ompany History - Asian Paints Ltd.
- The Company was incorporated as a private limited company under the name of Asian Oil and Paint Company Pvt. Ltd. It was converted into a public limited company in 1973. The Company manufacture a wide range of surface coatings catering to different end-uses. It also manufactures vinyl pyridine latex used in the manufacture of rubber tyres.
- The company expanded its products range, developed its own technology, set up a distribution network penetrating in smaller towns and ploughed back a large part of earnings into creation of new facilities.
- The name was changed from Asian Oil and Paint Company Pvt. Ltd. to Asian Paints (India) Pvt. Ltd.
- A major modernisation programme was undertaken to streamline the paint production facilities by improving the layout of machines, addition to balancing equipment and replacement of old machinery. The Company embarked on phased modernisation of resin manufacturing facilities as well.
- The Bhandup plant of the Company is reportedly the largest single paint factory in the country and one of the most up-to-date with sophisticated machinery and equipment for manufacturing a wide range of paints and other products besides adequate resin manufacturing capacity to meet its entire requirements.
- Bonus Equity shares issued in the prop. 1:2 in 1961, 1:3 in 1962, 1:1 in 1966, 1:2 in 1969, 2:3 in 1971 and 1:2 in 1975.
- 1,00,000 Bonus Equity shares issued in the prop. 2:3.
- 50,000 unclassified shares classified as prefernece shares and issued. They are redeemable during the period 30.6.1987/1990.
- The main objects of the public issue of capital during August, were to fulfill the listing requirements of the Stock Exchange and to provide part of the finance for the increased operations.
- Equity shares subdivided. 10,00,000 Bonus shares issued in prop. 2:5, 16,85,185 No. of Equity shares issued (prem. Rs 13 per share) through prospectus in August 1982. Out of these, 84,259 shares and 33,704 shares were reserved for preferential allotment to the employees and to the business associates of the company respectively. 15,67,222 shares offered to the public of which 4,21,296 shares were offered to NRIs on repatriation basis.
- The Company undertook to set up a third paint unit at Patancheru, a notified backward area near Hyderabad, for the manufacture of 15,000 MT of paints and enamels.
- A letter of Intent was obtained for setting up a fourth paint plant in Uttar Pradesh with a capacity of 23,000 tonnes per annum of paints, varnishes and enamels and 65,000 tonnes per annum of synthetic resins (for captive consumption).
- The Company entered into a collaboration agreement with Nippon Paints Co. Ltd., Japan, to obtain technical know-how to manufacture powder coating and coil coatings under an exclusive licence. Necessary manufacturing facilities for the powder coatings with a capacity of 300 MT were installed and commissioned at Kasna plant during 1992-93.
- 31,11,111 Bonus equity shares issued in prop. 3:5.
- The Company commissioned a plant for the manufacture of synthetic rubbers lattices with a capacity of 1,200 tonnes per annum. The Company received a letter of intent to manufacture 9,000 tonnes of phthalic anhydride. The project would be based on imported Van Heyden low energy process technology with engineering package from Davy McKee of Cologne, West Germany. The project was commissioned in March 1990. But, a fire accident in the succeeding month damaged a storage tank, nearby pipes and support structures. The plant was repaired and restarted only in August 1990.
- The Company jointly with Tamil Nadu Industrial Development Corporation (TIDCO) promoted a joint sector Company under the name Pentasia Chemicals Ltd. (PCL), for the manufacture of 3,000 TPA of pentaerythritol and 1,800 TPA of sodium formate. The project commissioned in...
Please join StudyMode to read the full document