807 No. of equity shares of Rs 100 each were offered to the employees' at a premium of Rs 700 per share on an equitable basis [only 15,084 shares taken ups]. Unsubscribed portion of 49,273 shares was allowed to lapse.

- The Comp. proposed to issue equity shares/convertible bonds/dispository receipts upto the value of US $35 million or Rupee equivalent thereof through International offering and/or private placement with Foreign Financial Institutions.

1994 - A joint venture project for manufacture of medium voltage ring main units at Nasik was commissioned. The Stampings factory at Mumbai launched the non silicon range of electrical steel stampings.

- The Comp. submitted its bid to DOT for provision of cellular services in seven circles in association with Millicons of Luxembarg.

- A Comp. CG Communication Pvt. Ltd., was promoted to provide cellular mobile telephone services in the telecom services in India.

- The Comp. undertook to invest 60% in CG Graphnet Pvt. Ltd., a Comp. formed for selling up a network for offering a diverse range of data & message handling services like E-Mail, Enhanced fax & other value added services.

- It was also proposed to invest upto 40.5% in the share capital of Skycell Communications Pvt. Ltd., a Comp. formed for providing cellular communication services.

- The Comp. has established a well equipped electricals [LVs] and an electronics laboratory at its Kanjur Complex, an engineering laboratory & an EHV laboratory at Ambad, Nasik & an illumination engineering laboratory at Worli.

- The Central R&D Laboratory set up at Kanjur is also recognised by Department of Science and Technology of Government of India.

- New products such as electronic speed governor for hydel and steam turbines, Co-generation packages for sugar industry for own use & to feed any surplus power into the grid, solid state inter locking for railway yards, block multiplexes for date communication for railway signalling, upgradation of soft stenters & transformer technology absorption of AVS controller from Powertec, USA, microprocessor based trip relay controllers for air circuit breakers & micro processor based test measuring instruments were developed & introduced.

- 52,50,000 of Rs 10 each at a premium of Rs 200 per share allotted on private placement basis to FIIs.

1995 - A modern transformer factory with the latest manufacturing equipment was set up at Bhopal with a present installed capacity of 5000 MVA per annum & capable of undertaking manufacture of 8000 KV or HDVC transformers in future.

- The transformer division also developed a 290 MVA, 220 KV class, 3 phase generator transformer, the largest 3 phase 220 KV class generator transformer in India.

- Hind Condensor Ltd., Goa Telematics limited [GTLs] & Northern Digital Exchanges limited [NODEs] were amalgamated with the Company.

- The Comp. issued & allotted 11,06,440 shares & 2,893 shares to the shareholders of erstwhile NODE & GTL respectively.

1996 - The Comp. was restructured in four main business group viz. Power system, Industrial system, consumer products & Digital to ensure enhanced focus & effectiveness.

- Indocom Industries Ltd., a 100% subsidiary of Comp. and Lumino Lamps limited were amalgamated with the Company. Consequent to the amalgation 31,366 shares were issued to the shareholders of erstwhile Lumino Lamps Ltd.

- The Comp. accessed the international capital market with an issue of US $50 million which was fully subscribed at Rs 265 per GDR. To this issue, 66,13,750 GDRs & an equal number of underlying equity shares of Rs 10 each were allotted.

1997 - 2,49,343-14% secured non-convertible debentures Rs 100 each issued on private placement basis are redeemable at a premium of 5% on 15th July.

- The 10,00,000-19% secured redeemable non-convertible debenture of Rs 100 each redeemable at 5% in 3 equity instalments starting from the end of 6th year from the May 1992 the date of allotment.

- The Kersons Manufacturing Comp. of India limited [Kersonss] & Goa Electricals & Fans limited [GEFLs] were amalgamated with the Company. Consequent to the amalgamation the Comp. issued 1,11,030 & 4,792 shares to the shareholders of erstwhile GEFL & Kersons respectively.

- Crompton Greaves, a Thapar group company, has formed a joint venture with ELIN Energieversorgung [ELINs] of Austria to manufacture gas & steam turbine driven generators, up to 45 MVA capacity, & hydel generators.

- Crompton Greaves Ltd., one of India largest private sector enterprises in electrical engineering, has opened its Energy Conservation Cell at Chennai, New Delhi, Mumbai & Calcutta to help customers take on the soaring fuel prices.

- The 50:50 joint venture between Thapar group Comp. Crompton Greaves & Elin, Cg Elin power systems, would come up in Mandideep near Bhopal.

- Crompton Greaves Power Systems group, one of four divisions of Crompton Greaves Ltd [CGLs], has signed an MoU with Allied Signal Amorphous Metals to develop amorphous metal transformers for Indian & export markets.

- N E C Corporation has formation of joint venture with India's Crompton Greaves Ltd, in Bangalore to manufacture microwave telecom systems, turning out such gadgets as very small aperture terminals & synchronous digital hierarchy microwave systems.

- Crompton will provide the technical knowhow & management support to the joint venture for which it will be paid fee and royalty on sales.

- Goa Electricals & Fans limited [GEFLs], a joint sector company promoted by Economic Development Corporation of Goa [EDCs] & Crompton Greaves limited [CGLs], is to be amalgamated with CGL under the provisions of Sick Industrial Companies [Special Provisions] Act, 1985.

- Crompton Greeves-Powerware, the 49:51 joint venture between Crompton Greaves [CGs] & the US-based Exide Electronics for the manufacture of UPS systems, will unveil its range of large UPS systems, in the 40-150 KVA range, in October.

- Crompton Greaves is joining hands with the $40 billion NEC of Japan to set up a joint venture for manufacture of microwave radio equipment.

- The US$ 800 million Austrian Comp. Elin is in talks with Crompton Greaves to set up new joint venture Comp. in the power transmission & distribution sector.

1998 - CGL has recently forged an alliance with Link Middle East Ltd. [LMELs] to form a 40:60 joint venture company, initially for the manufacture of medium voltage vacuum switchgear at Dubai.

- Crompton Greaves in collaboration with Allied Electrical of the US will soon commence commercial production of newly developed transformer of higher rating.

- CGPL became a wholly-owned subsidiary of CGL after the transfer of 110,000 equity shares held by Tamil Nadu Industrial Development Corporation to CGL in May.

- Investment Information and Credit Rating Agency [ICRAs] has assigned an A1 rating to the Rs.150-crore short-term debt programme of Crompton Greaves Ltd [CGLs]. The rating indicates highest safety.

1999 - PPGML, a Comp. promoted by CGL & PSDIC in 1985 in technical collaboration with Germany based Voest Alpine & Kossler, has facilities for manufacture of hydro-turbines upto 120 MW at Channo, Punjab.

- Crompton Greaves limited that they have signed an MoU with Israel based Tadiran Telecommunications Ltd., for marketing and servicing Tadiran Coral range of telecommunication product in the Indian subcontinent.

- Crompton Greaves limited [CGLs] has entered into a technical collaboration with Allied Signal Inc. for manufacturing Amorphous Metal Transformers [AMTs].

- The Comp. has also signed a four-year wage settlement with its employees at Nahsik & Satpur.

2000 - The Comp. has entered into an agreement with Bharti Televentures Ltd., for sale of its 40.5% shareholding in Skycell Communications limited for a sum of approx. Rs 95 crores based on the enterprise value.

- Gautam Thapar Managing director of Ballarpur Industries has joined Karan Thapar as Director in Crompton Greaves.

- The informatics division of Crompton Greaves has tied up with Remedy Corporation for consultation, implementation & training of eCRM & eBusiness infrastructure solutions in India.

- The Comp. has signed an agreement with French company Schneider Electric for selling its low tension control gear business located in Nasik in Maharashtra.

- The Comp. has entered into an agreement for sale of its Low Tension Control Gear division located at Satpur, Nashik to Schneider Electric India Ltd for approximately Rs 76 crore.

- The Comp. has hived off its joint venture subsidiary, Skycell Communication Ltd., for a total sale consideration of Rs 124 crore.

- The Comp. has introduced two new fan models called Gothica & Exotica.

2001 - The Comp. which launched indiawomenpower.com, a women specific portal, launched a portal on tenders called tenderpower.com.

- CG-Digital, a business unit of Crompton Greaves, has launched a new range of digital & KTS/EPABX systems to suit varying needs of communication.

- The Comp. currently holds 30,99,993 No. of equity shares of Rs 10 each in the share capital of CG Igarashi Motors limited & 1,91,978 No.of equity shares of Rs 100 each of share capital of CTR Manufacturing Industries Ltd.

- The Comp. has proposed to transfer its shareholdings in CG Igarashi Motors and CTR Manufacturing Industries to its 100 per cent subsidiary, CG Capital and Investments.

2001 - IN a bid to reduce its manufacturing costs, LM Thapar Group Comp. Crompton Greaves has begun importing electrical components from Chinese manufacturers for its consumer products division.

2002-Crompton Greaves Ltd has informed that Mr S D Crowther has relinquished his Directorship from the Board of Directors of Comp. wef February 01, 2002.

-Crompton Greaves Ltd has informed BSE that the Comp. has divested its shareholding of 38% in CG Newage Electrical Ltd to Cummins India Ltd at a price of Rs 220.50 per share.

2003 - Appointment of Mr S Labroo as an Additional Director.

-Solaris Chemtech Ltd has increased its holding in this Comp. to 12.65 per cent after it acquired 9,50,000 shares from Greaves Ltd.

-The Comp. has got approval for capital restructuring-according to which Rs 1520 million be utilised for adjustment against the balances in the following Acc. as at March 31, 2003 & accretions/variations thereto during the period April 1, 2003 to July 31, 2003 1. Miscellaneous Expenditure [to the extent not written off or adjusteds] 2. Deferred Tax Asset & 3. Debit Balance in the Profit & Loss Account.

2004

- Delisting of shares from Madras Stock Exchange.

-Crompton Greaves Ltd has informed that the BoD at its meeting held today [July 22, 2004s], the Board approved the following changes in the company BoD: Appointment of Gautam Thapar as Chairman.Resignation of Mr KK Nohria as a Director.Both the above changes are effective from the conclusion of AGM scheduled to be held on July 22, 2004

2006

-Crompton Greaves picks up Hungarian firms