History of ICI [Indias] Ltd.
1953
- On 5th November, a Declaration of Intention was signed by the Government of India, Imperial Chemical Industries Ltd., U.K. & I.C.I. [Indias] Pvt. Ltd., to form a Comp. for manufacture of commercial blasting explosives, safety fuses, etc.
1954
- The Comp. was incorporated as a public limited Comp. in the State of West Bengal to implement the agreement & the Certificate of Commencement of Business was obtained on 19th August. The Company manufacture explosives & accessories of all kinds, blasting equipment, chemicals, Industrial & other preparation & fertilisers.
1955
- A technical collaboration agreement was executed between the Company and Imperial Chemical Industries Ltd., who agreed to act as consultants to the Comp. & provide the Comp. with the necessary technical information.
1959
- 24,00,000 shares held by ICI Ltd., U.K. & 6,00,000 shares by the President of India.
1965
- 4,30,000 shares issued at a premium of Rs 12 per share; 57,000 shares reserved for allotment to the resident directors & employees and 3,73,000 shares offered to public. 13,73,000 shares offered to public. 13,72,000 Bonus shares issued in prop. 2:5.
1967
- In Oct/Nov. 16,80,000 `A' series No. of Equity shares issued at par: [is] 76,00,000 shares to ICI Ltd., U.K.; [iis] 21,50,000 shares to IFCW; [iiis] 19,00,000 shares to the President of India; [ivs] 21,67,200 shares to members of Comp. other than the President of India & ICI Ltd., U.K. & [vs] 28,62,800 shares to public. `A' Series shares became pari pasu with the existing shares from 1.10.1970.
1975
- Industrial licence was received for manufacture of 1,000 tonnes per annum of nitrocellulose, both blasting soluble & industrial grade. This plant was commissioned in August 1978.
1978
- Industrial licence was received, Collaboration agreements were signed with Imperial Chemical Industries Ltd., U.K., Benfield Corporation, U.S.A. & Toyo Engineering Corporation, Japan.
- During Jan./Feb. 71,60,667 Bonus shares issued in prop. 1:3. After the bonus issue, 3,41,000 shares issued as rights [prem. of Rs 5 per share; prop. 1:34s] to resident Indian shareholders.
1979
- The Comp. offered 5,00,000 redeemable partially convertible secured debentures of Rs 500 each for cash at par as rights to equity shareholders in the proportion 1:58. These debentures carry interest at the rate of 10 1/2% payable half-yearly on 31st March & 30th September.
1980
- The Comp. received a letter of intent for manufacture of 100 tonnes of primary reforming catalyst at Panki, in collaboration with Imperial Chemical Industries PLC The boilers were commissioned in April/May 1983 & generation of steam commenced. Letters of intent were in hand for manufacture of 100 tonnes per annum of permethrin/cypermethrin for application as a cotton pesticide & for the manufacture of methyl chlorosilanes.
1982
- With effect from 1st October, the Alkali and Chemical Corporation of India limited [ACCIs], Chemicals and Fibres India limited [CAFIs] & Crescent Dyes and Chemicals limited [CDCs] were amalgamated with the company.
- In terms of Scheme of Amalgamation, the Comp. issued and allotted to the members of merged companies without payment in cash 31,000-11% cumulative preference shares of Rs 100 each & 89,18,121 No. of equity shares of Rs 10 each as follows:
- [is] 31,000-11% preference shares of 12,51,213 No. of Equity shares of Rs 10 each to members of ACCI in proportion of 1 Pref.: 1 Pref. & 2 equity: 7 equity respectively,
- [iis] 59,86,908 No. of equity shares of Rs 10 each to members of CAFI in the proportion 4:5, fractional entitlement being sold and distributed at pro rata basis, and
- [iiis] 16,80,000 No. of equity shares of Rs 10 each to members of CDC in the proportion of 7:10.
- At the option of holder of any debentures, 20% of face value of each debenture i.e. Rs. 100 out of Rs 500 held by him is convertible into six equity shares of Rs 10 each of Comp. at a premium of Rs 62/3 per shares on 1st October.
- If the Comp. makes a bonus issue of equity shares before 30th June, the entitlement to equity shares of debentureholder shall stand augmented in the same proportion in which augmentation took place in the issued equity shares capital of Comp. consequent upon the bonus issue.
- Debentureholders not exercising the option will be paid Rs 100 per debenture on 1st October, & the balance Rs 400 in 5 annual instalments of Rs 80 each on 30th September commencing from 1983 together with the interest accrued thereon.
- 29,68,824 No. of equity shares of Rs 10 each were issued at a prem. of Rs 5 2/3 per share in conversion of debentures & were allotted on 1.10.1982.
1983
- The Comp. issued 15% non-convertible debenture of Rs 100 each for Rs 1,500 lakhs as rights to meet the requirements of working capital and also the normal capital expenditure.
1984
- The turbo generator for captive power plant at Panki was commissioned on 16th July. The project for primary reformer catalyst at Panki was commissioned in September.
- A letter of intent was received for manufacture of 3 tonnes per annum of uinapyramine salts.
- Industrial licences were received for expanding the paint manufacturing capacity at Rishra & for Quinapyramine salts projects.
- The name of Comp. was changed from Indian Explosives Ltd., to IEL limited Effective from 25th May, 1989, the name was again changed to ICI India Ltd.
1985
- A modified letter of intent was received for manufacture of certain new drug items & for production of membrane cells for use in caustic chlorine manufacture. Another application was made for installation of an additional 450 tonnes per day ammonia stream with matching urea capacity of Panki factory. This project was proposed to be set up based on the lattest energy efficient technology of ICI plc. U.K.
- Pref. shares redeemed on 31.7.1986.
1986
- The letter of intent for expanding polyester staple capacity to 30,000 tonnes per annum was converted into an industrial licence.
1987
- New products such as Maxilite gloss & emulsion & a masonry paint were added to the existing range. Dulux colour centres were set up at major centres to provide advice in areas of home decoration.
- The Comp. awaited Government clearance for production of membrane cells & coating of electrodes for use in caustic chlorine manufacture. Approvals were awaited for polyurethanes, toner resins projects & the fourth ammonia - urea stream project at Panki. The Company also proposed to apply for letters of intent seeking investment opportunities in other speciality & effects chemicals.
1989
- The Comp. introduced in the market new coil coating paint.
- The foreign collaboration application for manufacture of Accinox ZC, a rubber chemical was approved by Government. Application was made for a Letter of Intent for manufacture of Methyl methacrylate and the related Polymers, dispersions & sheets, Government approval was also sought for introducing in India the latest generation synthetic pyrethroid, lambdacyhalothrin, with the existing licensed capacity for cypermetrin. Approval from Government was received for production of FM-21 membrane cells & coating of electrodes.
1990
- MRTP approval was received for manufacture of high quality, high yielding hybrid seeds for cereals & oil seeds.
1991
- The antiozonant `Accinox Zc' plant at Rishra commissioned. A letter of intent for methane diphenyl di-isocyanate was received.
1992
- With a view to reinforce a competitive edge, the range of bulk products was extended by introduction of `Poweran' series.
- Never decorative & refinish paints were launched thereby improving the operating efficiencies.
- High quality hybrid seeds of sunflower & maize were launched.
- A Memorandum of Understanding was entered into between the Company and Nalco Chemicals Company, U.S.A. [Nalcos] for manufacture of speciality chemicals & industrial application.
- The Comp. & Nalco would each subscribe for upto a maximum of 40% in the equity capital of joint venture Comp. & the remaining shares accounting for 20% of total equity would be offered either to Indian public and/or to financial institutions, depending upon the final scheme of finance to be approved by Govt.
- The Comp. made an application for a letter of intent for the manufacture of 12,000 tonnes per annum of speciality chemicals. The new Company factory was proposed to be set up at the Rishra, West Bengal.
1993
- New products in the growing segment of decorative paints were introduced. The introduction of `Dulux', `Maxilite' & `Cobra' brands increased the growth in paints volume.
- The Comp. introduced `Tenoclor' - a fixed dose cardiovascular combination with diuretic in 1994-95. 1995
- Agrochemicals were transferred to a joint venture with Zeneca plc U.K. to ensure a strong market position through continued introduction of new products & technologies.
- The Comp. was progressively replacing Nitroglycerine based packaged explosives with emulsion & for purpose a new small diameter emulsion manufacturing facility was commissioned at Gomia. Formation of joint venture for initiating explosives with the Emign Bickford Company USA was being implemented.
- The launch of international ICI brands `Weathershield' & `Duette' added strength to the production fortfolio.
1996
- A Joint venture with The Ensign Bickford Company, USA initiating Explosives Systems India limited was formed.
- A new paints plant at Thane was commissioned in December.
1997
- The new state-of-the-art 20 million litres per annum automotive refinish & decorative paint manufacturing facility was commissioned in March 1998 at Mohali near Chandigarh.
- New products like Lignocaine Buprenorphine, Neostignine, Maxigard and ICIDIL were launched.
- Imperial Chemical Industries plc., U.K. the holding Company, holds 2,07,76,213 No. of equity shares of Company.
1998
- ICI [Indias] Limited is set to form a joint venture Comp. with Herberts of Germany for manufacturing & marketing automotive paints in India & the Asia Pacific regions. The two companies have already entered into a technical tie-up for manufacturing & marketing automotive coating in India & Asia.
- ICI India, a subsidiary of Imperial Chemical Industries Plc of UK, signed a joint venture with Gujarat State Fertilisers & Chemicals [GSFCs] to market acrylics products of GSFC.
- ICI India limited a partly owned subsidiary of ICI plc of UK, has acquired the nitrocellulose business of Asha Nitrochem Industries Ltd. at Valsad in Gujarat.
- ICI which has set up new paint factories at Thane, & Mohali in Maharashtra is slated to commission another plant at Chennai.
- An agreement has been entered into with Zeneca limited of UK for the sale of ICI India 49 per cent shareholding in Zeneca ICI Agrochemicals Ltd.
- The Comp. has also entered into an agreement with Nalco Chemicals, USA, for sale of its 40 per cent shareholding Nalco Chemicals India Ltd.
1999
- Initiating Explosive Systems India Ltd, ICI India joint venture with The Ensign Bickford Comp. [EBCos] of US, is all set to introduce the EXEL, Handide range of detonators in the country.
- The Comp. has signed an agreement with Orica Investment Pvt. Ltd., Australia, a subsidiary of Orica Ltd for transfer of its explosives business, including its shareholding in the share capital of IES India Ltd., to Indian Explosive Ltd., a joint venture to be established with orica limited The Comp. will hold 51 per cent of issued share capital of Indian Explosives limited & the balance 49 per cent will be held by Orica Ltd.
2000
- ICI India Ltd, subsidiary of ICI Plc of UK, has embarked on a restructuring drive to focus on specialty products & paints to align businesses in line with the global parent.
- ICI India Ltd, a subsidiary of British multinational ICI Plc, is open to acquisitions of brands & companies that synergise with its core competency & portfolio.
- ICI India is exiting from the polyurethane business by selling off the business to Huntsman Corporation of US. The Comp. is also hiving off its motor & industry paint business into a 50:50 joint venture with Berger Paints.
2002
- ICI India is set to enter the flavours and fragrances business, & has commissioned an in-house study of market.
- ICI India Ltd has decided to redesignate the following Wholetime Directors with effect from April 01, 2002. 1. Mr R L Jain whose current designation is Wholetime Director & Chief Operating Officer will be designated Wholetime Director & Chief Executive Officer, Paints. 2. Mr M R Rajaram whose current designation is Wholetime Director will be designated Whole Director & Chief Financial Officer.
-ICI India transfers pharmaceuticals business to Nicholas Piramal.
-ICI India Ltd has informed BSE that Mr Suresh Chandra, a nominee of Government of India, has resigned & ceased to be a Director of Comp. w e f July 05, 2002.
-Sudhir Krishna appointed as Director of ICI India.
2003
-ICI India announces change in the management 1. Mr Ashok Ganguly, Chairman has decided to retire 2. Mr Aditya Narayan, MD has decided to resign 3. Mr Rajiv Jain has been appointed as MD along with current role as CEO.
-ICI India has reported a 34% growth in the net profit at Rs. 107.7cr.
-ICI India has entered into an agreement with Orica Investment Pvt Ltd of Australia for the sale of its 51% holding in Indian Explosive ltd for a consideration of Rs.666.4 miilion
2004
-ICI India to seek members Approval to divest Nitrocellulose & Trading Businesses through Postal Ballot
-ICI India Ltd has informed that Mr Sudhir Krishna, a nominee of Government of India, has ceased to be a Director of Comp. wef January 21, 2004.
-ICI Paints introduces Supergloss 5-in1, a unique enamel paint for wood & metal surfaces.
-Nitrocellulose & Trading business transferred to Nitrex Chemicals India Pvt. Ltd.
-Unveils new acrylic latex based paints Dulux Weathershield Max & Tileshield for exterior walls & roof tiles respectively in the Kerala market
2006
-ICI India, paint division, launched its Dulux ColourFutures 2006, new range of shades based of annual forecast of international colour trends, in the city on March 18.
-ICI Paints has launched Inspira, 4-wall finish super premium paint, in the Kerala market.
2007
-ICI India Ltd has informed that the registered office of Comp. has been shifted from Chowringhee Road, Kolkata to Middleton Street, Kolkata with effect from January 08, 2007.
- ICI India Ltd has appointed Mr. Sandeep Batra as a Whole-time Director of Comp. with effect from April 01, 2007.
2008
-ICI India Ltd has appointed.Mr. A J Britt has been appointed as a Director of Comp. w.e.f. May 12, 2008.
2009
- ICI India Ltd has appointed Mr. Nihal Kaviratne as an Additional Director of Comp. w.e.f. March 30, 2009.
