History of Whirlpool of India Ltd.
1960
- The Comp. was incorporated on July 19, & obtained the certificate of commencement of business on August 9th. The Comp. is engaged in the manufacture of refrigerators deep freezers, compressors, electric grade laminations cash registers, & scooters.
- It was formed in collaboration with Kelvinator International Corporation, U.S.A. for manufacture of refrigerators, compressors and allied products.
- 50,000 shares issued without payment is cash to foreign collaborators and 3,00,000 shares issued to the public [otherwise than through a prospectuss], promoters, directors etc.
1971
- 1,40,000 Bonus shares issued in prop. 2:5.
1973
- 3,90,000 Bonus shares issued in prop. 1:1.
1974
- The Comp. established a factory for manufacture of electrical grade stampings in collaboration with Thermal Refrigeration Ltd., U.K.
- 4,90,000 Rights shares issued at par in prop. 1:2.
1975
- A modern tool room was established for manufacture of tools, dies, jigs & fixtures.
1976
- Another factory was established for manufacture of electro mechanical cash registers in collaboration with Gross Cash Registers Ltd., U.K. [now Chubb Cash Ltd.s].
1980
- In August/September, 2,80,000 shares offered for public subscription [prem. Rs 2.50 per sharess].
1982
- Aravalli Svachalit Vahan Ltd., a sick unit at Alwar [a centrally notified backward area in Rajasthans] was merged with the Comp. with effect from 26th May, 1982.
- Industrial licence/letter of intent were received for manufacture of 12,000 nos. per annum of mopeds. A separate factory was to be built for the manufacture of mopeds having an engine capacity upto 100 cc in collaboration with Agrati-Carelli Spa, Milano, Italy.
- High court of Rajasthan at Jaipur approved the Scheme of Amalgamation of Aravalli Svachalit Vahan limited with the Comp. on 14th May, & High Court of Delhi approved the same on 26th May.
- As per the Scheme of Amalgamation, 25,000 No. of equity shares of Rs 10 each of Comp. were allotted to the shareholders of Aravali Svachalit Vahan Ltd., in the proportion 1 equity share of Company to every 40 shares of Aravalli Svachalit Vahan Ltd.
- Expo Machinery Ltd., & Kelbex International limited are wholly owned subsidiaries of Company. Sanskrit Investment Pvt., Ltd., and Episilon Investment Pvt limited ceased to be subsidiaries of Company.
1983
- Another letter of intent was received for increasing the production capacity of refrigerators from 2,00,000 to 5,00,000 nos. per annum. A letter of intent was also received for manufacture of washing machines.
- The Government of India extended for a period of 5 years, the Company collaboration agreement with White Consolidated Industries Inc., U.S.A. for manufacture of compressors.
- 17,75,000 Bonus equity shares issued in prop. 1:1.
1984
- The Comp. issued 3,00,000-15% non-convertible debenture of Rs 100 each to Unit Trust of India on private placement basis.
1985
- The Comp. entered into a collaboration agreement with White Consolidated Industries Inc., U.S.A., for manufacture of washing machines. The Government of India extended for a period of 5 years, the company collaboration agreement with White Consolidated Industries Inc., U.S.A. for manufacture of compressors.
- The Comp. issued 4,00,000-15% secured non-convertible debentures of Rs 100 each to UTI, LIC, GIC & its subsidiaries & ICICI on private placement basis.
1986
- The Comp. introduced a 300 litre 2-door refrigerator for lower and middle class consumers. A single speed [VIP-1s] & 3-speed, kick start [VIP-3s] mopeds were introduced along with two new models of cash registers.
- The Company R&D introduced two new models viz., Avanti auto gear and Avanti-3 gear mopeds.
1987
- The Comp. proposed to implement 15 washing machines & microwave oven projects.
1989
- The Comp. introduced the new Zannusi model refrigeration and undertook modernisation of manufacturing operations in the refrigeration division. New models of mopeds were introduced during the year.
- The Comp. undertook to set up a project for manufacture of super enamelled copper wire.
- During August-September, the Comp. offered 5,63,380-12.5% secured redeemable partly convertible debentures of Rs 180 each for cash at par on rights basis in the proportion 9 deb.: 50 No. of equity shares held, to the shareholders except White Consolidated Industries [Inc.s] USA [WCIs] [All were taken ups].
- The Comp. also issued 28,170 debentures to the employees/workmen of the Comp. under the Employees Stock Option Scheme [only 6,525 debentures taken ups]. The unsubscribed portion of 21,645 debentures was allowed to lapse Rs 80 of face value of each debenture was to be automatically & compulsorily converted into one equity shares of Rs 10 each at a premium of Rs 70 per share on the expiry of 6 months from the date of allotment of debentures.
- The non-convertible portion of Rs 100 of face value of each debentures was to be redeemed at par on the expiry of 7 years from the date of allotment of debentures.
- The Comp. also issued 79,400 No. of equity shares of Rs 10 each at a premium of Rs 70 per share to WCI so as to maintain their equity holding at 11.83%. Only 76,495 shares had to be allotted to W.C.I. as employees quota of covertible debentures was not fully taken up.
- 5,69,905 No. of equity shares allotted [prem. Rs 70s] on conversion of 12.5% debentures as on 21.4.1990 to maintain their shareholding at 11.83%. In May, 41,96,400 bonus shares issued in prop. 1:1.
1990
- The operations were adversely affected due to lock-out for 45 days at Faridabad & Ballabgarh plants.
- Two sizes of microwave ovens were introduced.
1991
- The Comp. again had to declare a lock-out from 3rd October, which lasted for about 75 days at both Faridabad & Ballabgarh plants when an amicable settlement was arrived at with labour.
- With the introduction of state-of-the-art 310 Ltr. single door refrigerator in the sterling range & with its proposed introduction of a 310 Ltr. 2-door refrigerator, the Comp. hoped to do better in the near future.
- The Comp. succeeded in indigenisation of micro wave ovens to a great extent. Production of international quality hermetic grade dual coated winding wire commenced during the year.
1992
- During October-November, the Comp. offered 22,19,876-15% Secured partly convertible debenture of Rs 170 each on Rights basis in the proportion 1 deb.: 5 equity shares held. All rights debenture were taken up. Another 1,10,994-15% debentures were also offered to the employees on an equitable basis [only 3,900 debentures were taken ups].
- Part-A of Rs 100 of face value of each debenture was to be automatically & compulsorily converted into 2 equity shares of Rs 10 each at a premium of Rs 40 per share at the end of 6 months from the date of allotment of debentures.
- Part-B of Rs 70 of face value of each debenture was to be redeemed in three instalments of Rs 25, Rs 25 & Rs 20 each at the end of 6th, 7th & 8th years respectively from the date of allotment of debentures.
- 41,96,400 bonus shares issued in prop. 1:2. 44,67,552 No. of equity shares allotted [prem. of Rs 40s] on convertion of 15% debentures. 5,96,975 No. of equity shares allotted to White Consolidated Industries Inc. foreign collaborators.
1993
- The Comp. entered into a tie up with Whirlpool Corporation, USA, whereby Whirlpool contracted to purchase from white consolidated Industries Inc., USA, erstwhile collaborators, their entire holding of 20,86,796 No. of equity shares of company.
- Expo Machinery Ltd., a wholly owned subsidiary were merged with the company. Pursuant to scheme of amalgamation, 75,00,000 No. of equity shares of Comp. were allotted to the shareholders of erstwhile Whirlpool Washing Machines limited [WWMLs] in the ratio of one equity share of the Comp. for every four equity shares of erstwhile WWML.
1994
- The R&D developed a New Sterling Supreme 165 L refrigerator with improved aesthetic & a new freezer frame door was introduced.
- 1,41,00,000 shares allotted [Prem. Rs 187.16 per shares] to Whirlpool Mauritius Ltd., to acquire 51% of share capital.
1995
- The Whirlpool brand was launched in November, along with a new 310 ltr. refrigerator.
1996
- Three variants of 165 L & a new 220 L Direct Cool Refrigerators were launched. The Pondicherry Washer Unit indroduced a re-styled version of fully Automatic Washing machine & a 3.5Kg. Twin-tub machine under the Whirlpool brand.
- The Comp. undertook a major project for manufacture of CFC Free No. Frost Refrigerators at Ranjangaon near Pune.
- The name of Comp. was changed from Kelvinator of India limited to the Whirlpool of India Ltd.
- The Comp. proposed to dispose off the compressor unit, plastic division & Automotive plant to generate cash for working capital needs of Company.
1997
- WoI is a wholly owned subsidiary of US major, Whirlpool Corporation.
- Whirlpool entered into a joint venture with TVS [washing machines of the TVS groups] in 1990.
- The Comp. has also introduced a 310 litre capacity refrigerator under the wing of Whirlpool brand, & another model based on the non-CFC refrigerant.
- WoI has one of largest distribution networks in India. Presently it has about 40 branches & 5,500 dealers located all over the country.
- WoI has signed an MoU with Intrinsic Automation System Pvt. Ltd. [IASPLs] for hiving off its electronic cash register [ECRs] division.
- Whirlpool introduced its second voluntary retirement scheme in two years which 1,500 employees availed themselves of between March and December 1996.
- Whirlpool launched a joint venture consumer finance Comp. with Apple Industries, the latter taking a 60 per cent stake.
- The Comp. is currently setting up a greenfield no-frost refrigerator manufacturing facility in Ranjangaon, near Pune.
- Whirlpool of India Ltd [WILs], a white goods manufacturer and marketer, has announced the launch of three of its new washing machine models for domestic market.
- Pondicherry based Whirlpool of India Ltd [WILs] is a 56.3% subsidiary of the US$ 8 billion Whirlpool Corporation USA.
1998
- Whirlpool Financial India Private Ltd [WFIs], a subsidiary of Whirlpool Corporation, US, is to merge with Whirlpool of India Ltd.
- The Comp. has launched a `Kaizen' initiative to ensure regular and continuous improvement in all areas of its activity.
- Whirlpool India Limited, has launched a range of state of art non-CFC frost free refrigerators said to be for first in India.
- Crisil has assigned a P1 rating to the Rs.20 crore commercial paper [CPs] programme of Whirlpool of India Ltd [WOILs]. The rating favours the impending merger of Whirlpool Financial India Pvt Ltd [WFILs] into WOIL & continued support from the parent company.
- Whirlpool of India, the 51 per cent subsidiary of Whirlpool Corporation of US.
- A P1 rating has been assigned to Rs 70-crore commercial paper issue of Whirlpool India Limited [WILs].
1999
- KIL entered into just a strategic alliance with Whirlpool with the object of manufacturing & marketing state-of-the-art home appliance and simultaneously discounting all unrelated & non-core product lines.
- In September 1998, Whirlpool Financial India Private Ltd [WFIPLs], another group Comp. of WC & a wholly-owned subsidiary of Whirlpool Financial Mauritius Ltd [WFMLs] was merged with WIL.
- Kelvinator of India used to manufacture refrigerators under the brand name of Kelvinator under a licensing agreement with Swedish white goods giant AB Electrolux which owned the brand internationally.
- The Comp. is one of largest manufacturers of chloroflouro carbons in the country, & it has consistently generated free cash and incremental returns on capital year on year.
2000
- Whirlpool of India Ltd had being granted foreign collaboration approval for manufacturing of refrigerators.
- The Comp. will launch a new air-conditioner series for Indian Market.
- Crisil has assigned a `P1+' rating to the Rs 100 crore commercial paper programme of Company.
- The Comp. has launched `Whitemagic' Hotwash - the only top loading washing machine with a heater.
- Raj Jain will take over as the new managing director of company.
- Whirlpool of India chairman & managing director Garrick D'silva has been promoted as regional vice-president, Whirlpool Asia.
- The Comp. offered a Voluntary Retirement Scheme to the employees of its Refrigerator Division.
- The Comp. has launched its fully automatic top-loading washing machine, Whitemagic Hotwash, in the Kerala market.
2001
- The Comp. offered a Voluntary Retirement Scheme to its employees and spent Rs. 12.66 Crores.
- The Comp. has introduced a range of direct cool & frost-free refrigerators in the Kerala market.
2002
-Whirlpool & Godrej filed a law suite with MRTPC against LG Electronics India Ltd of misrepresenting its capacity & volumes.
-Launches new eight refrigerators in both frost-free & direct cool models.
2003
-Receives ISO 9001:2000 certification for its Design & Manufacturing of Direct Cool Refrigeration.
2004
-Whirlpool India forges alliance with Faber Heatcraft Industries Ltd
-Whirlpool on May 17 launched new refrigerators in the 'ice magic' frost-free range'
-Whirlpool has announced the launch of single-door frost-control refrigerators in the Kerala market
-Whirlpool announces new scheme for Onam season
-Launches new range of refrigerators & washing machines to improve its market share on October 25, 2004.
-Delist from the Delhi Stock Exchange Association Ltd with effect from October 13, 2004
-Faber India enters into distribution tie-up with Whirlpool
2005
-Ajay Devgan & wife Kajol have been signed on by Whirlpool appliances for their new commercial targeted at family audiences the couple first major ad campaign together
-Whirlpool launches `Genius' a direct cool refrigerator of 180 litres & premium range of window air-conditioners on April 25, 2005
-Whirlpool India bags 'AAA' rating
-Whirlpool unveils new Iceberg refrigerators
2006
-Whirlpool of India Ltd has appointed Mr Mahesh Krishna as Director of Comp. w.e.f. October 27, 2006, liable to retire by rotation, who shall hold the office until the next meeting of Comp. & shall be eligible for re-election.
