History of Finolex Cables Ltd.
1967
- The Comp. was Incorporated on 5th June, in Delhi as a private limited Comp. under the name Alfa Rubber Co., limited It was converted into a public limited Comp. on 8th October, 1969. The Company manufacture variety of cables such as automobile cables, starter cables, PVC flexible cables, winding wires, armoured & unarmoured power & controlled cables, AAC/ACSR conductors, etc.
1971
- All shares issued to promoters, etc. 750 shares prior to 1970 and 19,250 shares during the year.
1973
- The Name of Comp. was changed to Finolex cables Ltd., with effect from 23rd August.
1974
- 25,000 share issued as rights in prop. 5:4.
1981
- Authorised capital reclassified & increased. Equity shares sub-divided during 1982. 4,50,000 Rights Equity shares of Rs 10 each issued at par in prop. 1:1 on 18.10.1982.
1983
- 9,00,000 shares issued a premium of Rs 8 per share through prospectus dated 27th May, out of which the following shares were reserved for allotment: 1,98,000 shares in equal proportion to ICICI & UTI; 35,100 shares to employees [including working directors of Companys] and 14,040 shares to associates of Company. 6,52,860 shares [along with the unsubscribed portion, if any, from the reserved quotas] were offered for public subscription during July.
1987
- Government approval was received for doubling the production of Jelly-filled telephone cables.
- The Comp. entered into a technical collaboration agreement with Reliance Comm/Tec. of U.S.A., manufacturers of connectors, protectors, DP boxes, cross connect terminals, etc. The Comp. was to represent Reliance Comm/Tec. for their products, in India.
- The Comp. entered into a technical collaboration agreement with Norddevtsche Seekabel Werke AG of W. Germany for manufacture of high-tech special submersible cables.
- 14,40,000 No. of equity shares issued as bonus shares in prop. 4:5.
1991
- The Comp. proposed to add balancing equipment & infra structural facilities for enhancing the capacity of Urse factory further.
- A letter of intent was received for caustic soda/chlorine project. Land allotted by MIDC & negotiations with foreign collaboration were on for technical know-how & investments.
- The Comp. issued 8,50,000 - 18% non-Convertible secured redeemable debentures of Rs 100 each on private placement basis.
1992
- The Comp. proposed to take up manufacture of rubber insulated cables as also fluoro-polymer insulated cables in view of the increasing demand for it. In addition, facilities for manufacture of optic fibre cable was also in the offing & negotiations were on for technical collaboration/joint venture.
- The Comp. issued 1,50,000 - 15% non-convertible secured redeemable debentures of Rs 100 each for Rs 150 lakhs on private placement basis to Financial Institutions as follows:
- [is] debentures of Rs 50 lakhs to UTI,
- [iis] debentures of Rs 50 lakhs to LIC,
- [iiis] debentures of Rs 8 lakhs to National Insurance Co. Ltd.,
- [ivs] debentures of Rs 10 lakhs to New India Assurance Co. Ltd.,
- [vs] debentures of Rs 10 lakhs to United India Insurance Co. Ltd.
- The Comp. issued 4,00,000 - 14% [`C' Seriess] & 1,50,000-14% [`D' Seriess] non-convertible debentures of Rs 100 each for a total sum of Rs 5.50 crores on private placement basis with financial institutions are given in the table along aside.
- Non-convertible secured redeemable debentures of 'C' & 'D' Series are redeemable at a premium of 5% payable on the expiry of 7th year from the date of allotment in five equal annual instalments commencing from 30th March, 1994 & 23rd September, 1993 respectively.
- 32,40,000 bonus equity shares issued in prop. 1:1.
1993
- The Comp. proposed to expand the existing facilities at Pimpri for the production of light duty cables.
- The Comp. proposed to take up manufacture of PVC & Polycarbonate rigid Thermoplastic sheets & PVC calendared products & negotiation were on for joint venture.
1994
- Facilities for manufacture of jelly filled telephone cables were fully shifted to Urse plant & was installed with a capacity of 5.5 million cable Kilo Metre. Installation of additional equipment as well as modernisation of existing facilities was carried out at Urse plant.
- It was proposed to put up a factory in Goa for manufacture of Continuous Cast Copper Rods with an initial capacity of 60,000 TPA and related down stream copper wire products in a joint venture with Essex Group Inc., USA.
- It was also proposed to put up a captive power plant of about 25 MW at Ratnagiri.
- As per the general meeting of Comp. held on 5th March, promoters were issued 15,00,000 warrants. On 15th September, 17,79,850 No. of equity shares were allotted at a premium of Rs 465.20 per share. With this 6,10,075 warrants representing 12,20,150 No. of equity shares with a premium aggregating Rs 57.98 crores are yet to be converted.
- 33,13,25 GDRs representing 33,13,254 No. of equity shares were raised leading to an amount of US $ 550 lakh.
- The Comp. issued commercial papers worth Rs 1500 lakhs.
1995
- The Comp. promoted joint venture companies under its diversification programme are as follows: [as] Finoram Sheets Ltd.: The project implementation was at an advanced stage of implementation, [bs] AT&T Finolex Fibre Optic Cables Ltd.: The Comp. will manufacture fibre optic cables at urse with an initial capacity of 10,000 Kms. of cable. [cs] Finolex Essex Industries Ltd.: The Comp. will manufacture continuous cast copper Rods & related downstream copper wire products in collaboration with Essex Group of U.S.A.
- The installed capacity for manufacture of Jelly filled Telephone cables was increased to 6.5 MCKM by installing necessary additional equipment.
1996
- As a matter of diversification, the Comp. was in the process of setting up manufacturing facilities for fibre optic cables with a capacity of 10,000 Cable Kms. at Urse in a joint venture with AT&T of USA.
1997
- The Comp. proposed to set up a plant for production of Light Duty Cables with an investment of about Rs 750 million.
- The Comp. undertook a programme of modernisation in the manufacture of conventional cables & generally to improve the infrastructure for achieving higher efficiency.
- Finolex Cables has a joint venture with Paltough of Italy to manufacture PVC poly-carbonate rigid thermo-plast sheets, an MoU with Tarmac Black & Veach of US for power purchase with KSEB for a project in Kerala, a joint mission with Heogen-plast to make flexible plastic sheets & a joint venture with AT&T of US for fibre optic cables.
- Creole Holding Co. Ltd., & Finolex Finance Ltd., are the two wholly-owned subsidiaries of Finolex Cables.
- The Company erstwhile wholly owned subsidiary Finoram Sheets Ltd. has been amalgamated with the Comp. with effect from 1st April.
1998
- The company, over the years, has set up a string of joint ventures with various international majors.
- Finolex Cables Ltd, the flagship of Finolex group, is one of the main private sector power cable manufacturing companies in India.
- Finolex is the only Indian Comp. to have received certification by Underwriters Laboratories Inc, United States, for computer LAN cables.
- The Comp. recently modernised & expanded its LDC unit at Pimpri near Pune to meet increasing demand.
- The Comp. has also developed thin walled high temperature resistant automobile wires an commenced supplies to reputed harness manufacturers for use in Maruti, Daewoo & General Motors cars.
- The Comp. entered into a joint venture with Lucent Technologies for the manufacture of fibre optic cables.
- Finoram Sheets Ltd., became a wholly owned subsidiary of company.
1999
- The Comp. is investing Rs 75 crore for setting up a new manufacturing unit at Goa.
- A special committee has been set up under six directors to look at the various options of implementing buyback.
- Finolex Cables Ltd has declared a bonus issue in the ratio of one equity share for every one share held.
- FCL has also entered the automotive component market with the manufacture of thin wall high temperature wires.
- The Comp. has now become a major sourcing point for internationally established automobile harness makers & has recently launched 105 degree celsius temperature resistant thin-walled wire.
2000
- The Comp. has informed that offer for Buy-back of 36,10,620 No. of equity shares in a price range of Rs 240 to Rs 275 through the book building process during the period commencing from 15.02.2000 to 29.02.2000.
- The Comp. is all set to acquire the holdings of Essex Group Inc, the Comp. has infromed the National Stock Exchange.
- Finolex Essex Industries Ltd has become wholly owned subsidiary of the Comp. & will continue to act as a separate entity.
- An illegal strike was started on December 28 by a section of the workers of company JFTC plant at Urse, near Pune.
2001
- The Comp. has informed that the workers/engineers on strike at its JFTC plant in Urse District, Pune, have called off their strike with immediate effect after reaching an agreement with the management and also they have agreed to resume duties.
2002
-Finolex Cables completes acquisition of Optical Fibre business of Finolex Technologies.
-Develops total cable solution provider expanding from single plant to two new plants.
-BOD passes a resolution & its circulation approved the following revised Offer Time Table for proposed buy back of equity shares by company: Board Meeting approving Buy back - May 11, 2001.
-Transfers the beneficial interest of entire shares held by Comp. & its nominees in its wholly owned subsidiary Creole Holdings Comp. Ltd.
-Divests its entire share holding in the erstwhile subsidiary Creole Holdings Comp. Ltd.
2004
-Finolex ties up with Bajaj Allianz for insurance cover
-Finolex Cables signs agreement with Bajaj Allianz
2005
-Finolex achieves `Superbrand Cable' status
2007
- The Comp. has splits its face value from Rs.10/- to Rs.2/-.
