History of Hindalco Industries Ltd.
1958
- The Comp. was Incorporated on 15th December, at Mumbai to manufacture alumina, aluminium & aluminium fabricated items.
- The Comp. was formed by house of Birlas in collaboration with the Kaiser Organisation of U.S.A. According to the Company agreement with Kaiser Aluminium & Chemical Corporation, the Collaborators agreed to allot to the Collaborators 4,80,000 fully paid-up equity shares of Rs 10 each.
- The Comp. also concluded Technical Advisers & Consultants Agreements with Kaiser Aluminium Technical Services Inc., California, who agreed to train the Indian technical personnel, to supply the Company necessary technical advice, to assist in operating the plant including aluminium fabrication & to provide information for a period of 20 years on all technical matters.
- An agreement was also entered into with Henry J. Kaiser Comp. for such design, engineering procurement & related services with regard to the construction of plant at Rihand as were to be performed outside India & with Kaiser Engineers Overseas Corporation for such services to be rendered in India.
1960
- 2,50,000 Pref. and 58,50,000 equity shares issued through a prospectus of which 4,80,000 shares allotted without payment in cash to Kaiser Aluminium Corporation & 9,61,000 shares against cash. 1,20,000 shares to Kaiser Aluminium Technical Services Inc. allotted without payment in cash 21,33,000 shares to Birla Gwalior Pvt. limited and 21,56,000 shares to public.
1961
- Rate of dividend on pref. shares altered. In 1962, 10,750 No. of equity shares and 300 pref. shares forfeited. Forteiture on 2,250 No. of equity shares annulled.
1964
- The Properzi mill plant was set up for production of redraw rods with a rated capacity of 6,000 tonnes per annum.
- Forfeiture on 30 pref. & 3,950 No. of equity shares annulled. Another 2,250 No. of equity shares forfeited. Arrears: Rs 4,000.
1965
- An extrusion press & rolling mill for production of aluminium extrusions & rolled products [sheets, etc.s] was installed with rated capacity of 2,000 tonnes & 7,000 tonnes respectively, thus bringing the total capacity of fabrication plant to 15,000 tonnes per annum.
- The annual licensed production capacity of primary metal of 60,000 tonnes was achieved. Several modifications in the plant were also implemented which enhanced the Company production of primary metal to 200 tonnes per day by end of 1968.
1967
- Another Properzi mill plant was commissioned which expanded the fabrication plant capacity from 15,000 tonnes per annum to 37,000 tonnes per annum.
1968
- Two more extrusion presses & a few additional facilities in rolling mill were erected by end of year to get higher production.
- 1,00,000 9.3% Pref. shares issued at par in 1968. 3,61,383 Equity shares out of 1967 issue allotted in 1968. Arrears of Rs 4,000.
1972
- 20,07,973 Bonus Equity shares issued in the proportion 1:4. Arrears of Rs 4,000.
1976
- By the middle of year the total installed capacity of metal rose to 95,000 tonnes per annum.
1977
- The Comp. revalued its plant & machinery as on 1st January, and the surplus of Rs 61,71,60,821 arising out of it was transferred to capital reserves.
1981
- As on 1st January, the Comp. further revalued the major items of land, buildings & plant & machinery. A surplus of Rs 83,97,23,344 arising out of this was transferred to capital reserve.
1982
- 33,46,622 Bonus Equity shares issued in proportion 1:3 in June.
1984
- The Comp. issued secured non-convertible debentures for a sum of Rs 17.50 crores for augmenting the resources for long-term working capital requirements.
1985
- 26.69% of Company equity capital was held by Kaiser Aluminium & Chemical Corporation, U.S.A., along with their nominees [Kaiserss] aggregating to 35,73,332 equity shares of Rs 10 each as on 31st December.
1986
- The highlight of alumina plant expansion & modernisation was the installation of gas suspension calciner which was reported to be the first of its kind in the world. The design & technology was provided by F. L. Smidth and Co. of Denmark.
- An agreement was finalised with M and F of Switzerland for installing the double digestion system to further reduce the steam consumption.
- With regard to the reduction plant, the Comp. received a licence to enhance its capacity from 1,20,000 tonnes to 1,50,000 tonnes of aluminium per annum.
- The Comp. was also engaged in expansion of capacity from 1,20,000 tonnes to 1,50,000 tonnes of aluminium per annum.
- The Comp. was also engaged in modernising its smelter with a view of effect substantial savings in energy consumption. With regard to the fabrication facilities, the Comp. had in hand a licence to expand the capacity from 37,000 tonnes to 55,700 tonnes per annum.
- The Comp. holds the entire issued capital of 35,006 equity shares of Rs 10 each of its subsidiary, Minerals & Minerals Ltd., Calcutta. During the year the two companies named Siddhpeeth Commercial Pvt. Ltd., & Dhakshinanchal Commercial Pvt. Ltd., became subsidiaries of the Company. Marigold Holdings and Trading Ltd., & Dhakshinanchal Finance Ltd., were also subsidiaries of Company.
- The Comp. issued 40,00,000-15% non-convertible debentures of Rs 100 each for Rs 40 crores as rights to resident equity & preference shareholders & debenture holders. The proceeds were to be utilised for financing the Company modernisation scheme.
- As a matter of policy, Kaiser Group decided to divest its holdings in various corporations world-wide where they did not hold the majority interest. As part of this disinvestment programme, they also decided to disinvest their holdings in the Company.
1987
- The scheme to install double digestion system in the alumina plant was under implementation. As a part of its energy conservation programme, the Comp. commissioned a microprocessor based controls on 20 pots on an experimental basis to control pot voltage, alumina feeding, etc.
- During the year, an application was submitted for permission to increase the smelting capacity of Renukoot by a further 1 lakh tonnes per annum along with matching alumina production & thermal power generating capacity.
- The Comp. entered into an agreement with the Pradeshiya Industrial & Investment Corporation of U.P. [PICUPs] on 2nd January for setting up an aluminium foil manufacturing unit in the Assisted Sector at Jagdishpur in Sultanpur district of U.P. The capacity of this foil plant was envisaged at 5,000 tonnes per annum & the estimated cost of the project was Rs 50 crores. This project was cleared under the MRTP Act in April 1989.
1988
- During May-June, Kaiser Group disinvested all its equity shareholders in the Company.
- Conform extrusion machine was installed & commissioned.
- [15 monthss], the Comp. issued 14% non-convertible debentures of Rs 100 each for Rs 45 crores on a rights basis to the existing resident equity shareholders & preference shareholders. The funds thus raised were utilised for Company modernisation schemes.
- The holdings of Kaisers were offered for sale as follows: [is] 32,71,050 equity shares of Rs 10 each at premium of Rs 40 per share to the shareholders of Comp. as rights in proportion 1:3 [fractions to be ignoreds] & [iis] 3,02,282 equity shares of Rs 10 each at a premium of Rs 40 per share to the employees of Comp. on an equitable basis.
- 44,62,622 Bonus Equity Shares issued in proportion 1:3. Rate of interest on preference shares increased to 15%.
1989
- The sixty pot line was commissioned, with the addition of 70 pot cells, thereby increasing the installed aluminium production capacity to 1.35 lakh tonnes per annum. Installation of new cold rolling was taken up to enhance the capacity of rolled products by 40,000 tonnes per annum.
- The rate of Central Excise Duty on aluminium was also increased by the Finance Act.
- The name of Comp. was changed from Hindustan Aluminium Corporation Ltd., to Hindalco Industries Ltd.
1990
- During January-February, the Comp. issued 53,54,595-12.5% secured redeemable partly convertible debentures of Rs 250 each on Rights basis in the proportion 3 debentures: 10 equity shares held. Additional 8,03,189 debentures were allotted to retain oversubscription.
- Another 2,81,820 debentures were issued to the employees [including Indian working directorss]/workerss] of Comp. on an equitable basis [only 2,23,450 debentures were taken ups]. The unsubscribed portion of 58,370 debentures was allowed to lapse.
- As per the terms of debenture issue, a portion of Rs 110 [Part-As] of the face value of each debenture was converted automatically into one fully paid-up equity shares of Rs 10 each at a premium of Rs 100 per share on the expiry of six months from the date of allotment.
- The balance of Rs 140 [Part-Bs] of face value of each debenture would be redeemed at par in two equal instalments of Rs. 70 each at the end of 7th & 8th year from the date of allotment of debentures.
- 63,81,234 No of Equity Shares allotted in part conversion of 12.5% debentures as on 1.10.1990 [prem. Rs. 100s]. 145,37,930 bonus shares issued in prop. 3:5 in October.
1991
- The Comp. issued 40,00,000-17.5% redeemable non-convertible debentures of Rs 100 each to financial & other institutions on private placement basis.
1992
- Renusagar Power Co. Ltd., a wholly owned subsidiary of Company, was merged with the Comp. with effect from the close of business on 31st March. The Comp. was engaged in obtaining certification for ISO 9000 & for introduction of TQM.
- The Comp. again revalued its assets as on 1st April, & the net surplus of Rs 90623.37 lakhs arising out of this was credited to revaluation reserve.
- The erstwhile Renusagar Power Co. limited issued 6,50,000-18% non-convertible debentures of Rs 100 each to financial institutions on private placement basis to augment the long-term resources for working capital. Out of this, 3,00,000 debentures are redeemable at 5% premium in equal annual instalments on 23rd June, 1998, 23rd June, 1999 and 23rd June, 2000. The remaining 3,50,000 debentures are redeemable on 23rd June, 1999.
1993
- The Comp. was in the process of implementing the expansion project to raise the smelter capacity by 40,000 TPA to 2,10,000 TPA.
- With a view to meet the demand of over seas markets, the company proposed to instal own Ingot Casting machine. Also, alumina production capacity was enhanced to 3,50,000 TPA reducing thereby the company's dependence on external sources.
- It was also proposed to undertake a further expansion of alumina production capacity to 4,50,000 TPA with the technology from Remolds International Inc. USA & Reytheon Engineering and Construction, USA.
- The Comp. undertook to instal 9 high pressure boiler along with back pressure turbines for generation of power.
- During the year, the Comp. proposed to install two power generating units lamp a total capacity of about 150 MW at Renusagar power plant. In addition, upgradation of existing extrusion facilities, the existing hot & cold mills.
- It was also proposed to install a vertical ingot casting facility and vertical billet casting facility using air ship technology required from Wagstaff Engineering Inc. USA.
- The Comp. participated in the equity capital of Birla International Ltd., incorporated in the Isle of MAU. This was to promote exparte in India. Indo Gulf Fertilizers and Chemicals Corporation Ltd., Bihar Caustic and Chemicals Ltd., Tanfac Industries, Mangalore Refinery & Petrochemicals Ltd., and Birla Global Finance, limited are all joint venture companies.
- Birla Capital International AMC Ltd., is a joint venture asset management Comp. was promoted by Grasim Industries Ltd., Hindalco Industries Ltd., Indian Rayon and Industries limited & Birla Global Finance limited with the capital group International Inc., a major US based investment management organisation.
- The joint venture manages mutual fund schemes for Birla Mutual Fund. Another joint venture, Rajashree Polyfil limited was setting up an integrated plant with a capacity of 66,000 TPA of polycondensation and 37,900 TPA of partially oriented polyester filament yarns project.
- The Comp. issued 25,00,000-17% secured non-convertible redeemable debentures of Rs 100 each on private placement basis. Theser are to be redeemed in three equal instalements on 11th May of 1999, 2000 & 2001 at a premium of Rs 5 per debentures.
- On 22nd July, the Comp. issued 44,73,000 GDRs of U.S. $16.10 per GDR equivalent to Rs 505 per unit [conversion rate of U.S. $1 = Rs. 31.37s]. Each GDR comprises one equity share of nominal value of Rs 10 together with one-half of warrant which can be converted into one equity share on exercise of two half warrant at the price of U.S. $16.10 subject to adjustments] during the period from 3rd November, 1993 to 2nd November, 1995 [both days inclusives].
- These GDRs were offered to non-U.S. persons in offshore transactions in reliance on Regulations under the Securities Act of 1933, a amended, in the United States to Qualified Institutional Buyers [QIBss] in reliance on Rule 144A under the Securities Act. There was a lock-in period of 30 days for GDRs.
- 46,03,650 equity share out of 67,09,500 shares were allotted. The net proceeds of this issue, estimated to be about U.S. $69,331, 500 [before expensess] were to be utilised to part finance the Company's capital expansion programme.
1994
- The Comp. proposed to further expand the smelting capacity to 2,42,000 tonnes p.a. with an upgradation of all attendant plants.
- It was also proposed to increase alumina capacity to 4,50,000 TPA to match the smelting capacity. Technology was being secured from Reynolds international Inc. USA & United Engineers International Inc. USA. A significant feature of expansion is the installation of co-generation system with a high pressure boiler & back pressure turbines for power generation.
- During the year, the Comp. undertook to increase the power generation capacity at Renusagar power plant from 350 MW to 500 MW.
- With the strategy of undertaking down stream activity with the purpose of acheiving higher realisation, the Comp. undertook to instal an aluminium foil plant with an initial capacity of 5000 TPA.
- During July, the Comp. issued its second GDR issue of 41,66,666 receipts at the rate of 24 $ per GDR. Each GDR was converted into one equity share & accordingly 41,66,666 equity shares were to be allotted.
1995
- Installed smelting capacity was increased to 2,10,000 MTPA with the completion of 7th Potline. The hot & cold rolling mills were being modernised. On completion rolled product capacity would be increased to 80,000 MTPA.
- The Comp. of its first international US $36 million. The warrant holders have the option to exercise these warrants by 2nd November after April, 32.4% of warrants exercised till 31st March 1995, 4,67,900 equity shares allotted on excuse of warrants.
- 16,37,950 No of Equity shares allotted on conversion of GDRs. 6,000 No. of Equity shares forfeited.
1996
- One of power generating turbine of 75 MW was commissioned during the year, taking the total capacity to 425 MW.
- It was proposed to acquire additional bauxite mines in M.P.
- The upgradation of existing extrusion facilities with technology from Reynolds [Europes] limited was undertaken.
- With a view to improving quality of feed stock for upgraded rolling & extrusion facilities, the Comp. undertook to instal vertical ingot casting facility & vertical billet casting facility. Both the facilities were to use the Air Slip Technology of Wagstaff Engineering Inc., U.S.A.
- Following a comprehensive technological upgradation of Company's hot & cold rolling mills, the two mills were commissioned in March 1997.
- Also, the Company installed capacity of rolled products was increased to 80,000 tpa. In addition, the vertical ingot casting facility, a scalpter, soaking pits & slitting line were commissioned.
- The Comp. received the special export award conferred by the Chemical and Allied Products Export Promotion Council of India for its outstanding export performance.
- 24,827,990 bonus shares issued in prop. 1:2.
1997
- Extrusion Press No. 3 was completed by increasing the overall extrusion capacity to 13700 MTPA. The Foil plant at Silvassa was commissioned in February 1998.
- With a view to capitalising its inherent strength, the Comp. was exploring the feasibility of setting up an integrated Aluminium complex in Orissa.
- A MOU was signed with Orissa Mining Corporation for transfer of two bauxite deposits with adequate reserves. The project was to be named `Aditya Aluminium'.
- During the year the Comp. has signed a technical collaboration agreement with Stahlschmidt and Maiworm Gmbh of Germany for setting up an Aluminium Alloy Wheel Plant adjacent to the Foil Plant at Silvassa. This project will promote a new application in the domestic market besides presenting the export market. - Hindalco Industries, a flagship Comp. of Aditya Birla group, on March 29 signed a MoU with the Orissa Mining Corporation [OMCs] for setting up of mega integrated aluminium complex in the state, at an estimated cost of Rs.10,000 crore.
- The Comp. also plans to set up a captive power plant of 600 mw close to the coal deposit at Ib Valley. The state-owned OMC will lease out its bauxite deposits at Kodingamali-Pottangi to Hindalco for mining.
- The mega project includes setting up an alumina refinery of one million tonne per year capacity near the Kodingamali-Pottangi bauxite deposits in the Koraput district in Orissa.
1998
- Hindalco Industries, an Aditya Birla group company, commissioned its 5,000 tpa aluminium foil unit at Silvassa.
- Hindalco commissioned the potline, where aluminium is smelted by an electrolytic process, on February 18. State-controlled National Aluminium Comp. [NALCOs], currently India biggest aluminium producer, has a smelter capacity of 2,30,000 tonnes per annum.
- Hindalco on 11th Sept announced that it would acquire a 51 per cent stake in B M Khaitan owned India Foils Ltd [IFLs].
1999
- Hindalco Industries Ltd is slated to commission its aluminium alloy wheel plant at Silvaasa in Gujarat in September, Mr. Kumar Mangalam Birla, Chairman of company, said.
- Hindalco Industries, the flagship Comp. of Aditya Birla group, is the country largest integrated aluminium company.
- Aditya Birla group Comp. Hindalco Industries Ltd [Hindalcos] has acquired 18,38,900 shares of public sector major National Aluminium Company Ltd [Nalcos] through one of its investment subsidiaries.
- The Rs 1,767-crore aluminium major, Hindalco Industries Ltd, is setting up a one lakh tonne per annum brownfield [expansion at current sites] aluminium smelting project at Renukoot at an estimated cost of Rs 2,500 crore.
2000
- The board of directors has approved entering into an agreement with Alcan Aluminum Ltd of Canada, for purchase of 3,88,44,324 shares constituting 54.6 per cent of paid-up capital of Indian Aluminum Co. limited Rs. 190 per share.
- Indian Aluminium Co. limited became a subsidiary of Aditya Birla flagship Comp. Hindalco Industries Ltd., which has taken up a 74.6 per cent equity stake in Indal.
- Crisil has reaffirmed the highest safety rating for Rs. 100-crore non-convertible debenture programme of Hindalco Industries & very strong safety for its Rs. 50 crores commercial paper programme.
- The Comp. acquired a majority ownership of 54.62% in the company from Alcan Aluminium Limited, Canada. It acquired an additional 20% stake pursuant to the open offer under the SEBI Regulations, 1997.
- The Comp. of Aditya Birla Group has made a strategic move to implant the legendary `prata' & allied management information services systems at all operational locations of Indian Aluminium Company Ltd.
- Hindalco Industries proposes to buy 10 per cent stake in Bihar Caustic and Chemicals from Grasim Industries,
- Hindalco has recently acquired from Alcan Aluminium [Alcans] around 38.84 million shares of Indian Aluminium Company, [Indals] aggregating to 74.6% holding. Indal strength in Alumina & downstream products would ideally dovetail with Hindalco strong presence in metal. It is also among the world lowest cost aluminium producers.
2002
-Hindalco has embarked on a brownfield expansion in Renukoot. It will enhance the smelter capacity by 1,00,000 TPA & the alumina refining capacity by 210,000 TPA. A matching increase in the captive power generating capacity is also on the anvil. So consequent to its completion, aluminium smelting capacity will increase to 3,42,000 MTPA. Alumina refining capacity will be augmented to reach 6,60,000 MTPA and power generation capacity will stand raised to 769 MW. The project is being implemented at a cost of Rs. 18 billion & is slated for completion in a phased manner, largely by end 2002-03.
-The Comp. recently entered the Rs 250-crore branded foils market under the 'Hindalco Wrap' brand name. With this launch, the company wants to address a category in the FMCG sector. Launched in 54 cities across the country, Hindalco Wrap is currently available at most retail outlets in a unique dispenser pack at Rs 42 for a nine metre roll. The company also plans to enter the aluminium-based kitchen utility products market in a big way.
-Hindalco, Indal marketing division integrated
-Launches its new product 'Aura' aluminium wheels
-Board of Directors approves buyback of shares
-Mr Rajendra K. Kasliwal, Chief Financial Officer, named the winner of CFO Asia Pricewaterhouse Coopers Achievements in Best Practices Awards for 2002 for managing external stakeholders
-Receives the FICCI-Socio Economic Development Foundation [FICCI-SEDFs] Social Responsiveness Award for year 2001, for its projects on rural development & promoting economic self-reliance in over 334 villages
-Birlas increase stake in the Comp. to 22.8% from 21.4%
-Acquires 4% stake in National Aluminium Comp. limited [Nalcos]
-Makes open offer to acquire 25.5% stake in Indal at Rs 120 per share
-Indo Gulf investments in group firms transferred to Hindalco Industries
-Hindalco Industries Board approves sale of equity shares in Mangalore Refineries to ONGC
-Hindalco discontinues scheme of buyback
-Sebi stalls Hindalco Indal open offer
-Temporarily shuts down Gurdari mines
2003
-Commissions 11th potline
-Acquires Nifty Copper Mine of Australia for Rs 225 crore
-Copper Business of Indo Gulf Corporation Ltd merged with the Comp. with effect from Feb 12, 2003, swap ratio fixed at 1:12 [1 share of Hindalco for 12 shares of Indo Gulf Fertilisers helds]
-Gives boiler contract of Rs 87 crore to Alstom Projects India Ltd.
-Aditya Birla Group divests its Equity Stake in Mangalore Refinery and Petrochemicals limited [MRPLs] to Oil and Natural Gas Corporation limited [ONGCs]
-Hindalco Industries Ltd executes scheme of amalgamation involving Hindalco Industries Ltd., Indo Gulf Corporation limited and Indo Gulf Fertilisers Ltd.
-Acquires 2.98 pc stake in Indian Rayon and Industries, enhances holding to 12.80% percent
-Picks up 30-pc stake in Bihar Caustic and Chemicals Ltd., increases the stake to 50%
-Hindalco increases its holding in Grasim to 3% & in Indian Rayon to 12.79%
-Shareholders approve to delist equity shares from three stock exchanges [Madras, Calcutta and Delhi Stock Exchangess]
-Divests its entire stake in Indo Gulf Fertilisers limited [IGFLs]
-Appointed Mr. D Bhattacharya as Managing Director
-Acquired Mount Gordon copper mine in Australia
2004
-Hindalco Industries limited has informed that the Delhi Stock Exchange Association Limited, New Delhi, has informed the Comp. that it has delisted the Equity shares of Comp. from its Stock Exchange w.e.f. December 29, 2003 pursuant to the application made by Comp. to it for voluntary delisting of its Equity shares.
-Hindalco Industries limited has informed that the Madras Stock Exchange Limited has informed the Comp. that it has delisted the Equity shares of Comp. from its Stock Exchange wef January 07, 2004 pursuant to the application made by Comp. to it for voluntary delisting of its Equity shares.
-Hindalco Industries Ltd has informed that Shri Sanjeeb Chatterjee has been appointed as Comp. Secretary of Comp. w.e.f. February 1, 2004 with cessation of Shri Anil J Jhala as Comp. Secretary.
-Hindalco Industries expansion for enhancing the capacity of Copper Smelter
-Birla Copper acquired two mines in Australia.
-Hindalco Industries signs an agreement with ST Telemedia and TM International to acquire stake in Idea Cellular
-Hindalco inks MoU with Orissa Govt to set up aluminium complex
-Hindalco signs agreement with UAE based Foodco
2006
- Hindalco Industries Ltd has announced that on October 30, 2006 the Comp. has entered into a Joint Venture partnership with ALMEX USA, Inc., for manufacture of High Strength Aluminium Alloys for applications in the aerospace, sporting goods & surface transport industries.
2008
-The Comp. has issued rights in the ratio of 3:7at a premium of Rs.95/- Per Share.
