| 1975
- The company was originally incorporated as
Rainbow Investments Ltd. on 8th September. The Company
Manufacture and deals in electrical wires and cables of all
kinds.
1976
- The name was changed to Sterlite Cables,
Ltd. on 19th October, and the Company undertook the manufacture
of cables, conductors and enamelled copper wires at its
factories in Mumbai and Pune.
1981
- 2,10,000 shares issued without payment in
cash to the retiring partners of a partnership firm in which the
Company was also a partner.
1986
- On 28th February, the name of the Company
was changed to Sterlite Industries (India), Ltd. and a fresh
Certificate of Incorporation to this effect was obtained from
the Registrar of Companies, Maharashtra. The Company was
promoted by Anil Kumar Agarwal, Dwarka Prasad Agarwal and
Ishwarlal Patwari.
- A technical collaboration agreement,
approved by the Government of India, with M/s. Essex Group Inc,
a division of United Technologies, U.S.A., provides for the
technical information, know-how and knowledge relating to the
manufacture of telephone cables for a period of five years.
1988
- The Company 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 and M/s. La Farga Lacambra Sa, Spain. The unit was
commissioned during 1989-90.
- The Company 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 (i) 6,250 debentures to employees, etc. (ii) 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 the 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 Company 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 & Leasing Ltd.' became a
wholly owned subsidiary of the Company.
- During February, the Company 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 the then existing
operations and to enlist the shares of the Company.
- 7,18,750 shares issued (prem. Rs 25 per
share) on conversion of debentures issued in February, 1988.
1989
- The Company's XLPE Cable Unit and PVC
insulated Power and 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:
- (i) 4,65,000 debentures to the existing
equity shareholders (including non-resident Indians) as rights
in proportion one debenture for every five equity shares held
- (ii) 3,85,000 debentures to the public out
of which 42,500 debentures were offered on a preferential basis
to employees, etc. of the Company. Only 40,600 debentures were
taken up by the employees. The unsubscribed 1,900 debentures
belonging to the employee's 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
and 57,750 debentures to the public).
- Pursuant to the terms of the 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 Company diversified its activities by
undertaking the manufacture of Jelly-filled telecommunication
cables (JFTC) with an installed capacity of 6.25 lakh CKM.
- The overhead power transmission conductor
units capacity was raised to 6,000 TPA and that of PIJF plant,
for manufacture of foam skin insulated telecables, to 12 lakh
ckm.
1991
- The Company 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 Company proposed to increase the
capacity of telecommunication cable division to 15 lakh CKM and
that of continuous cart copper rod division to 30,000 TPA with
technical assistance from Asarco Inc. U.S.A.
- During January, the Company 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 the 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' and
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 and 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 and 8th year respectively from the date of allotment.
- 39,10,000 No. of equity shares issued
(prem. 80 per share) on conversion of debentures of Rs 250 each.
1992
- The company proposed to set up a phosphoric
acid plant with a capacity of 1,00,000 TPA with technology from
Hydro Agri, U.K.
- The Company had set up an additional plant
for manufacture of Jelly filled cables with an installed
capacity of 15 lakh CKM and the total capacity was raised to 33
lakh CKM. The Company 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 Company commissioned a new plant
at Silvassa for manufacture of Jelly filled cables with an
installed capacity of 20 lakh CKM. The capacity of the Aluminium
sheets and foils plant was proposed to be expanded to 60,000 MTs.
- During January/February, the Company issued
33,07,650 - 16.5% secured redeemable non-convertible debentures
(NCD) 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 up).
These debentures are redeemable at par in three equal
instalments of Rs 150 each at the end of 7th, 8th and 9th year
respectively from the date of allotment.
- The Company 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 up).
- 7,00,000 debentures offered to NRIs (only
3,84,900 debentures were taken up) 2,00,000 debentures offered
to FIIs (only 26,600 debentures were taken up). Remaining
27,06,300 debentures offered to public. (All were taken up
including unsubscribed portion from employees, NRIs and FIIs).
- 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 company issued US
$100,000,000 - 3 1/2% convertible bonds due 1999 convertible
into GDRs (the Bonds) 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 company w.e.f 1st April. In accordance with the scheme of
Amalgamation, 1 equity share of Rs 10 was allotted to every
shareholder of the erstwhile sterlite communciations limited for
every 4 equity shares held.
1997
- The Company proposed to construct a new
greenfield aluminium smelter alongwith associated Captive Power
Plant in Orissa. The technical collaboration and technology
license agreement was signed with Aluminium Pechiney (AP),
France for the latest AP 30 technology.
- The Company undertook another project to
manufacture Aluminium alloy rolling sheets and 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 the Tamil Nadu government to
look into the environmental fallout of the project.
- Sterlite is setting up a plant to
manufacture blister copper and allied materials and 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 the copper smelting plant.
1998
- Sterlite Industries (India) Ltd. has agreed
to make an open offer of 20 per cent for acquiring shares in
Indian Aluminium Co. Ltd. (Indal).
- 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 (India) Ltd. will
accept all the shares of Indian Aluminium Co. Ltd. (Indal)
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's Tuticorin complex. The plant was set up as a
downstream facility that would make use of the sulphuric acid
produced by Sterlite's copper smelter plant.
- Sterlite Industries (India) Ltd's 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 (MoU) 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 company rather than
going it alone.
2000
- The company 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 the warrants issued
by the company in June '98.
- Copper and cable major, Sterlite Industries
and telecom multinational Alcatel have joined hands to provide
telecom networking solutions in India.
- Pursuant to the Scheme of Arranagement, the
telecommunication business of the company has been demerged into
a separate company - 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 Company 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 the company.
- The Cabinet committee on disinvestment
approved sale of 51 per cent of government equity in Bharat
Aluminium Company 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 Company 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 and SWIL Ltd have come together to promote copper
consumption in the country through increased use of the metal in
new areas such as motors, house-wiring, electricity transformers
and plumbing.
- Sterlite Industries (India) Ltd has
reported a 32 per cent decline in net profit at Rs 23.97 crore (Rs
35.49 crore) in the first quarter ended September 30, 2001.
2002
-Sterlite Industries India Ltd has informed
that Mr Somnath Patil CFO & Company Secretary has resigned from
the company at the close of business hours on June 30, 2002.Mr S
S Krishnan has been appointed as Head Legal & Secretarial wef
July 01, 2002. He shall also act as a compliance officer of the
company.
2003
-Birla Copper and Sterlite Industries secured
LME(London Metal Exchange) registration, both companies' copper
cathodes have been ratified as Grade A copper brands.
-Mr.A.S Khandwala has been appointed as
Company Secretary and Compliance Officer of the Sterlite
Industries Ltd.
-Naveen Patnaik, Chief Minister of Orissa
laid the foundation stone of the proposed Rs.4000cr bauxite
mining and alumina refinery project of the Sterlite Industries
Ltd.
-Income Tax Department filed a petition
against Sterlite Industries proposed hive off as it has attached
54% of the company's shareholding belonging to Twin Star
Holdings.
-SEBI has directed Sterlite Industries and
its two partner firms to pay interest NRI's, OCB's and FII's for
holding payment to them to buy out of Hindustan Zinc Ltd.
-Sterlite, Essar and 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 the company for a period of five years on the
board of the company.
-Mr.C.V Krishnan CEO(Metals) 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 the company expired on November 12,
2003.
-Anil Agarwal, chairman of the 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 the 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 (SIIL)by 2.4% to 57.53%.
2005
-Sterlite Industries inks deal with Escondida
mine
2008
- Sterlite Industries (India) Ltd (SIIL) has
got the Golden Peacock Environment Award - 2008 from World
Environment Foundation, selected by the jury chaired by Mr
Justice P. N. Bhagwati, former Chief Justice of India and
Member, UN Human Rights Commission. Out of 70 companies that
took part for various awards, 19 companies were chose for the
awards under various categories and Sterlite was announced as
winner in the Non Ferrous Category.
- Sterlite Industries India Ltd has informed
that the Board of Directors of the Company at its meeting held
on December 24, 2008, appointed Mr. D D Jalan as an additional
director of the Company.
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