History of Usha Martin Ltd.
- The Comp. was incorporated on 22nd May, & obtained the Certificate of Commencement of Business on 17th July, 1986. It was promoted jointly by Usha Martin Industries limited [UMIs] & Bihar State Electronic Development Corporation limited [BSEDCs].
- The Comp. undertook to set up a project for manufacture of 5,00,000 conductor kilometres [CKMs] per annum of jelly filled cables.
- The Comp. entered into a technical collaboration agreement with AEG Kabel of West Germany for technical know-how & training of Indian technicians at the collaborator plant.
1988
- The Comp. had developed PCM system cable used for transmission of digital signals & supplied higher size cables upto 1600 pairs. The Company had also developed foam skin type cable of size 1800 x 0.4 for the first time in India.
- 70 shares subscribed for by signatories to the Memorandum of Association. 70,99,930 shares were then issued at par out of which the following shares were reserved & allotted on a firm basis:
- [is] 16,96,930 shares to Usha Martin Industries Ltd., its directors, their friends, etc.;
- [iis] 18,46,000 shares to BSEDC;
- [iiis] 10,72,000 shares to AEG - Kabel of West Germany and
- [ivs] 7,10,000 shares to DEG of West Bermany. Out of remaining 17,75,000 shares, 3,55,000 shares were reserved for preferential allotment to employees, etc., but only 14,800 shares taken up. The balance 14,20,000 shares along with 3,40,200 shares not taken up by employees, were offered for public subscription during April 1988 [All were taken ups].
1989
- During May/June 1989, the Comp. offered 14,20,000 rights equity shares in the prop. 1:5 [All were taken ups]. Simultaneously, 71,000 No. of equity shares were also offered to the employees on an equitable basis. Only 5,200 shares taken up. Balance 65,800 shares allowed to lapse.
1994
- The Comp. issued 10,00,000 No. of equity shares of Rs 10 each at a premium of Rs 169 per share on preferential basis to promoters.
- During October, the Comp. issued 32,71,028 GDRs & these representing 32,71,028 No. of equity shares were issued at a price of Rs 335.66 per share.
- Usha Martin Telekom Ltd., a joint venture along with Usha Martin Industries limited and Telekom, Malaysia have been providing cellular phone services in Calcutta under the brand name 'COMMAND'. 1996
- The Comp. was closely monitoring the development in power sector and was evaluating various options.
- Summit Usha Martin Finance Corporation limited [Formerly Usha Martin Finance Corporation Ltd.s] became a 50:50 joint venture between Usha Martin Group of Industries and Sumitomo Corporation of Japan.
- Other joint ventures of Comp. are Usha Siam Steel Industries Ltd., Usha Martin Europe limited & Usha Martin Americas Inc. 1997
- The Comp. decided to spin-off the Software Division into one of the subsidiaries of company.
- Usha Martin Industries limited was merged with the company. After amalgamation Comp. has become a multi-divisional company, covering the manufacture of pig iron, steel wires & wire rods, wire ropes and jelly-filed cables.
- 11,477,334 No. of equity shares issued to the shareholders of erstwhile Usha Martin Industries limited Pursuant to the Scheme of Amalgamation with the Comp. & 13,56,200 No. of equity shares of Rs 10 each held by erstwhile Usha Martin Industries limited were canacelled due to Amalgamation with the Company.
- Ubest a division of Usha Beltron limited has signed an agreement with Swiss Telecom PTT to offer Indian cellular operators natel sim card application platform [sicaps] software product for immediate implementation.
- Usha Beltron limited [UBLs] was promoted jointly in 1986 by Usha Martin Industries & Bihar State Electronic development Corporation in technical collaboration with AEG Kabel, Germany to manufacture jelly filled tele-cables [JFTCs].
- The Comp. will have three major divisions-wire & wire ropes, software & telecom.
1998
- Crisil has downgraded the outstanding ratings of Usha Beltron Ltd. [UBLs] & also removed them from rating watch.
- The Jhawars-promoted wire rope-to-jelly filed cables firm, Usha Beltron Ltd, is set to extend its activities into telecommunications in a big way.
- Usha Beltron telecom foray will include extending activities to different fields of operating, maintaining & providing telecommunications services of all types & other value-added services and to design, instal and/or erect all types of telecommunication network systems & enter into joint venture agreement with Indian and foreign parties.
- Usha Beltron limited of Jhawars is all set to change its name to Usha Martin Ltd this fiscal, according to sources in the company. This is for second time, in a span of just one year, that the Comp. is going to change its name.
- The Comp. has initiated moves to restructure its international marketing & distribution business.
- The Comp. embarked on creating a new cable manufacturing facility at Silvassa with a capacity of 27 lckm through UM Cables Ltd., a wholly owned subsidiary of company.
1999
- The Comp. has introduced a voluntary retirement scheme at its cable and wire rope factories in Ranchi from last month. The scheme has been offered to workers & officers who are of & over forty years of age and have completed 10 years of service.
- UM Cable Ltd, a wholly-owned subsidiary of Usha Beltron Ltd. belonging to the Rs. 1,000-crore plus Usha Martin Group, is being launched in Silvassa, near Mumbai, to manufacture jelly-filled telecommunication cables.
- Usha Beltron limited [UBLs], the wire & wire ropes major of Jhawar group, is setting up a holding Comp. to streamline its overseas distribution network.
- Usha Communications Technology, a wholly-owned subsidiary of Usha Beltron Ltd, & Compaq Computer Corporation singed a comprehensive worldwide solution development marketing agreement on May 7 at Portland, Oregon, the US.
- UBL recently entered into an agreement with American Express Bank for funding worth $15 million. 'The rest of $10 million will be through equity expansion & bringing in a joint venture partner.'
- Usha Beltron Limited, the flagship of city-based Usha Martin Group, is setting up a joint venture with an Australian firm to produce leaded steels.
- Usha Beltron Limited [UBLs] of Calcutta-based Jhawars have acquired 10 per cent equity control in its Thai ropes & wire making joint venture -- Usha Siam Limited.
- Umicor, UK, a joint venture between Usha Beltron limited [UBLs] & Exim Bank, has acquired EMMC UK, a firm specialising in providing services and solutions for wire rope industry, for $3.5 million.
- While software companies are making a beeline for India, Usha Beltron limited of Jhawars is setting up a holding Comp. - Usha Communications Technology - for software development in the United Kingdom.
- The new Comp. is being set up in collaboration with Entryline Holdings Ltd, a Pentire group Comp. of UK.
- Usha Beltron Limited [UBLs], the city-based Jhawar group flagship, has decided to enter into a 50:50 joint venture with Martin Bright of Australia to set up a Rs 40-crore special steel manufacturing facility in Jamshedpur.
- The Usha Beltron Group of Jhawars has flagged off a major restructuring exercise for its global software activities by initiating the process to set up a new holding Comp. in the United States by January 2000, which is likely to be named UBEST America.
2000
- Usha Beltron is all set to joint the big league of corporates flourishing on growth opportunities inknowledge-based sectors such as infotech & telecom. The Comp. has set up technical training centres.
- The Comp. has approved a Scheme of Arrangement proposed to be made between Comp. & Usha Martin Infotech Ltd, [UMILs] & their respective shareholders.
- Usha Beltron Ltd, the flagship of Calcutta-based Jhawars, will issue global depository receipts [GDRss] in a couple of months.
- Calcutta-based Usha Beltron has acquired the wire rope business of Brunton Shaw of UK, a subsidiary of 180-million Carclo, UK.
- The Comp. issued 35,00,000 Global Depository Receipts [each GDR represented by one equity share of Rs 10 eachs] at a price of US$3.25 per GDR.
2001
- Mr Pradip P. Shah, Director has resigned from the board effective from 24th January.
2002
-Ties up with Gustav Wolf of Germany to manufacture steel cords in India.
-Board approves in setting up of Direct Reduced Iron [DRIs] Plant with the capacity of 100 KT per annum.
-Usha Beltron Ltd announces the change in management as follows:
1. Mr Biswajit Choudhuri appointed as a nominee of Unit Trust of India on the Board of Comp. in place of Mr S K Saha
2. Mr Dilip Mondal appointed as a nominee of Industrial Development Bank of India on the Board of Company.
-Board approves for issue & allotment of securites on preferential basis: 1s] 53,45,455 equity shares of Rs.5/- each of Comp. at a price of Rs.33/- per share [inclusive of premium of Rs.28/- per shares] being the price which is in accordance with chapter X111 of SEBI [Disclosure & Investor Protections] Guidelines to International Finance Corporation, Washington. 2s] 53,45,455 equity shares of Rs.5/- each of Comp. at a price of Rs.33/- per share [inclusive of premium of Rs.28/- per shares] being the price which is in accordance with chapter X111 [Guidelines for preferential issuess] of SEBI [ Disclosure & Investor Protections] Guidelines to Promoters, Promoter Group, Directors, their relatives & associates. 3s] The BOD have also decided to convene an EGM on July 18, 2002 to consider the above matters.
-IFC signs agreement with UBL to invest Rs.120.5cr in the company.
-UMIL acquires 30,00,000 shares amounting to 9.45% voting rights on preferential allotment basis.
2003
- DEG financed Rs.50cr to UBL & the debt cost stands at Libor plus 275 basis points with 11 years time span.
-Purchases a wire rope plant in Dubai
-Acquisition of 49.55% stake in Usha Martin International Ltd, UK [UMILs]
-Ministry of coal alloted captive coal block in Jharkhand having a reserve of more than 30 MN T & contains Grade A and B coal, which would be required by Comp. for its Sponge Iron [DRI Projects] Plant expansion.
-Mr. T K Banerjee, Nominee of Life Insurance Corporation of India resigned from the Board of Directors of Company.
2005
-Usha Martin executes a Business Transfer Agreement with JCT
2007 - Usha Martin Ltd has appointed Mr. Suresh Neotia & Mr. Ashok Basu, as additional directors of Comp. with effect from May 17, 2007.
- The Comp. has splits its face value from Rs5/- to Rs1/-.
