History of Sterlite Industries [Indias] Ltd.
1975
- The Comp. was originally incorporated as Rainbow Investments Ltd. on 8th September. The Comp. Manufacture & deals in electrical wires & cables of all kinds.
1976
- The name was changed to Sterlite Cables, limited on 19th October, and the Comp. undertook the manufacture of cables, conductors and enamelled copper wires at its factories in Mumbai & Pune.
1981
- 2,10,000 shares issued without payment in cash to the retiring partners of partnership firm in which the Comp. was also a partner.
1986
- On 28th February, the name of Comp. was changed to Sterlite Industries [Indias], limited & a fresh Certificate of Incorporation to this effect was obtained from the Registrar of Companies, Maharashtra. The Comp. was promoted by Anil Kumar Agarwal, Dwarka Prasad Agarwal and Ishwarlal Patwari.
- A technical collaboration agreement, approved by Government of India, with M/s. Essex Group Inc, a division of United Technologies, U.S.A., provides for technical information, know-how & knowledge relating to the manufacture of telephone cables for a period of five years.
1988
- The Comp. undertook a project to set up a continuous cost and rolled non-ferrous rods unit at Taxwe Khurd near Lonawala with the technical assistance of M/s. Continuus, SpA, Italy & M/s. La Farga Lacambra Sa, Spain. The unit was commissioned during 1989-90.
- The Comp. issued 1,25,000 - 13.5% secured fully convertible debentures of Rs 175 each for cash out of which the following debentures were reserved for preferrential allotment [is] 6,250 debentures to employees, etc. [iis] 31,250 debentures to non-resident Indians on repatriation basis. The balance 87,500 debentures, along with the unsubscribed portion of 6,010 debentures out of employees preferential quota were offered for public subscription during February 1988. Additional 18,750 debentures were allotted to retain over-subscription
- Each debenture of Rs 175 was compulsorily converted into 5 fully paid-up equity shares of Rs 10 each at a premium of Rs 25 per share after six months from the date of allotment of debentures.
- The Comp. privately placed with UTI 2,00,000 - 14% non-convertible debentures of Rs 100 each. These debentures are redeemable at a premium of Rs 5% in five equal annual instalments commencing at the end of fifth year from the date of allotment, i.e. 23rd February, 1989.
- `Vision Finance and Leasing Ltd.' became a wholly owned subsidiary of the Company.
- During February, the Comp. issued 4,55,000 No. of equity shares of Rs 10 each at a premium of Rs 25 per share to partly meet the cost of JFTC project, to meet the long term working capital needs for then existing operations & to enlist the shares of Company.
- 7,18,750 shares issued [prem. Rs 25 per shares] on conversion of debentures issued in February, 1988.
1989
- The Company XLPE Cable Unit & PVC insulated Power & Control cable unit were modernised with the technical assistance of Johan Royle & Sons, U.S.A.
- 8,50,000 - 13.5% fully convertible debentures of Rs 140 each for Rs 11.90 crores as follows:
- [is] 4,65,000 debentures to the existing equity shareholders [including non-resident Indianss] as rights in proportion one debenture for every five equity shares held
- [iis] 3,85,000 debentures to the public out of which 42,500 debentures were offered on a preferential basis to employees, etc. of Company. Only 40,600 debentures were taken up by employees. The unsubscribed 1,900 debentures belonging to the employee quota were added back to the public offer. Additional 1,27,500 debentures were allotted to retain oversubscription [69,750 debentures to the equity shareholders & 57,750 debentures to the publics].
- Pursuant to the terms of issue, 10,75,250 No. of equity shares were issued at the end of 18 months from the date of allotment i.e. on 7th September, 1990.
1990
- The Comp. diversified its activities by undertaking the manufacture of Jelly-filled telecommunication cables [JFTCs] with an installed capacity of 6.25 lakh CKM.
- The overhead power transmission conductor units capacity was raised to 6,000 TPA & that of PIJF plant, for manufacture of foam skin insulated telecables, to 12 lakh ckm.
1991
- The Comp. proposed to set up a copper smelter project in technical collaboration with MIM Holdings Ltd., Australia with a capacity of 60,000 TPA at Ratnagiri, Maharashtra.
- The Comp. proposed to increase the capacity of telecommunication cable division to 15 lakh CKM & that of continuous cart copper rod division to 30,000 TPA with technical assistance from Asarco Inc. U.S.A.
- During January, the Comp. issued 6,10,000 - 13.5% secured redeemable partly convertible debentures of Rs 250 each of which 85,000 debentures were reserved for preferential allotment to employees/workers of Company. The Balance 5,25,000 debentures, were offered for public subscription. Additional 91,500 debentures allotted to retain oversubscription.
- 10,90,000 - 13.5% secured redeemable partly convertible debentures of Rs 250 each were offered to equity shareholders on rights basis in the ratio of one debenture for every four equity share held. Additional 1,63,500 debentures were allotted to retain oversubscription.
- As per the terms of issue, part - `A' & part `B' of Rs 90/- each will be converted into one equity share of Rs 10 each at a premium of Rs 80/- per share at the end of six months & 12 months respectively from the date of allotment of debentures. The balance Rs 70 of each debenture will be redeemed at par in two equal instalments of Rs 35 each at the end of 7th & 8th year respectively from the date of allotment.
- 39,10,000 No. of equity shares issued [prem. 80 per shares] on conversion of debentures of Rs 250 each.
1992
- The Comp. proposed to set up a phosphoric acid plant with a capacity of 1,00,000 TPA with technology from Hydro Agri, U.K.
- The Comp. had set up an additional plant for manufacture of Jelly filled cables with an installed capacity of 15 lakh CKM & the total capacity was raised to 33 lakh CKM. The Comp. also set up a new plant with an annual capacity of 40,000 FKM at Aurangabad to manufacture optical fibre cables.
- 66,15,284 Bonus shares issued in prop. 4:5.
1993 - The Comp. commissioned a new plant at Silvassa for manufacture of Jelly filled cables with an installed capacity of 20 lakh CKM. The capacity of Aluminium sheets & foils plant was proposed to be expanded to 60,000 MTs.
- During January/February, the Comp. issued 33,07,650 - 16.5% secured redeemable non-convertible debentures [NCDs] of Rs 450 each with detachable warrants to the existing equity shareholders on right basis in the ratio of 2 NCD for 5 equity shares held. [Only 32,82,237 debentures were taken ups]. These debentures are redeemable at par in three equal instalments of Rs 150 each at the end of 7th, 8th & 9th year respectively from the date of allotment.
- The Comp. issued 82,69,105 secured Zero Interest fully convertible debentures of Rs 360 each to the existing equity shareholders on right basis in the ratio of 1:1. Another 46,58,300 secured zero interest fully convertible debentures of Rs 350 each were issued to the public of which 10,32,000 debentures were reserved to the promoters, 20,000 debentures offered to employees, [only 5,700 debentures were taken ups].
- 7,00,000 debentures offered to NRIs [only 3,84,900 debentures were taken ups] 2,00,000 debentures offered to FIIs [only 26,600 debentures were taken ups]. Remaining 27,06,300 debentures offered to public. [All were taken up including unsubscribed portion from employees, NRIs and FIIss].
- The debentures were convertible into two equity shares of Rs 10 each at a premium of Rs 170 per share at the end of 18 months from the date of allotment.
- During December, the Comp. issued US $100,000,000 - 3 1/2% convertible bonds due 1999 convertible into GDRs [the Bondss] at an issue price of 100 per cent. The bonds issued to be in denominations of US $5000.
- 25,480 No. of equity shares allotted on conversion of 3.5% Euro Convertible bonds.
1994
- 68,800 No. of equity shares were allotted upon conversion of certain foreign currency convertible bonds into GDRs [246 bonds converted at a conversion price of Rs 561.07.
- Another 15,680 No. of equity shares were allotted to conversion of 56 bonds into GDRs on 30.9.1994. On 31.10.1994, 1,50,360 No. of equity shares were allotted in conversion of 537 bonds.
- 2,60,89,730 shares allotted on conversion of Euro Convertible Bonds.
1995
- 31,78,725 shares issued according to the scheme of amalgamation.
1996
- Sterlite communciations limited merged with the Comp. w.e.f 1st April. In accordance with the scheme of Amalgamation, 1 equity share of Rs 10 was allotted to every shareholder of erstwhile sterlite communciations limited for every 4 equity shares held.
1997
- The Comp. proposed to construct a new greenfield aluminium smelter alongwith associated Captive Power Plant in Orissa. The technical collaboration & technology license agreement was signed with Aluminium Pechiney [APs], France for latest AP 30 technology.
- The Comp. undertook another project to manufacture Aluminium alloy rolling sheets & foils.
- The controversy-dogged Rs.1,000-crore copper smelting plant set up by Sterlite Industries in Tuticorin, Tamil Nadu, has received a clean chit from the three member independent committee set up by Tamil Nadu government to look into the environmental fallout of project.
- Sterlite is setting up a plant to manufacture blister copper and allied materials & work is progressing in two phases.
- The Sterlite Industries here will set up a desalination plant to purify 45 lakh litres of water per day, needed for copper smelting plant.
1998
- Sterlite Industries [Indias] limited has agreed to make an open offer of 20 per cent for acquiring shares in Indian Aluminium Co. limited [Indals].
- Sterlite Industries Limited, the Mumbai-based cable manufacturing company, which had made a public offer to acquire 20 per cent of Indal shares, is legally required to obtain RBI clearance for financing the acquisition cost.
- Sterlite Industries [Indias] limited will accept all the shares of Indian Aluminium Co. limited [Indals] received by it in response to its open offer to acquire 52.03 per cent stake in Indal.
- Phosphoric acid plant of Sterlite Industries has remained shut for over six months, at the company Tuticorin complex. The plant was set up as a downstream facility that would make use of sulphuric acid produced by Sterlite copper smelter plant.
- Sterlite Industries [Indias] Ltd ambitious greenfield aluminium smelter will have a capacity of 1,25,000 tonnes in the first phase.
- 10% Non-Convertible Red. Cum. Pref. shares redeemable at par on the expiry of 3 years from the date of allotment i.e. 30th June, 1999.
1999
- SIL has entered into a memorandum of understanding [MoUs] with the State Government 30,000 tonne capacity Mount Lyell copper mine, one of the low cost copper mine. This would ensure long term supply of copper concentrate.
- Sterlite Industries Ltd will implement its proposed Rs 3,400-crore one-million tonne greenfield aluminium project in Orissa through a joint venture Comp. rather than going it alone.
2000
- The Comp. has approved allotment of 90,00,000 No. of equity shares of Rs 10/- each at a premium of Rs 171/- per shares aggregating to Rs 162.90 crores in accordance with the SEBI Guidelines on preferential allotment of shares dated 05.08.1994 against exercise of warrants issued by Comp. in June '98.
- Copper & cable major, Sterlite Industries & telecom multinational Alcatel have joined hands to provide telecom networking solutions in India.
- Pursuant to the Scheme of Arranagement, the telecommunication business of Comp. has been demerged into a separate Comp. - Sterlite Optical Technologies Limited with effect from July 01. The Company has proposed to issue shares in its demerged telecom business at a ratio of 1:1 to all its existing shareholders.
- The Comp. is set to acquire two copper mines in Australia.
2001
- Sterlite Industries Ltd hive off is power transmission the aluminium conductor division into a wholly owned subsidiary of company.
- The Cabinet committee on disinvestment approved sale of 51 per cent of government equity in Bharat Aluminium Comp. to Sterlite Industries Ltd for a sum of rs 551.5 crore.
- After bagging a 51 per cent stake in Bharat Aluminium Company, Sterlite Industries may now explore the possibility of hiving off its aluminium business into a separate company.
- The Comp. allotted 79,996 No. of equity shares on exercise of options by employees as per the ESOP scheme. - Copper majors Sterlite Industries, Indo Gulf Industries & SWIL Ltd have come together to promote copper consumption in the country through increased use of metal in new areas such as motors, house-wiring, electricity transformers & plumbing.
- Sterlite Industries [Indias] Ltd has reported a 32 per cent decline in net profit at Rs 23.97 crore [Rs 35.49 crores] in the first quarter ended September 30, 2001.
2002
-Sterlite Industries India Ltd has informed that Mr Somnath Patil CFO and Comp. Secretary has resigned from the Comp. at the close of business hours on June 30, 2002.Mr S S Krishnan has been appointed as Head Legal and Secretarial wef July 01, 2002. He shall also act as a compliance officer of company.
2003
-Birla Copper & Sterlite Industries secured LME[London Metal Exchanges] registration, both companies' copper cathodes have been ratified as Grade A copper brands.
-Mr.A.S Khandwala has been appointed as Comp. Secretary & Compliance Officer of the Sterlite Industries Ltd.
-Naveen Patnaik, Chief Minister of Orissa laid the foundation stone of proposed Rs.4000cr bauxite mining & alumina refinery project of Sterlite Industries Ltd.
-Income Tax Department filed a petition against Sterlite Industries proposed hive off as it has attached 54% of company shareholding belonging to Twin Star Holdings.
-SEBI has directed Sterlite Industries & its two partner firms to pay interest NRI's, OCB & FII for holding payment to them to buy out of Hindustan Zinc Ltd.
-Sterlite, Essar & Videocon have tied up the confidential memorandum to buy the governments stake in SCI.
-Mr Navin Agarwal has been appointed as Whole Time Director of Comp. for a period of five years on the board of company.
-Mr.C.V Krishnan CEO[Metalss] of Sterlite group has expressed his desire to work for a social organization.
-Mr Madan Gopal Pachisia who was a Director on the Board of Directors of Comp. expired on November 12, 2003.
-Anil Agarwal, chairman of company, climbed to 8th position in the Business Standard Billionaire rankings from 17th
-The issue of bonus shares in the ratio of 1 new share for every 1 existing share
- A rights issue in the ratio of 3 new shares for every 10 existing shares of expanded share capital to raise at least Rs. 14,000 million. A committee of directors will decide the rights issue price keeping in view the then prevailing market price.
2004
- Twinstar Holdings, a subsidiary of Vedanta Resources, has increased its holdings in Sterlite Industries India [SIILs]by 2.4% to 57.53%.
2005
-Sterlite Industries inks deal with Escondida mine
2008
- Sterlite Industries [Indias] Ltd [SIILs] has got the Golden Peacock Environment Award - 2008 from World Environment Foundation, selected by jury chaired by Mr Justice P. N. Bhagwati, former Chief Justice of India & Member, UN Human Rights Commission. Out of 70 companies that took part for various awards, 19 companies were chose for awards under various categories & Sterlite was announced as winner in the Non Ferrous Category.
- Sterlite Industries India Ltd has informed that the Board of Directors of Comp. at its meeting held on December 24, 2008, appointed Mr. D D Jalan as an additional director of Company.
