Company History - Voltas

YEAR
EVENTS

1954 - The Company was Incorporated on 6th September at Mumbai. The

Company was promoted in 1954 by M/s. Volkart Brothers and
Tata
Sons Pvt. Ltd., to take over the Engineering & Import
Division
of M/s. Volkart Brothers in India.

- The Company's manufacturing activities were originally

carried
on at its factory at Chinchpokli, Mumbai and covered
air-conditioning and refrigeration equipment mining,
electrical
and agricultural equipment.

- The Company set up in Thane, Mumbai an up-to-date factory to

manufacture wide range of air-conditioning and refrigeration
and
a range of mining equipments for which the Company had
entered
into a collaboration with leading manufacturers abroad.

- The Company's distribution organisation is divided into two

main
groups - `Engineering' and `Marketing'.

- The marketing group consists of two main divisions, one

dealing
in drugs, pharmaceuticals and consumer products and the other
in chemicals and vitamins. The Company deals in foreign as
well
as indigenous products, besides marketing its own products.

- The Company manufactures, sale and distribution of a variety

of
products in the engineering, chemical and pharmaceutical
industries such as agricultural, earthmoving,
air-conditioning
and refrigeration, textile machinery, machine tools,
electrical
and mechanical equipments as well as chemicals,
pharmaceuticals
and consumer products.

1956 - Shares sub-divided. 1,05,000 Rights shares then issued at

par
in prop. 7:10.

1963 - The Company promoted Scottish Indian Machine Tools Ltd., in

Collaboration with Scottish Machine Tool Corporation of
Glasgow
for the manufacture of machine tools.

1964 - The Company concluded a collaboration agreement with Eaton

Yale
and Towns, U.S.A., for the manufacture of Yale fork-lift
trucks.
The Company has extensive domestic and international ties.

- The Company joined the Mine Safety Appliances Co., U.S.A.,

and
Associated Battery Makers (Eastern) Ltd., Calcutta in the
promotion of Mine Safety Appliances Ltd., Calcutta, a joint
venture for the manufacture of miners' electric safety cap
lamps
and other types of safety and protective equipment,
appliances,
detection and measuring devices.

1965 - 1,02,000 Rights Equity shares issued at a premium of Rs 25

per
share in the proportion 2:5.

1966 - A new division, viz., the Agro-Industrial Products Division

was
added. The main operation of the division consisted of the
sale
and servicing of the tractors and implements made by the
International Tractor Co. of India. This division handles
hydraulic equipment ranging from larger pumping sets to small
irrigation pumps, sprinkler irrigation systems and oil
engines
and also handles veterinary products, pesticides and
fertilisers.

- In Aug. 71,400 Bonus shares issued in prop. 1:5 and 4,500

shares
issued (prem. Rs 75 per share) to Common wealth Development
Finance Co. Ltd., U.K.

1970 - In April, 85,580 Bonus Equity shares issued in the proportion

1:5.

1972 - 1,03,896 Rights Equity shares issued for cash at a premium of

Rs 50 per share in June.

1973 - Arrears as on 31.8.1974 - Rs 4935, Arrears as on 31.8.1976 -

Rs
200 (Approximately).

1979 - With effect from 1st July, Tata-Merlin & Gerin Ltd. (TMG),
and
the National Electrical Industries Ltd. (NEI), were
amalgamated
with the Company. In terms of the Scheme of Amalgamation,
 members of The National Electrical Industries Ltd., were
allotted
for every 30 preference shares of Rs 100 each held, 20 `B'
class
equity shares of Rs 10 each and 15-11% redeemable mortgage
debentures of Rs 100 each of Voltas Ltd., and for every 240
No. of equity shares of Rs 10 each of NEI held, 20 `B' class
equity shares of Rs 10 each and 9-11% redeemable mortgage
debentures of Rs 100 each of Voltas Ltd.

- Members of TMG were allotted for every 60 No. of equity shares

of
Rs 100 each held in TMG, 2 equity shares of Rs 100 each and
9-11% redeemable mortgage debentures of Rs. 100 each of
Voltas
Ltd.

- 4,420 No. of equity shares of Rs 100 each and 19,892 - 11%

(1987-91) were be allotted to the shareholders of Tata-Merlin
&
Gerin Ltd., and 14,117 `B' Equity shares of Rs 10 each and
9,605 - 11% (1987-91) redeemable mortgage debentures of Rs
100
each were allotted to the shareholders of The National
Electrical
Industries Ltd. The share were allotted in 1980-81.

1981 - The Company offered 5,00,000 - 13.5% secured convertible bonds

of
Rs 250 each at par. Out of this, 2,00,000 bonds were offered
as
rights to the existing shareholders and the balance 3,00,000
bonds issued to the public. Each bond carries an option to
receive one equity share of Rs 100 each at par within three
months after the expiry of three years from the date of
allotment
of bonds. The face value of each bond will be reduced by Rs
100
and the balance Rs 150 per bond will be repaid to the
bondholders
at the end of the 10th year from the date of allotment of the
bonds.

1982 - The Company proposed to set up an electrical business unit at

Pune.

- The Company entered into an agreement with May & Christe of

West
Germany for the manufacture of dry type transformers of
cast-resin design.

- Voltas International Ltd., Perfect Moulds Ltd. Voltas

Switchgear
Ltd., Vizat Investment Co. Ltd., are subsidiaries of the
Company.
 Nchovol F&E and Premium Granites Ltd. are subsidiaries of
Voltas International Ltd.

- The Company has distributorship rights in the following

products:
Drugs and pharmaceuticals by Merck Sharp & Dohme of India
Ltd.,
Mumbai, drugs and pharmaceuticals by Roche Products Ltd.,
Mumbai,
air compressors by Kirloskar Pneumatic Co. Ltd., automatic
looms
by National Machinery Manufacturers Ltd., and shovels by Tata
Engineering & Locomotive Co. Ltd.

- The Air Pollution and Water Pollution project groups were

amalgamated with the Electrical project group.

1983 - 1,91,708 No. of Equity shares issued on part conversion of

13.5%
convertible bonds (91 shares issued during 1984/85).

1985 - 3,00,000 No. of equity shares issued on part conversion of

13.5%
convertible bonds.

1987 - The Company accepted the condition laid down by LIC which
holds
Rs 50.09 lakhs of the debentures, that in the event of the
Company making a public or rights issue of share capital
during
the period upto 31st October, 1987, the LIC should be given
on
one time basis the right to be allotted equity shares of a
nominal value equivalent to 10% of its holdings of the
debentures
on terms and conditions on which such equity issue is made.

1988 - The material handling business group successfully introduced

up-to-date warehousing equipment to further enlarge its
product
range. The operations of machine tool division witnessed
another
successful year with the manufacturing capacity of all
domestic
principals being fully utilised.

- Air-conditioning and refigeration business group received

Government's approval for the technical collaboration
agreement
convering large-sized efficient compressors.

- The machine tool division reached an agreement with Fanuc of

Japan for technical collaboration to produce CNC drilling
centres.
1989 - With effect from 1st March, Volrho Ltd. was amalgamated with
the Company as per the order of BIFR. The Company issued
4,44,445 No. of equity shares of Rs 10 each to the erstwhile
shareholders of Volrho Ltd..

1990 - Approval was also received for extending Hitachi collaboration

to
the manufacture of absorption refrigeration machines. The
materials handling business group proposed to extend its
scope
of activities to turn-key materials handling systems for mass
production in engineering industries.

- A new model window air-conditioner was launched by the

appliances
business group and it was proposed to add other consumer
durables
to the existing product range.

- The pharmaceutical and consumer products division suffered on

account of diminished margins in the pharmaceutical line and
inadequate range in the consumer products business. The
distribution of Hostess brand of PEPSI snack foods commenced
during the latter part of the year. The transformer
operations
were adversely affected by industrial relations problems at
Pune.
The Engineering projects division suffered a setback.

- The machine tools division introduced Fanuc CNC drilling

centres.

1991 - The performance of the industrial machinery division was

adversely affected due to a lock-out at the Company's
principal,
Westerworks.

- The appliances business division launched the ductable split

air-conditioner, specifically needed for shops, showrooms and
general office areas. The Agro-Industrial Product division
proposed to take up shortly the manufacture of drip
irrigation
equipment.

- The Agro-Industrial Product Division successfully tested to

international standards, the indigenously built 36 KV SF6
breaker
at CESI Test Laboratory, Milan, Italy.

- An agreement was signed for updating technology and for the

manufacture of new models of P&H hydraulic cranes. The
machine
tools division signed a four-year extension of its sole
selling
agency agreement with Premier Automobiles Ltd. The
performance
of the chemicals division was adversely affected by import
restrictions and high costs. The pharmaceuticals and
consumer
products division suffered a setback.

1992 - The Company restructured its operations into product group I

comprising refrigerators, pharmaceuticals and consumer
products
and beverages while product group I(A) include textile
machinery.
Product group II consisted of machine tools, materials
handling
facility, industrial machinery, air-conditioning pumps and
projects. Group III comprised of chemicals plant, chemicals
division and agro-industrial products.

- Air-conditioning and refrigeration business and

agro-industrial
products and pumps division suffered a setback due to
prevailing
recession in the market and non-availability of Government
funds
as well as disturbances from December.

- The Agro industrial products and pumps division was

bifurcated
into two viz., pumps division and the farm and irrigation
equipment operations division.

- The Company entered into technical agreements with Sulzer

Pumps,
Switzerland for the former division and with Wade
Manufacturing
of USA for the latter division.

- The Engineering projects division was combined with the

agro-industrial products division, to constitute a new
division
viz., pumps and projects division.

- The Chemicals plant division introduced a new product

Monocrotophos. The Electrical business group's operations
suffered a setback on account of suspension of activities by
virtue of lock out at the switchgear plant. Hence it is
proposed
to operate the said division through two separate wholly
owned
subsidiary companies Voltas Switchgear Ltd., and Voltas
Transformers Ltd.

- With effect from 1st January, Wandleside National Conductors

Ltd.
(WNC Ltd.), was amalgamated with the Company as per the order
of
 BIFR. The Company allotted without payment in cost 13,314 No.
of
equity shares of Rs 10 each to the erstwhile shareholders of
WNC
Ltd., in the ratio of one equity share of Rs 10 of the
Company
for every three equity shares of Rs 100 each in WNC.

- Effective from 1st January, Wandleside National Conductors

Ltd.
(WNC) was amalgamated with the Company. The erstwhile
shareholders were allotted 13,314 No. of equity shares of
Rs.10
each. This was as per scheme formulated by ICICI, the
operating
agency appointed by BIFR, as WNC became sick under the
provisions
of the Sick Industrial Companies (Sp. Provisions) Act, 1985.

- Necessary approvals were received for amalgamation of

Hyderabad
Allwyn Ltd. (HAL) with Voltas Ltd. As per the Scheme the
erstwhile equity holders of HAL were to be allotted 12,56,828
No.
of equity shares of Rs 10 each and 1,25,682 redeemable
preference
shares of Rs 100 each.

- During March/April the Company offered 99,20,000-14% secured

redeemable partly convertible debentures of Rs 100 each to
the
equity shareholders on rights basis in the proportion of 1
debenture: 2 equity shares held (all were taken up).

- 4,96,000 debentures offered to employees of the Company on

equitable basis (all were taken up). A total of 15,62,400
additional debentures were allotted to retain
oversubscription
both for shareholders as well as employees.

- Along with the rights issue, the Company offered

10,00,000-14%
secured redeemable partly convertible debentures of Rs 100
each
to non-resident Indians on private placement basis.

- Part A of Rs 60 of each debenture was converted into 1 equity

share of Rs 10 at a premium of Rs 50 per share on 1st
December.
Part B of Rs 40 of each debenture was to be redeemed at par
on
the expiry of 7th year from the date of allotment of
debentures.

1993 - The cooling appliances business launched four new products

viz.,
water coolers filled with purifiers ductable and slim-line 3
tonne air-conditioners, ceiling mounted split in 1.5 and 3
tonne
capacities and 2 tonne room split units.

- The pharmaceutical and consumer products division was closed

during the year and had also withdrawn from the beverages
business.

- A new division, the pumps and projects business division set

up
to manufacture and market circulating pumps in collaboration
with
Sulzer, Switzerland.

- The engineering projects division was merged with the pumps

activity to provide the necessary project expertise.

- The WNC division commissioned the capillary tubes plant and

was
stabilising the working of its new thermostat plant.

- HAL, a sick industrial company, was merged with Voltas and

the
amalgamation was approved by the Board for Industrial &
Financial
Reconstruction (BIFR) in 1994.

1994 - The Home Appliances division introduced 250 L refrigerator in

the
market and a 100L refrigerator was expected to be launched in
the
first quarter of 1995-96.

1995 - The cooling appliances business division is to introduce new

room
air-conditioners to Toshiba design in October.

- Voltas gets Good corporate citizen award

- The Company has introduced `Soft Look' models of refrigerator

in
165 L. & 200 L segments. Company is also launching a premium
Frost Free Refrigerator in collaboration with Hitachi.

1996 - Pumps and projected business division successfully developed,

manufactured and commissioned the largest sizes of horizontal
and
vertical pumps in its range.

1997 - After 3 years of growth, the chemicals division faced

difficulties during the year as vitamines and veterinary
division
 was affected by liberalised imports under the advance licence
scheme.

- A whole range of new products was launched both in the room

air
conditioning and split segments. The heavy equipment and
packaged system division launched ozone-friendly centrifugals
and superior quality energy efficient steam, fired vapour
absoption machines with Hitachis `Paraflow' technology.

- The company also entered into a lease rental agreement with

SIPL
for lease of factory premises of WNC for a period of 18
months
for a total consideration of Rs 10.250 million.

- Voltas, India's leading air-conditioning company has been

chosen
to supply, erect and commission high-tech climate
air-conditioning system for India's first information
technology
park, a comprehensive facility for technology-oriented
companies
in electronics, information technology, telecommunication and
related industries, now under construction at White Field,
Bangalore.

- Voltas has launched two more frost-free refrigerators of 425

lts
and 360 lts capacity.

- Voltas has been manufacturing thermostat for refrigerators

and
airconditioners at thermostat unit under a technical
collaboration agreement with Robert Shaw, a subsidiary of
Seibe.

- Voltas Ltd (chemicals division) manufacturing pesticides at

Patencheru industrial zone, in Medak district of Andhra
Pradesh,
proposes to commission the final phase of its pollution
control
measure in accordance with the Andhra Pradesh Pollution
Control
Board (APPCB) guidelines.

- Voltas Ltd has entered into an exclusive distribution

agreement
with the Hyundai Heavy Industries Ltd (HII) to market
hydraulic
excavators, wheel loaders, skid steer loaders and allied
equipment and attachments in India.

- Well-diversified Voltas Limited is undertaking a capacity

enhancement programme to increase the production capacity of
 modular steel furniture from the present 3,000 tonnes to
10,000
tonnes as its unit in Hyderabad.

- UNIT RIG, a division of Terex Corporation, USA, has entered

into
a distribution agreement with Voltas Ltd for marketing of
their
complete line of surface mining equipment exclusively for the
Indian territory.

- Voltas Ltd has finalised yet another contract as original

equipment manufacturer (OEM) with one of the white goods
majors,
LG Electronics, to manufacture and supply direct cool
refrigerators.

1998 - Voltas recently commissioned Dadra plant, which has a

capacity
to produce about 40,000 units per annum if it worked one
shift,
can go up to one lakh units per annum if the strategic
alliances
worked out.

- Voltas, India's largest airconditioner manufacturing company,

has
launched a new range of airconditioners named Voltas Vectra,
Voltas Verdant, Voltas Vertis and Voltas Vosionarie.

- Voltas Ltd is tying up with 20th Century Finance to launch

consumer finance schemes in a bid to aggressively push sales
of
its airconditioners.

- The diversified Tata group company Voltas, after months of

negotiations, has finally reached an agreement with sister
company Rallis India to sell its loss-making chemicals
division.

- Voltas Ltd has entered into a distribution agreement with BT-

Industries Group of Sweden, to provide marketing and product

support, for BT's complete range of warehouse trucks for
internal
materials handling.

- The Electrolux Group, the world's largest household

appliances
manufacturer, has reached a final agreement with the Voltas
Ltd
to float a joint venture company for manufacturing
refrigerators
and washing machines with equity holdings at 74:26 per cent
respectively.
 - Voltas Ltd has signed a contract with Coal India Ltd for the
supply of hundred and sixty 120-tonnes capacity unit rig dump
trucks. The contract was also entered into by Terex
Corporation,
US, Unit Rig, US and the World Bank project division of CIL.

- Rating agency ICRA has assigned `A1+' (highest safety) rating

to
Rs 25 crore commercial paper of Voltas Ltd.

- Voltas is the only stock in the air conditioner sector which

is
in a major uptrend.

- The company is hiking its installed capacity (of air

conditioners) at its Dadra Nagar Haveli plant to cater to
rising
demand. It is also slimming down -- a voluntary retirement
scheme is in the offing to rid itself of excess labour.

- The Voltas brand and its operations in Refrigerators and

Washing
Machines were transferred to EVL from 1st October.

1999 - The industrial court of Mumbai has granted a stay on the

Voltas
Ltd's voluntary retirement scheme (VRS) in Mumbai following
opposition from the Voltas Employees Union.

- Voltas - AirInternational Ltd. is a joint venture between

Voltas
Ltd. and Air International Grmp, Australia.

- The company has doubled its installed capacity to 1.5 lakh

room
air-conditioning units annually.

- Electrolux and Voltas had inked the memorandum of

understanding
(MoU) in June, 1998 and as per the sale pact under the MoU,
four
manufacturing units of Voltas Ltd were to be transferred to
the
joint venture Electrolux Voltas Ltd.

- Allwyn brand and its operations were transferred to EVL from

31st
March.

- Voltas and LG Electronics India Ltd (LGEIL) have, meanwhile,

entered into an agreement, whereby the latter would be
sourcing
approximately 6 lakh refrigerators units for a period of
three
years starting January 1, 2000.

- The Dadra facility has an installed capacity to manufacture up

to
1.4-1.5 lakh airconditioners in two shifts, and Voltas is
operating at 60,000-65,000 units per annum.

- Voltas, the diversified Tata group company, is seeking to

enter
into capacity sharing arrangements with multinational partners

which have recently made their entry into India.

2000 - The Company has received a special award for completing the
electro mechanical pumping project of Ahmedabad
Municipal
Corporation in 120 days.

- The Company has introduced a voluntary retirement scheme

called
Early Separation Scheme 2000 (ESS) for its employees.

- The Unitary Products Group of Voltas, which includes

the
commercial refrigeration and contract manufacturing
businesses,
has signed an agreement with LG Electronics, to
manufacure and
supply over 12 lakh refrigerators.

- The Company has sold its wholly-owned subsidiary Voltas

Foods &
Beverages to a Mumbai-based company, and has roped in a
multinational
as strategic partner for Perfect Moulds.

- The Company has informed that, Voltas Ltd. and IGE (I)
LTD. have divested
their entire shareholding in Fanuc India Ltd., a joint
venture company between
Fanuc Ltd., Japan, GE Fanuc Automation, N.A., USA,
Voltas Ltd. and IGE (I) Ltd.

- L. G. Electronics India and Voltas entered into a tie-up

under which the former will
source 12,00,000 direct-cool refrigerators from the
latter for the next three years
beginning January next.

2001 - Tata group company Voltas Ltd. is relaunching Voltas

airconditioners under the
`Verdant' brand, a premium model targeted at the
retail segment.
 - Tata group company Voltas Ltd the air-conditioner (AC)
and cooling appliances major has posted a strong growth in the split
air-conditioner segment.

- Ahmedabad-based Lok Prakashan, publisher of Gujarat

Samachar, has increased its stake in Tata Group company Voltas to 14
per cent from 13.3 per cent over the last fortnight and may soon
launch an open offer for additional 20 per cent stake.

2002

- N D Khurody appointed as Additional Director of Voltas.

-Voltas enters into a Joint Venture agreement with Sermo Montaigu,

France for perfect moulds.

-Voltas Ltd has informed BSE that Perfect Moulds Ltd has ceased to be
a subsidiary of the Company consequent upon allotment of 30,00,000
equity shares of Rs 10 each by PML to Sermo Montaigu, France (Sermo),
the joint venture partner, on July 06, 2002.The paid up capital of PML
of Rs 130 million is now held in equal proportion of 50:50 ie
65,00,000 equity shares of Rs 10 each aggregating Rs 65 million each
by Voltas and Sermo.

2003

- Voltas Ltd has informed BSE that Mr Bir D Singh Executive Director
has retired from the services of the company on December 27, 2002.
Accordingly, he ceases to be a Director and Wholetime Director of the
company.

-State Govt rejects tax sop to Voltas' new mfg unit in MP

-Voltas Ltd has informed that the Ahmedabad Stock Exchange (ASE) has
informed that the securities of the company would be delisted from
the ASE wef January 15, 2004.

2004

-Voltas Ltd. has informed that in response to their application for

voluntary delisting, the Delhi Stock Exchange Association Limited
(DSE) has informed the company vide its letter dated December 26,
2003 that the securities of the Company have been delisted from DSE
with effect from December 29, 2003.

-Voltas Ltd. has informed that in response to the Company's

application for voluntary delisting, Pune Stock Exchange Limited
(PSE), has informed the company that that the shares of the Company
delisted from PSE with effect from January 16, 2004

-Enters into a distribution tie-up with the 62 million euro Italian

airconditioning major Uniflair, which specialises in the design,
production and supply of precision air conditioning and cooling
solutions for telecom and internet applications

-Voltas has launched a range of small capacity refrigerators targeted

at semi-urban and rural markets in India.

-Ties up with RBS Home Appliances Ltd. for the use of 640 service
centres that Voltas has across the country for after sales services

-- Simtools Ltd has now become a wholly owned subsidiary of the

Company on 27, August 2005.

- Chinese consumer durable giant Haier enters into a contract

manufacturing agreement Voltas Ltd for air-conditioners and
refrigerators.

-Voltas introduces new range of water dispensers

2005

-Voltas introduces new series of ACs, may set up plant in

Uttaranchal

-Voltas secures order for world's Tallest building

2006

-Voltas joins hand with Dutch company

-'Maximum foreign exchange earned and repatriated to India from

overseas construction and engineering projects'
2007

-Voltas Ltd has informed that Universal Comfort Products Ltd (UCPL)
is a 50:50 joint venture Company between Voltas and Fedders
International Air-conditioning Pvt Ltd (FIACPL), a subsidiary of
Fedders Corporation, USA.

2008

-Voltas Ltd has appointed Mr. Jimmy Bilimoria and Mr. S N Menon,
Independent Directors have as Additional Directors of the Company
with effect from September 22, 2008.

-Voltas launches elegant, new range of Room Air Conditioners in 2008

-Voltas acquires stake in Fedders venture

2009

-Voltas' overseas MEP business achieved professional recognition at

the highest levels, at the MEP Middle East Awards 2008.
-'MEP Project Manager of the Year' rewards outstanding individual
talent and commitment, as seen in actual project outcomes achieved
through extraordinary skills and efforts.
-Voltas ties up with GMRVF for community development initiative