History of Transport Corporation of India Ltd.
YEAR EVENTS 1965 - The Comp. was incorporated in the State of Assam as a private limited Comp. on 6th April, with the main object of taking over as a going concern the business then carried on under the name & style of Transport Corporation of India. Accordingly, the transport business was taken over in April, & the diesel pump business & immovable assets in February 1967.
- The main object of Comp. is transport of goods by road, dealing in petroleum products and manufacture of textiles & yarn. The transport division commenced new activities in shipping & liquid transportation
1970 - 200 shares subscriber for by signatories to the Memorandum of Association & 14,800 shares issued without payment in cash.
1971 - 5,000 shares issued to directors, etc.
1972 - 10,500 shares issued to directors, etc.
1973 - The rolling mill unit, acquired from Bangalore Rolling & Structurals, Ltd, went into production in October.
- Authorised capital reclassified & increased. Shares subdivided.
1975 - With effect from 1st June, the Comp. acquired a textile mill in Mumbai & started running it under the name Mukesh Textile Mills.
1976 - 4,80,000 shares offered to the public [prem. Rs. 10 per share during May 1975.
1977 - 8,00,000 Bonus shares issued in prop. 1:1.
1981 - The working results of Mukesh Textile unit were adversely affected due to steep increase in the cost of all inputs & also due to a strike by workmen from 18th January, 1982.
- Authorised capital increased 16,00,000 Bonus equity shares issued in prop. 1:1.
1984 - The operations of Wire Rod mill unit were adversely affected due to massive power cuts coupled with shortage of supply of steel billets.
- There was no manufacturing activity due to strike by workmen and a major fire in the mill. An application for closure of Mukesh Textile mills unit was pending with the Mumbai High Court.
- The Comp. revalued the leasehold land, buildings, plant and machinery of its Mukesh Textile Mills in Mumbai as on 30th June. The net surplus arising out of this was credited to capital reserves.
- Land & Buildings of transport division were revalued as on 1st July, & the net surplus arising out of this was credited to capital reserves.
- Land, buildings & plant & machinery of Bhoruka textiles unit were revalued as on 1st July, & the net surplus arising out of this was credited to capital reserves.
- The buildings, plant & machinery of wire rod mill at Bangalore were revalued as on 1st July, & the net surplus arising out of this was credited to capital reserves.
- Bhoruka Textiles, Ltd., Chanderpal Investments, Ltd., & TCI Investments, limited [formerly Rajat Investments, Ltd.s] are subsidiaries of Company.
- 1,88,720 shares issued at par to financial institutions on conversion of loans.
1985 - The Comp. privately placed with Unit Trust of India 1,50,000 - 15% secured redeemable non-convertible debentures of Rs. 100 each.
- During Feb. 1986, 16,94,860 Bonus equity shares issued in prop. 1:2.
1986 - In August, Shipping division acquired one more vessels named 'M.V. Bhoruka Prabhu'.
- There was no production activity due to continued strike. The Government of Maharashtra rejected the closure application forwarded by Mukesh Textile mills bench of Mumbai High Court.
- The Transport division commenced new activities in shipping and liquid transportation. The Shipping division commenced operation on 21st October.
- The collapsible containers division made a small beginning with the manufacture of collapsible containers for transportation of liquids. The division also undertook marketing activities of collapsible containers.
- During April, the Comp. offered for sale 10,00,000 No. of equity shares of Rs. 10 each at a price of Rs. 15 per share linked to 4,00,000 - 15% secured redeemable non-convertible debentures of Rs. 100 each. Out of this, 20,000 No. of equity shares linked to 8,000 debentures were reserved for preferentail allotment to Business Associates, Directors etc. & 50,000 No. of equity shares linked to 20,000 debentures were reserved for preferential allotment to the employees of Company.
- The balance of 9,30,000 No. of equity shares linked to 3,72,000 debentures were offered for public subscription during April-May, of which 2,50,000 No. of equity shares linked to 1,00,000 debentures were reserved for prefernetial allotment to non-resident Indians on non-repatriation basis. Every applicant applying for equity shares was to apply simultaneously for debentures also & vice versa in the proportion of 50 No. of equity shares & 20 debentures or multiples thereof for Indian public, employees and Business Associates & 100 No. of equity shares & 40 debentures or multiples thereof for non-residents.
1988 - Turnover of Transport division registered a growth of 10%. Rent-A-car operations commenced in March, 89 in some cities with a small fleet of non-airconditioned cars.
1989 - Turnover improved by 17% on an annualised basis over the previous period. The wheels rent-a-car division operated from six major cities hiring over both air-conditioned & non-air conditioned cars.
- Shipping division proposed to introduce voyages in Indian coastal waters to adjacent foreign ports & also buy log carriers, mini bulk carriers & offshore vessels for future expansion.
1990 - The wheels rent-a-car division expanded the network to four more cities. The self drive service was well received by the customers.
- There was a setback in the Shipping division due to lower tonnage transported, lower realisation of rate per ton & breakdown of a ship resulting in an increase of both semi variable & fixed overheads.
- With effect from 1st April, the wire rod mill was transferred to `Bhoruka Steel, Ltd.'.
- The division was set up for buying & selling of Forex i.e. money changing business. The RBI was approached by division for licenses to open branches in few more centres in India.
1992 - During 1992-93 & 1993-94, shipping division registered an increased turnover at 4% & 23% respectively. During the year, 4th ship. M.V. Bhoruka Vikram was to be added to the fleet.
- 25,42,290 bonus shares issued in prop. 1:1.5.
- The Wheels Rent-A-Car division has also introduced a new scheme of long term renting of cars under which cars of various models can be rented for a period of 36 months on self drive basis by the customers. The scheme has been initially introduced in Bombay & Delhi & is expected to get a good response.
- The Comp. has formed a new division in the name & style of `TRANS CORP INTERNATIONAL BUREAU D'EXCHANGE' for conducting the business of money changer i.e. buying & selling of Forex.
1993 - Despite nationwide transport, strike, transport divisions turnover improved by 19%.
- The Desk-to-desk cargo division proposed to increase the network by introducing 25 branches.
- On 5th March, the Comp. allotted 25,42,290 No. of equity shares of Rs. 10 each fully paid as Bonus Shares to the members in the proportion of one share for every two shares held.
1994 - During May, the Comp. issued 6,35,575 - 15% secured fully convertible debentures of Rs. 120 each on Rights basis in the proportion 4 debs : 50 No. of equity shares held [all were taken ups].
- Part A of Rs. 40 was to be converted into one equity shares of Rs. 10 each for cash at a premium of Rs. 30 per share on the date of allotment.
- Part B of Rs. 80 was to be converted into 2 equity shares of Rs. 10 each at a premium of Rs. 30 per share after 12 months from the date of allotment of debentures. Accordingly 6,35,575 No. of equity shares were allotted on 30th June.
- Another 10,59,425 - 15% secured redeemable partly convertible debentures of Rs. 120 each were issued through the Prospectus as follows.
- is] 2,64,800 PCDs on preferential allotment basis to the promoters.
- iis] 1,00,000 debentures on firm allotment to UTI.
- iiis] 53,000 debentures on firm allotment to SCICI Ltd.
- Balance 6,41,625 debentures were issued to the public [all were taken ups]. Rs. 40 of face value of each debenture was to be converted into 1 equity shares of Rs. 10 each at a premium of Rs. 30 per share on the date of allotment of debentures. Balance Rs. 80 of face value of each debenture was to be redeemed in four equal annual instalments of Rs. 20 each at the end of 6th, 7th, 8th and 9th year respectively from the date of allotment of debentures.
1995 - The Comp. has received ISO-9002 Certification.
- The Comp. has also allotted 284800 PCDs of Rs.120/- each to the employees on 31st January. Out of 4,00,000 debentures issued to the Public in 1985-863,00,000 Debentures have been redeemed as on 17th June.
- TCI launched its sea cargo division, TCI Seaways Ltd., to carry cargo between the mainland & the Andaman & Nicobar Islands.
1997 - Transport Corporation of India Ltd [TCIs] have launched a new division - XPS Cargo services. Christened XPS, this new door-to-door service is exclusively designed to meet the needs of time sensitive high value small cargo.
1999 - Transport Corporation of India [TCIs] & Mitsui and Co Ltd, Japan largest general trading company, have joined hands to set up a new joint venture company.
- TCI, has entered into two-year contract with Sathyam Infoway through VSNL for a lease line with capacity of 64 Kilo bytes per second [KBPSs].
- The Comp. has signed a joint venture with Mitsui and Co. in the field of automotive logistics.
2000 - The Comp. has launched a vertical portal on logistics, to provide information & services to the industry.
- The Comp. has proposed to delist its shares from the Bangalore, Calcutta, Cochin & Madras stock exchanges as the volume of trading on these SEs has reduced.
- XPS Door-to-Door Express Service, a division of Transport Corporation of India, has launched Anmol Rakhi to facilitate sending of rakhis to anywhere in the country & abroad.
- The Comp. has launched logisticsfoccus.com.
- ICRA reaffirmed the `LA' & `MA+' ratings assigned to the partly convertible debenture & fixed deposit programme of Company.
2001 Transport Corporation of India Ltd [TCILs] has received ISO 9002 certificate.
2004
- Transport Corporation of India-promoted XPS ties up with Emirates Post of UAE & launches new inbound parcel service named 'Bharat Parcel Guaranteed' which offers full refund of parcel charges if the parcel is not delivered within two weeks of booking.
2005
-XPS Global signs agreement with Chinese logistics firm
2007
-Transport Corporation of India Ltd has appointed Mr. R V Raghavan as Additional Director of Company.
