History of Max India Ltd.
1988
- The Comp. was incorporated on 24th February, & the certificate of commencement of business was obtained on 21st March. The Comp. was engaged in the manufacture of Bi-axially oriented polypropylene [BOPPs] films. The Comp. was promoted in joint sector by Max India Ltd., Ranbaxy Laboratories Ltd., Montari Industries limited & Punjab State Industrial Development Corporation Ltd.
- The Comp. undertook to set up a project for manufacture of 2,000 tonnes per annum of BOPP film.
- Following amalgamation, the Comp. organised its business and designated them under four groups as follows: Max Pharma, Max Electronics, Maxxon BOPP Films, Max Telecom.
- The Max-GB limited is a 50:50 joint venture formed with Gist-Brocades International BV of Netherlands. It manufactures & markets Penicillin based drug intermediates [6-APA & 7-ADCAs] & bulk drugs [Ampicillin, Amoxycillin & Cephalexins].
- The Comp. undertook to set up a state-of-the-art bulk drugs and intermediates facility at a 50 acre greenfield site at Nanjangud near Mysore in Karnataka. The bulk drugs range would include Anti-epileptic and anti-histaminic drugs.
1989
- During January, the Comp. issued 14,50,000-12% secured convertible debentures of Rs 100 each as follows: [is] 2,90,000 debentures to the resident & non-resident shareholders of promoter companies [all were taken ups]. [iis] 72,500 debentures to employees [only 4,950 debentures taken ups]. The remaining 10,87,500 debentures, along with 67,550 debentures not taken by employees, were offered to the public. All were taken up.
- Part-A of Rs 20 of each debenture was to be converted into 2 equity shares of Rs 10 each at par upon allotment of debentures. Accordingly 29,00,000 No. of equity shares were allotted.
- Part-B of Rs 40 each debenture was to be converted into two or more equity shares at a price to be decided by concerned authorities within 5 years from the date of allotment.
- Part-C of Rs 40 of each debenture would be compulsory bought back by the Comp. at the option of investors on the expiry of 5 years from the date of allotment. It is redeemed in three equal installments at the end of 7th, 8th & 9th years from the date of allotment of debentures.
1991
- The erstwhile Max India Ltd., expanded into pharmaceutical formulation at an existing manufacturing facility at Okhla, New Delhi.
- New products such as Maxmox, a formulation of Amoxycillin, Cefamax, a formulation of Cephalexin, Floxip & an innovative product Rejoor were introduced.
1992
- Hutchison Max Telecom Pvt. Ltd., a joint venture was set up in collaboration with Hutchison Telecom, to offer value added telecom services.
- The Comp. entered into an understanding with Comsat Corporation USA., for a joint venture to address the needs of VSAT Communication services via satellite.
1993
- Effective 1st January, Max India was merged with Maxxon India Ltd. and the name was retained as Max India limited Consequent to amalgamation of Max India Ltd., with Maxxon India, the Comp. allotted the following shares:
- [is] 5,80,000 No. of equity shares allotted on 24th August, to the Trustee of 12.5% convertible debentures of Comp. consequent upon conversion of 11,60,000 debentures [1 to 5,80,000s].
- [iis] 75,000 No. of equity shares allotted on 24th August, to an associate Comp. against conversion of interest free unsecured loan of Rs 150 lakhs [5,80,001 - 6,55,000s].
- [iiis] 7,42,750 No. of equity shares allotted on 4th October to equity shareholders [6,55,001 - 13,97,750s].
- [ivs] 62,39,450 No. of equity shares allotted on 4th October, to equity shareholders of erstwhile Max India limited [13,97,751 - 76,37,200s].
- 70 shares subscribed for by promoters etc. 45,27,430 No. of equity shares then issued at par & allotted on a firm basis as follows: [1s] 22,19,439 shares to Max India Ltd., Ranbaxy Laboratories Ltd., Montari Industries Ltd., directors etc. & [2s] 23,06,000 shares to PSIDC.
1994
- Maxfoil, a innovative new product for leather industry was introduced. During the year the Comp. commissioned the cellular, paging & VSAT Satellite Communication networks.
- `Max torch', the cellular service was launched in Mumbai. All the seven paging networks of Hutchison Max Telecom were commissioned at Bangalore, Hyderabad, Baroda, Ahmedabad, Pune, Ludhiana & Chandigarh.
- The Comp. undertook to set up a design center primarily for exports market through hardware & software project sales.
- Pursuant to the approval received on the extra ordinary general meeting held on 28th December, it was proposed to allot 6,00,000 warrants to the management group. These are to be converted into equity shares @ Rs 383.75 per share.
- It was also proposed to issue Rs 152 crores worth zero coupon fully convertible debentures & non-convertible debentures with detachable warrants on rights basis at a premium to be decided.
1995
- Hutchison Max Telecom commenced paging services at Bangalore, Chandigarh, Ludhiana, Pune, Ahmedabad, Hyderabad with the commencing of its 7th network at Vadodara. In September, the Comp. commissioned Cellular phone services in Mumbai.
- In September, Max speciality Products launched Max foil, a unique range of leather finishing oils at its new facility at Railmajra, Punjab.
- The joint venture between Max-GB limited & Hindustan Antibiotics Ltd., for manufacture of Pennicillin G was inaugurated at Pimpri on 8th October.
- The joint venture would launch six new products along with long acting injectable contraceptives 'Depo-Provera'. An agreement was reached with Pierre Fabre, France to market their products on an exclusive basis. The Company products were launched.
- The paging service of Hutchison Max Telecom became the first service to be launched in all its licensed cities.
- Commercial operations commenced in August by commissioning its master earth station, the Hub at Turbe near Mumbai. Forays were made into the banking & financial sectors & also into distribution and manufacturing sectors.
- During December 1995 - January 1996, the Comp. offered 8,33,720 - zero coupon fully convertible debentures of Rs 500 each for cash at par on rights basis in proportion 1 debenture: 10 equity shares held [all were taken ups].
- Part A of Rs 225 of each debenture was to be converted into one equity share of Rs 10 at a premium of Rs 215 per share on the date of allotment. Accordingly 8,23,720 shares allotted.
- Part B of Rs 275 would be converted into 1 equity share of Rs 10 at a premium of Rs 265 per share after 12 months from date of allotment.
- Simultaneously the Comp. also issued 16,47,440 - 12.5% second redeemable non-convertible debentures of Rs 250 each for cash at along with detachable warrants on rights basis in proportion 1 NCD : 5 shares held.
- Each debenture would be redeemed at par in three installments of Rs 75, Rs 75 & Rs 100 at the end of 6th, 7th & 8th year from the date of allotment of debenture.
- 14,23,720 shares allotted on conversion of warrants as allotted on preference basis to management group companies.
1996
- A range of Upjohn products manufactured under licence in a new sterile facility were launched.
- The Comp. is an exclusive representative of Motorola Semi Conductor for the south Indian subcontinent. A new group has been set up for offering turnkey projects for setting up a 100% EOU PCB plants in the country.
- Due to the amalgamation, the unit now offers improved customer service & has developed new products.
- In March, a joint venture was formed with Atotech BV of the Netherlands for PCB plating & general metal finishing chemicals.
- In April, the unit commissioned at its films metallising plant and launched its metallised BOPP films branded `Maxmet'.
- In March, the Comp. commissioned the state-of-the-art metalliser imported from General Vaccuum equipment, U.K.
2000
- Max India limited gets nod for 1:1 bonus issue & Employee Stock Option Programme & increasing the authorised share capital of company.
- The Comp. has acquired a majority interest in HealthScribe India Pvt. limited a 100 per cent Indian subsidiary of HealthScribe Inc., one of the World leading medical transcription companies.
- The Comp. has divided all its business - business units, joint ventures & investments - under six heads; viz., Healthcare, Financial Services, Information Technology, Pharmaceuticals, Speciality Products and Telecom.
- The Comp. sold 24 per cent stake in the 50:50 penicillin-based bulk pharmaceutical joint venture Max GB to its foreign partner, the Dutch DSM, for Rs. 26 crores.
- The Comp. appointed Mr. Kanti Mohan Rustagi as the C.S. effective from 9th August.
- Analjit Singh has been appointed the new chairman & the post of managing director split into two -- one each for information technology and healthcare -- to be headed by Vivek Jetley & Noni Chawla.
- Mr. Jagdish Anand resigned as Director w.e.f. October 1st & the appointment of Mr. Nripjit Singh Chawla as the Managing Director w.e.f. October 3.
2001
- Max healthcare, a division of Max India Ltd., has opened two primary [Dr Maxs] & a secondary [Max Medcentres] healthcare centres in New Delhi.
- Max New York Life the joint venture between Max India & New York Life, will enter the bancassurance sector six months from now.
2002
-Max India becomes the first private player to show interest in Health Insurance sector.
-BOD at its meeting approves the following: Spin off of its health care division into a wholly owned subsidiary Divestment of 5% holding of Comp. in DSM-Anti Infectives India Pvt Ltd in favour of its joint venture partner.
-Releases 'Host-Protect-Delivery-Manage' [HPDMs] suite for corporates to help them to tackle the uncertainties.
-Shareholders by way of postal ballot approve for sale of company Healthcare division to a wholly owned subsidiary.
-Max Healthcare recasted as a separate Comp. & will be called Max Healthcare Institute Ltd.
-Max Health extends its clinics at schools & in corporate offices.
-Board approves for disinvestment of its entire 40% share in Avnet Max Ltd in favour of its joint venture partner.
-Board approves for sale of its pharmaceutical division to Jubilant Organosys at a consideration of Rs. 62.7 crs.
2003
-Board approves for acquisition of 49% equity stake in Cosmat Max held by Cosmat Investments Inc, Mauritius for a consideration of US $ 7,50,000.
-Board approves for investment of an amount not exceeding Rs.55 million in tranches, in Max Healthstaff International Ltd.
-Max India closes down Max Ateev & Alta Cast , the software development & IT enabled business taking a big hit of Rs.65 crs.
-Shareholders approve for delisting of company shares from ASE,CSE,DSE & LSE.
2004
-Max India Ltd has informed that Mr. Surendra Kaul, a Whole-time Director of Comp. designated as 'Director [Legal and Corporate Affairss] has decided to pursue career options outside the Company. At the request of Comp. & in order to ensure a smooth transition, Mr. Kaul will continue with the Comp. till November 30, 2004.
2007
-Max India Ltd has appointed Mr. Anuroop Singh as an Additional Director on the Board of Directors of Comp. effective from March 30, 2007.
- The Comp. has splits its face value from Rs.10/- to Rs.2/-.
