History of Greaves Cotton Ltd.
YEAR EVENTS 1922 - The Comp. was incorporated on 29th March, as a Private Ltd. company. It was converted into a Public Limited Comp. on 8th May, 1950.
- The main objects of Comp. is to act as merchants, engineers & contractors. The Comp. has a large number of associated & subsidiary companies manufacturing various items of electrical & machinery products. It also acts as concessionaires for a large number of firms in U.K. The company manufactures paper cones & tubes for cotton textile industry & diamond drilling bits.
- Equity shares were issued without payment in cash.
1958 - Greaves Dronefield Comp. was floated in collaboration with Dronsfield Brothers Ltd., Oldham for manufacture of their well-known 'Atals' brand emery fillets. It was registered on 31st December, & it went into production soon thereafter.
1959 - Mather Greaves Comp. was registered on 6th August, for manufacture of calender bowls.
1960 - The Comp. concluded a technical collaboration agreement with Mandrills Ltd., of Melbourne, Australia for manufacture of diamond tools.
- The Comp. was floated in collaboration with David Brown Industries Ltd., for manufacture of Radicon worm reduction gears & geared motor units & was registered on 6th June. Later, the Comp. was also licensed to manufacture David Brown marine gear boxes.
- Draton Greaves concern was floated in collaboration with Drayton Regulator and Instrument Co. Ltd., of Middlesix for manufacture of steam traps & regulators & registered on 19th August.
1963 - After consolidating the manufacture of calender bowls, the Comp. embarked on the production of Schriner calenders, stenter clips, mangles, printing machines, etc.
- On 22nd April, it became a subsidiary of Comp. by virtue of such allotment of 425 shares of Rs. 100 each to the Comp. in terms of collaboration agreement.
1965 - Mather Greaves Ltd., undertook the entire marketing of its products resulting in the termination of their Sole Concessionaires Agreement with Greaves Cotton and Co. Ltd.
1967 - The other subsidiaries are Greaves Leasing and Finance Ltd., Rajpath Investment limited Cannation Investment limited Greaves Midwest Engineering Co. limited & SIDVIM Ag.
1975 - Greaves Lombardini Comp. in collaboration with Lombardini Motori of Italy promoted Greaves Lombardini Ltd., for the manufacture of diesel engines. Greaves Lombardini Ltd., was incorporated on 21st May, under the name & style of Greaves Diesels Ltd., & the name was subsequently changed to the present one.
1982 - Consumption of emery fillets in the home market during the last quarter of 1982 & the beginning of 1983 was less due to prolonged textile strike in the country.
1983 - 5% tax-free Pref. shares made 13.5% taxable from 1.7.1983. 25,000-6% Pref. share redeemed on 31.3.1984. 2,12,625 Bonus Equity shares issued in prop. 1:2 on 23.3.1984.
1984 - Greaves Lombardini Ltd., was merged with Greaves Cotton and Co. Ltd.
1985 - Consequent upon the purchase by Greaves Cotton and Co. Ltd., of 50% shares held by Dronsfield Brothers Ltd., U.K. Greaves Dronsfield Ltd., became a wholly owned subsidiary of Greaves Cotton and Co. Ltd.
- A technical collaboration agreement was entered into with David Brown Gear Industries, U.K., for manufacture of hardened and profile ground helical gear boxes. Government gave its approval.
- 20,265-15% Pref. & 19,250 No. of equity shares allotted without payment in cash to members of Greaves Lombardini, limited on its merger. These Pref. shares redeemable at 1.7.1996 but before 15.6.1998 at the company option.
1988 - 25,000-15% Pref. C shares paid off. 3,28,562 Bonus Equity shares issued in proportion 1:2.
1989 - To improve exports further, it was proposed to open offices in the USSR & East Africa. The works at the Nasik plant resorted to go-slow & the Comp. was forced to declare a lock-out of the plant effective from 14th June, 1990. The lockout was lifted on 20th October, 1990.
1990 - During the year, the Comp. introduced Greaves portable light weight diesel Genset viz., Greaves-GD3000.
- The Comp. entered into an understanding with the Rajasthan State Industrial Development & Investment Corporation Ltd. [RIICOs] for setting up of unit at Abu Road in Rajasthan for manufacture of ABS Resins in collaboration with Technochim and Plastpererabotka [Russian partnerss].
- The Comp. undertook to set up a 3-wheeler autorickshaw manufacturing unit at Baramati, Maharashtra.
- During the year, the Comp. undertook to increase existing capacity of light weight engines unit at Aurangabad to 32,500 units from the existing 22,500 units.
- Greaves Chitram, Ltd., [Chitrams] was amalgamated with the Company. The erstwhile shareholders of Chitram were allotted one equity share of Greaves Cotton Co., Ltd., for every 412 shares held by them in Chitram.
1991 - During the year, the Comp. had converted the representative office at Singapore into a trading office.
- The Comp. proposed to set up a joint venture Comp. with Frabelle Fishing Corporation, Philippines to undertake deep sea tuna fishing in the exclusive economic zone of territorial waters of India.
- Subject to necessary approvals being obtained, Greaves Semiconductors limited [GSLs], a subsidiary of company, was proposed to be amalgamated with the Comp. with retrospective effect from 1st April 1989.
- During April-May, the Comp. offered 32,89,488 - 12.5% secured fully convertible debentures of Rs. 40 each on Rights basis in the proportion 1 debenture : 3 equity shares held [all were taken ups]: Additional 4,93,341 debentures were allotted to retain over subscription.
- Simultaneously, another 1,64,475 - 12.5% debentures of Rs. 40 each were issued to employees including Indian working directors of Comp. on an equitable basis [only 75,200 debentures taken ups]. UN subscribed portion of 89,275 debentures allowed to lapse.
- Each debenture of Rs. 40 was fully & automatically converted into one equity share of Rs. 10 each at a premium of Rs. 30 per share after 12 months from the date of allotment of debentures. Accordingly, 38,58,029 No. of equity shares were allotted in July 1992.
- 50 No. of equity shares allotted without payment in cash to members of Greaves Chitram Ltd., on its merger.
1992 - The company operations at Marol was suspended in October and the land & building had since been disposed of. The Nashik plant was reported to be suffering from lack of profitable orders from the Government sector. Efforts were on to diversify the product portfolio.
- The power transmission unit II [erstwhile David Brown Greaves Ltd.s] Falta, W. Bengal was commissioned.
- During November the Comp. offered share on 1,37,14,949 No. of equity shares of each at a premium of Rs. 70 per rights basis in the proportion 1:1. [all were taken ups]. Another 6,85,747 No. of equity shares of Rs. 10 each at a premium of Rs. 70 each were offered to the employees of Comp. on an equitable basis [only 26000 shares taken ups].
- The Comp. offered for sale 26,82,240 No. of equity shares of Rs. 10 each of Greaves Fosico limited at a premium of Rs. 60 per share.
- Rajasthan, Polymers and Resins Ltd., an associate Comp. offered on preferential basis 12,68,000 - 14.5% secured redeemable partly convertible debenture of Rs. 25 each of Rs. 10 of face value was to be converted into 1 equity share on allotment of debenture Rs. 15 was to be redeemed.
- Subject to necessary approvals being obtained, the company proposed to issue 1473,81,765 bonus equity shares in proportion 1:2.
- 28,552 No. of equity shares allotted to shareholders of erstwile Greaves Ltd., on its amalgamation 19,91,903 No. of equity shares allotted on amalgamation of Ruston and Honnsberg limited & David Brown Greaves limited within company. 137,40,949 Rights shares issued to shareholders & employees.
1993 - The Comp. entered into a joint venture agreement with a few parties in Singapore for trading in Vietnam & other parts of the world. A new Comp. was registered in Singapore in the name of Pacific Greaves Pte. Ltd.
- It was also proposed to set up a joint venture Comp. with overseas consortium partners for installation & developed of part infrastructure in Russia.
- Effective 19th August, the name of Comp. was changed to Greaves Ltd., from Greaves Cotton and Co. Ltd.
- 38,58,029 No. of equity shares [prem. Rs. 30s] was allotted in conversion of 12.5% fully convertible debs. 28,552 No. of equity shares allotted to shareholders of erstwhile Greaves Semi-Conductors limited on its amalgamation. 19,91,903 No. of equity shares allotted on amalgamation of Ruston and Hornsby Ltd. and David Brown limited with the company. 137,40,949 Rights equity shares allotted.
1994 - Two new products were launched viz., diesel three wheelers and sale of HIPS resins & partly from the petrol engine unit at Thoraipakkam & Commencement of production of diesel engines at Ranipet, both acquired in January.
- The Comp. undertook a project for manufacture of rolling cutter rock bits, used largely in oil well drilling & also for waterwell drilling in collaboration with Smith Tool Company, a division of Smith International, Los Angeles, U.S.A. For this purpose a new factory was set up in the MIDC Industrial Estate at Nasik.
- Effective 31st January, the Comp. acquired the Thoraipakkam properties of Enfield India Ltd., Chennai. The Comp. undertook to invest in the Ranipet complex to manufacture light diesel engines which was originally planned for at Aurangabad.
- The Comp. proposed to enter the field of agricultural tractor & associated diesel engines manufacture in Rankipet, Tamil Nadu in collaboration with a well known Italian manufacturer.
- The Comp. has signed a licence agreement in June to avail technology from SAME for manufacture of certain range of tractors.
1995 - 147,38,176 shares allotted as Bonus shares in prop. 1:2.
1996 - The Comp. achieved 94% of installed capacity in the manufacture of Greaves Garuda diesel 3-wheeler. However, the original plans for introducing the eco-friendly 4-stroke petrol engined 3-wheeler couldn't materialise during the year.
- The Comp. proposed to set up an industrial park of international standard at Ranjangaon near Pune in collaboration with Overseas consortium partners & in association with Maharashtra Government agencies viz., the SICOM and MIDC. The Comp. proposed to introduce an eco-friendly 4-stroke Petrol engined 3 wheeler.
- The Comp. entered into a technical collaboration with SAME Spa, Italy for manufacture of agricultural tractors & signed a joint venture agreement with SAME for manufacture of diesel engines for tractors & other uses.
- The Comp. proposed to increase the capacity for manufacture of diesel generating sets at Diesel Engines Unit in Chinchwad, Pune to cater to the enhanced demand in the market.
- The Comp. entered into a joint venture agreement with Same Deutz Fahr SPA of Italy for manufacture of diesel engines.
1997 - Greaves Ltd, the engineering arm of Thapar group, is entering into the automotive sector with tractors & two models of three-wheelers - one a six-seater diesel versions & the other a three-seater petrol model.
- The production capacity of high speed diesel engines manufactured at Aurangabad & Ranipet will be increased form 60,000 engines per annum to 100,000 engines per annum.
- The Comp. is to launch the Garuda six-seater diesel three-wheeler which conforms to 1996 emissions norms & will be shortly introducing the Garuda four-stroke petrol three-wheeler.
- In the transportation division, the manufacturing capacity of the diesel run three wheeler garuda is proposed to be increased to 60,000 from the present 24,000.
- The Comp. proposes to launch the production of petrol version of Garuda in the first quarter of 1997-98 incorporating new features such as electric start and four-stroke engines.
Greaves proposes to later launch a six-seater diesel vehicle & flat bed load carriers in the country.
- Piaggio, the Italian auto major, is close to tying up with Greaves for manufacturing a range of diesel three-and four-wheelers in the country. The two companies signed a memorandum of understanding & have already initiated a joint feasibility study.
- The Power Transmission Division [PTDs] of Comp. is on the verge of signing two joint ventures - one with the Singapore-based Team Asia for semi- conductors & another with an Italian Comp. - Bonfigliloe - to manufacture higher ranges of transmission equipment & various types of gear boxes, which are applicable in heavy engineering & earth-moving vehicles.
- Rajasthan Polymers and Resins Ltd [RPRLs] is to be merged with Greaves Ltd with effect from April 1, as part of comprehensive rehabilitation package approved by Board for Industrial & Financial Reconstruction [BIFRs].
1998 - Greaves Ltd a LM Thapar group company, is doubling the manufacturing capacity of internal combustion engines at its Thoraipakkam plant, near Chennai.
- Greaves Limited, which is the country largest manufacturer of diesel engines, proposes to enhance the manufacturing capacity of spark ignition internal combustion piston engines - diesel, petrol land kerosene versions-from one lakh to two lakh units per annum.
- The Italian automobile major has an existing tie-up with Greaves for manufacturing the Ape range of three wheelers in the country.
- Greaves Ltd, is the largest manufacturer of diesel engines with factories located at Pune, Aurangabad, Ranipet & Thoraipakkam, Chennai. Greaves has also emerged as the largest manufacturer of IC engines in the country with a production of 1.8 lakh engines.
- A memorandum of understanding [MoUs] was signed between the Thapar Comp. & the Dutch transmission equipment giant; BTR European Holdings, in New Delhi.
- The Comp. entered into a memorandum of understanding [MoUs] with BTR European Holdings of Netherlands [BTRs] recently to float a subsidiary which will be promoted in India by BTR or its associated companies.
- Greaves Limited, the Thapar group company, launched a 50HP tractor, 'Same' Greaves 503, in Chandigarh.
1999 - Greaves Ltd has joined hands with Piaggio S. P. A. of Italy to locally produce in India compact engines with in-built gearboxes for three-wheelers which the two Companies would be manufacturing under their joint venture.
- Leading Auto manufacturer Greaves Ltd has tied up with two Chinese companies to manufacture small tractors [power tillerss] & plans to sell the product at one third the price of a normal tractor.
- Greaves has entered into an agreement with a Chinese company Chang Chai & has also entered into an alliance with Dangefeng Agricultural Machinery Group Corporation for manufacturing rest of machinery & body of power tiller.
- Greaves Ltd, engineering arm of Thapar group, has launched a new range of industrial gearboxes for industry, making it the only Comp. to offer a wide end unique range of gearboxes for different industries.
- The Comp. has set up a plant at Baramati, Maharashtra, with a capacity to manufacture 25,000 vehicles every year.
- The Comp. currently produces the `APE' range of diesel three-wheelers under technical guidance from Piaggio. The Comp. has just launched its APE range of three-wheelers in the National Capital Region [NCRs] of Delhi.
- Greaves, which had entered the industry with 50 hp tractor during end-1998, will manufacture `Solaris' tractors in the range of 25, 35, 45 hp at its Ranipet plant in Tamil Nadu.
2000 - Greaves Ltd has decided to set up a 50:50 joint venture company with its existing technical collaborator Same Deutz SpA of Italy to manufacture tractors ranging from 25 hp to 70 hp.
- The capacity of petrol/kerosene engines manufactured at Chennai will be increased to 120,000 engines from the current capacity of 80,000 engines.
- The Comp. have approved, in principle, the amalgamation of Rajpath Investments limited a wholly owned subsidiary of company with Carnation Investment limited also another owned subsidiary of the company.
- The Greaves engineering arm of Thapar Group, has entered into a technical collaboration with Italian Construction equipment giant Cifa Spa for manufacturing ready mix concrete equipment.
- Greaves limited has converted its tractor manufacturing operations in Ranipet near Chennai, which was earlier a technical collaboration with SAME of Italy, into a 50:50 joint venture with the Italian tractor major.
2001- Italian diesel engine major, Lombardini acquires engine manufacturing facility of Thapar group company, Greaves, at Aurangabad for a consideration of Rs 11 crore
2002
-Greaves Ltd has informed that Mr K K Nohria has resigned from the office of Director of Company, in view of his pre-occupation.The Board of Directors of Comp. at its Meetings held on March 21, 2002 has appointed Mr Vijay Rai as a Director to fill the casual vacancy caused by resignation of Mr K K Nohria.
- Italian auto firm Same Deutz Fahr Group SPA has taken over its Indian partner, Greaves Ltd, for Rs 26.9 crore from its two tie-up, one to manufacture tractors & the other for tractor engines
2003
-Solaris Chemtech Limited acquires 950,000 equity shares of Rs 10 each of Crompton Greaves Limited from Greaves Ltd., stake increases to 10.83% in the company
- Greaves Ltd to go back to its erstwhile name Greaves Cotton
2004
-Greaves Cotton, part of B M Thapar group has appointed Karan Thapar as the chairman of company
-Greaves Cotton signs MoU with Premium Energy Transmissions
-Inks MoU with Corporation Bank for financing farm machines to farmers
2005
-Launches of an all-new Greaves Metro Pump for construction industry
-Greaves Cotton unveils four new products
- Greaves Cotton Limited has appointed Mr. Vikram Tandon as a Director of Comp. to fill the casual vacancy caused by resignation of Gautam Thapar.
2007
- Greaves Cotton Ltd has informed that the Board of Directors of Company, has appointed Mr. S D Nayyar as Additional Director of Company, effective from September 26, 2007.
