History of Electrolux Kelvinator Ltd.
1989
- Maharaja International Limited was incorporated as a Public Limited Company on 8th August, 1989 & was originally promoted by Shri Harish Kumar, Shri Hari Om Bhatia & Shri R.K. Arora.
1992
- The Factory at Shahjahanpur, Distt. Alwar, Rajasthan manufacture Refrigerators & Dish Washers. The plant has an installed capacity for manufacturing 2,50,000 of Refrigerators & 1,00,000 of Dish Washers, per annum.
- The Dishwashers were launched in the month of March, & have been received favourably by consumers. Refrigerator, the other product of the Company, is scheduled to be launched in the market very soon.
- The Comp. proposes to introduce double door models for both the 165 Lts. & 240 Lts. capacity.
- The Comp. made a public issue of 47.5 Lacs Equity Shares of Rs.10/- each for cash at par aggregating to Rs.475 Lacs. The public issue received overwhelming response & was over subscribed by about thirty times.
- The Comp. has entered into technical collaboration agreement with Siltal Casa spa of Italy for manufacture of Refrigerators, Dishwashers and Washing Machines.
1993
- The Comp. launched 165L single door refrigerators during the year.
- The Comp. has an Investors' Service Centre located at 315, Suneja Tower, New Delhi which handles investor complaints & is headed by the Company Secretary who is supported by Assistant Manager and Secretarial Assistants.
- The Comp. had defaulted in payment of interest on Fully Convertible Debentures allotted pursuant to its Rights Issue of year. The amount remaining unpaid is Rs 6.81 lakhs.
- The Comp. made a Rights Issue of Fully Convertible Debentures aggregating Rs 534 Lakhs in July-August to part finance the cost of manufacturing semi-automatic Twin Tub Washing Machines & Compressors for refrigerators.
- The Comp. has also launched Twin Tub Washing Machines & the product has been accepted well.
1994
- An agreement has been entered during the year between the Comp. and Maharaja Appliances Limited for takeover of all liabilities and expenses of D-Line Direct Marketing Division upto March 31, 1995 by the latter.
- During the year, the Comp. has successfuly concluded its Original Equipment tie-ups with Godrej-GE Appliances Limited & Philips India Limited.
- The Comp. has not accepted any Fixed Deposits from the public or shareholders/employees of company.
- Fully Convertible Debentures carrying interest @ 18% issued during the year for Rs.1,05,65,620/- have been converted into 10,56,562 Equity Shares of Rs.10/- each on 1st April.
1995
- In February, the Comp. became a 51% subsidiary of AB Electrolux of Sweden [ABEs] through a preferential issue of equity shares to ABE.
- The Comp. had made a preferential issue of 1,74,25,000 Equity Shares to AB Electrolux in February in accordance with SEBI guidelines for preferential issues dated 4.8.94.
- The Comp. has facilities for manufacture of refrigerators, washing machines & dishwashers at its factory located in Shahiahanpur, Alwar, Rajasthan.
- The Comp. presently markets refrigerators under the brand names ELECTROLUX & KELVINATOR. Washing machines imported from AB Electrolux are marketed under the ELECTROLUX brand name.
- The ELECTROLUX & KELVINATOR brands are owned worldwide by AB Electrolux & its wholly owned subsidiary White Consolidated Industries Inc respectively who have licensed MIL to use them in India vide agreements dated 12.12.96 and 1.1.97.
- The Comp. has entered into Brand Licensing arrangements with Promoters/Associates.
- In February the Comp. became a 51% subsidiary of AB Electrolux of Sweden, one of World largest white goods manufacturers.
- The Comp. entered into a One Time Settlement [OTSs] of outstandings with IFCI by payment of entire pricipal amount due on Rupee & Foreign curency loans with 60% of simple interest overdue and accrued.
1996
- The Comp. carried out a techno feasibility study of certain items of Plant and Machinery capitalised in the books & pertaining to discontinued product lines.
- The Comp. has entered into a Technical Collaboration Agreement with AB Electrolux, Sweden for payment of Know-how Fees & royalty in respect of manufacturing & sale of refrigerators.
- The Comp. launched two models of Washing Machines in March, traded under the `Electrolux' brand name & introduced the Electrolux range of Refrigerators in the market in three different sizes of 165, 185 and 210 Litres.
- Memorandum of Understanding dated 13th December, was signed between the Lead Manager The Hongkong & Shanghai Banking Corporation Limited and the Company.
- MoU dated 12th December, was signed between the Registrars to the Issue, M/s. Allied Computer Technics [Ps] limited & the Company.
- In addition, the Comp. plans to relaunch several models of Kelvinator Refrigerators in January, 1997 ranging from 165 Litres to under 400 Litres models & add to the Electrolux range frost free models between January & June, 1997.
- Several new processes & related machinery will be installed during the year in order to increase our output to meet the growing demand.
- The Design and Development department is engaged in the introduction of new models with special emphasis being placed on quality & after sale service.
1997
- The Comp. plans to expand its capacity to 3,00,000 refrigerators by June, & to 4,00,000 refrigerators by December.
- The flagship company, Maharaja Appliances, re-entered the washing machines market under the Whiteline brandname recently after a gap of about two years with the launch of semi-automatic machines.
- The washing machines in three capacities - 3.5 kg, 4.8 kg & 5 kg - were re-launched in Rajasthan & Uttar Pradesh. The machines would be launched in Delhi. The washing machines have been upgraded, new features added & given a new look.
- The Comp. had come out with a rights offer of 3,41,60,310 equity shares of Rs.10 each for cash at par aggregating Rs.34.16 crore to the shareholders of Maharaja International Ltd in the ratio of 1:1. About 90 per cent of rights issue got subscribed, adding the company would decide on the allotment of remaining 10 per cent at its board meeting scheduled for August 18.
1998
- Electrolux has entered into another joint venture with Voltas also for the manufacture of refrigerators & washing machines, which will hurt Maharaja & Intron due to increased competition from Electrolux-Voltas.
- The Comp. recently introduced `Mastercool' - Kelvinator refrigerator in the 165 litre category. In July, it also introduced a new range `Premium Gold Collection' in the `Maxicool' series in two different sizes of 165 litres & 210 litres.
- During the year, it sold 3,60,000 refrigerators. It sells refrigerators under the brand name Kelvinator, manufactured by the company and, Electrolux, imported from its parent.
- In March, Electrolux Voltas-an 80:20 joint venture between Electrolux and the Rs 1,109-crore Voltas-joined the group.
- Electrolux will launch 330- & 370-litre frost-free Kelvinator models besides introducing 430- & 480-litre Electrolux models.
- Besides the joint venture with Voltas, Electrolux holds about 55 per cent equity in Maharaja International, a refrigerator manufacturer, and 74 per cent in Intron Ltd, a washing machine manufacturer. It also holds 40 per cent in Eureka Forbes, which manufactures vacuum cleaners, but doesn't run the company.
1999
- Shareholders of Maharaja International Ltd approved the change in the name of Comp. to Electrolux Kelvinator Ltd at an extra-ordinary general meeting in Shahjehanpur, Rajasthan.
- The proposed Gurgaon plant will have an installed capacity of one lakh each for semi-automatic washing machines & water heaters, besides 24,000 cooking ranges. The company, which manufactures a range of products like irons, mixers & grinders, claims 18 per cent of the small appliances market share at present.
- Swedish white goods major Electrolux, known for its Kelvinator brand of refrigerator in the country, is planning to diversify into other home appliances like dishwashers, cooking ranges, microwave ovens and vacuum cleaners.
- Dishwashers & cooking ranges will be launched before the end of current calender year, vacuum cleaners & microwave ovens are planned to be launched next year.
- Refrigerator manufacturer Electrolux Kelvinator Ltd, a subsidiary of Swedish white goods major AB Electrolux, has filed a draft offer document with Securities and Exchange Board of India [Sebis] for a 1:1 rights issue.
- The offer document envisages issue of 6,80,95,620 equity shares of Rs 10 each for cash at par aggregating Rs 68,09,56,200 on a rights basis to the existing equity shareholders of company.
2000
- Electrolux manufacturer of refrigerators & washing machines acquired Maharaja International Ltd five years back & later went for joint ventures with Kelvinator & Voltas Ltd.
- A EKL is a manufacturer of refrigerators with an installed capacity of 4,00,000 numbers. In the `direct cool' segment, Kelvinator accounts for 20 per cent of market share. In the `no frost' segment, Kelvinator & Electrolux Acc. for a combined 10 per cent share.
- A EKL also has another group Comp. - Electrolux Voltas [EVLs] - in which AB Electrolux holds 74 per cent. EVL is also an important player in the refrigerator & washing machine industry.
- SWEDISH home appliances major, Electrolux, has decided to enter into a three-year contract for sourcing air-conditioning machines from Voltas Ltd.
- Electrolux will launch both wall-mounted split & window ACs during the summer.
- Electrolux, the world largest appliances Comp. has launched a new model washing machine-1045 model in the market.
- Electrolux Kelvinator has informed the Bombay Stock Exchange that it has temporarily suspended operations at its Shahajahanpur factory owing to labour problems.
- The Comp. has added a new range to the Kelvinator refrigerator kitty, Christened the Millennium Silverline, the fridge is available in two models -- the 165 litre & the 200 litre model.
2001
- Electrolux India has launched Allwyn Sensor range of refrigerators in the Andhra Pradesh market. 2002
- Electrolux Kelvinator has informed that the Board has undergone the following changes, duly approved in the Board Meeting held on March 25, 2002 [1s] Mr Fredrik Jan Olof Ramen, AB Electrolux Nominee, has resigned from the Directorship of Company.[2s] Mr Dinkar Goswami, has been appointed as an Additional Director on the Board of Directors.[3s] Mr Ketan Dalal has been appointed as an Additional Director on the Board of Directors.
2002
-Change in the Management structure: Mr Fredrik Jan Olof Ramen, resigns from the Directorship. Mr Dinkar Goswami, appointed as Additional Director. Mr Ketan Dala , appointed as the Additional Director.
-Launches 'Washy Talky' , a two language communicator washing machine
-Gurgaon plant shuts down from April 30.
-Board approves for rights issue of shares of Rs 250 cr of company.
-Applies for patent for 'washy talky' technology.
-Forays into frost-free refrigerator segment by launching an indegenously manufactured O-zone range of refrigerators.
-Board approves for closure of Sanathnagar Compressor plant.
-Board approves VRS for executives & workmen at manufacturing units.
2003
-Receives SEBI approval for reduction in size of rights issue of company.
-Approves the appointment of Mr Rajeev Karwal as the Director & MD of Comp.
-Mr Harish kumar & his associates & Mr Balraj Malhotra file a Comp. petition before the Comp. law board.
-Launches a nationwide customer interactive & insight recognition programme 'The Dream Machine 2020'.
-Launches a range of three direct cool & refrigerators under the Oxy brand.
-EKL, recognises & awards the imaginative power of school children who participated in 'The Dream Machine 2020'.
-Launches a fully automated washing machine, 'Fabriglow'.
-Accumulated losses of Comp. exceeds its networth.
-Ceat, Electrolux synergises cricket for brand gains.
-Appoints Mr Koustuv Mitra as Vice-President, Human Resources & Corporate Services.
-Electrolux Kelvinator members approves disposal of Nandalur Plant
-Launched two new models,Ozone Plasma ER38 [365 ltrss] & ER47 [455 ltrss] equipped with unique plasma technology in its ozone range of frost-free refrigerators segment, in the Andhra Pradesh market
-Electrolux launches battery-run fridge, named Bijlee
-Electrolux Kelvinator Ltd [EKLs], the Indian arm of Swedish White goods major, AB Electrolux, has filled the last post of its apex management team in India. It announced on July 7, 2004, the appointment of Mr Ajay Kapila, as Vice-President, Sales & Marketing
