YEAR EVENTS 1958 - The Company was Incorporated on 12th March, at Mumbai as a private limited company under the name Nanubhai Industries Pvt. Ltd. The name of the company was changed to Nirlon Synthetics Fibres and Chemicals Pvt. Ltd., on 10th October, 1962. It was converted into a public limited company on 13th March, 1963. The company's nylon textile yarn plant went into production in December 1982. - The Company's object is to manufacture nylon (textile) filament yarn, polyester filament yarn, nylon tyrecord, nylon tyre fabrics conveyor belts and fan and V-belts. 1964 - 500 shares issued in 1959 without payment in cash. 50,000 shares issued at par. (25,000 shares taken up by financial institutions). 1967 - 21,000 bonus equity shares issued in prop. 1:10. 1976 - Shares subdivided in March. 7,90,000 shares offered to the public (prem. Rs.22.50 per share) in May. 38,75,000 bonus shares issued in March 1977 in prop. 5:4. 1978 - The Company entered into a technical collaboration agreement with BTR Belting Ltd., U.K. for the purchase of know-how for the manufacture of synthetic fabric reinforced conveyor belting, such as nylon and polyester. 1979 - 11% debentures of Rs.250 lakhs were issued to augment the long term resources for working capital. The rate of interest was increased to 12% with effect from 1st October, 1982. 1981 - Steps were taken to increase the conversion capacity of nylon tyre yarn into nylon tyre fabric from 1,860 tonnes to 4,250 tonnes per annum. - A letter of intent was received for the expansion of the conveyor belting production at Roha plant from 1,200 tonnes to 4,000 tonnes per annum. - The expanded capacity would be in the width of above 1,600 as and would consist of - (i) Synthetic fabric reinforced conveyor beltings - 1,800 tonnes per annum and - (ii) Steelcord reinforced conveyor beltings - 1,000 tonnes per annum. - Steps were taken to implement the conversion capacity of nylon tyre yarn into nylon tyre yarn fabric at 4,000 tonnes per annum at a new location at Tarapur in Maharashtra state. - 34,87,500 bonus equity shares in prop. 1:2. 1983 - The letter of intent for this project was converted into an industrial licence. - Approval from Govt. was obtained for technical collaboration with M/s. Zimmer AG of West Germany for the expansion of nylon tyre cord. - The Company made a rights issue of 15% secured non-convertible debentures for Rs.650 lakhs which was fully subscribed. The allotment was made on 23rd April. - The Company issued by private placement 4,00,000 - 15% secured redeemable non-convertible debentures of Rs.100 each to Army Group Insurance Fund. These debentures are redeemable in one instalment on the expiry of 7 years from the date of allotment at a premium of 5%. The proceeds were to be utilised to meet a part of the cost of substantial expansion of nylon tyrecord yarn/fabric capacity. 1984 - The output of the conveyor belt and V-belt plant at Roha was satisfactory except for a brief loss of production for about two months due to go slow by the workers. - The letter of intent for expanding the nylon filament yarn capacity to 6,000 tonnes per annum was converted into an industrial licence. Application had been submitted to Govt. for expanding the nylon yarn capacity by 12,000 tonnes per annum. A separate plant was to be set up for this purpose in a backward area in Maharashtra. Letter of intent was received for increasing the polyester filament yarn capacity from 2,655 tonnes to 3,500 tonnes per annum. - A letter of intent was also received for the manufacture of 2,000 tonnes per annum of polyester industrial yarn which it proposed to implement at its Roha plant. - As a measure of diversification, it was proposed to manufacture 100 MT per annum of high performance carbon fibres. A letter of intent was received for this project. - Arrangement for resources were being finalised. The project was likely to be delayed due to development of some problems in the company's land at Panoli in the Bharuch district of Gujarat. - The Company also proposed to implement a steelcord reinforced conveyor belt project in collaboration with Clouth Gummiwerke AG of West Germany. A separate company Clouth-Nirlon Ltd., had been incorporated to implement this project in which Clouth Gummiwerke would have 40% equity participation and would provide the latest technology. On receipt of necessary sanctions, work on the project was started. - The company issued 22,50,000 - 15% secured non-convertible debentures of Rs.100 each. These debentures are redeemable at a prem. of 5% at the end of the 7th year from the date of allotment in case of debentures issued under the non-cumulative interest scheme, falling due on 26th June, 1992. Debentures issued under the cumulative interest scheme are redeemable at a prem. of 5% in 3 yearly instalments of Rs.35 each commencing at the end of the 7th year from the date of allotment the redemption prem. being paid in the first instalment. 1985 - The sales turnover, however, declined to Rs.173 crores due to a steep fall in yarn prices, large imports of polyester yarn with reduced import duty and a glaring distortion in price relationship between blended spun yarns and synthetic filament yarn. - A letter of intent was received for the manufacture of 15,000 tonnes per annum of polyester filament yarn at Paithan, a backward area in the Aurangabad district of Maharashtra. - A letter of intent was received for effecting substantial expansion of capacity of fans and V-belts from 12 lakhs nos. to 50 lakh nos. per annum in the Raigad district of Maharashtra. - An application was made for broad banding of capacities of nylon/polyester filament yarn and nylon tyre in keeping with Govt. directive to broad band the capacities of the synthetic yarn industry. - The Company reassessed the product's potential and decided to implement the letter of intent depending upon the marketability of the product. - With a view to diversify further, a joint sector project with Gujarat Industrial Investment Corporation was being implemented through Gujarat Tyres Ltd., for the manufacture of 5,00,000 tyres/tubes per annum in the first phase in Bharuch district of Gujarat. - The Company approached the controller of capital issues, for issue of share capital in the new company and if approved, it proposed to reserve a part of the said issue for preferential allotment to shareholders of the company. - The Company also signed an agreement with Karnataka State Industrial Investment Corporation Ltd. for setting up a plant in the joint sector for the manufacture of 6,000 tonnes of Nylon-6 yarn per annum. - The Company sought to diversify into the manufacture of 1,00,000 tonnes of propylene, 1,00,000 tonnes of butadiene and 1,60,000 tonnes of polypropylene annually. - Nirlon Investments Ltd., Filament Finance and Investment Ltd., Mentor Investments Ltd., Nestor Investments Ltd., Cassandra Investments Ltd., and Nirester Finance and Investment Co. Ltd. are subsidiaries of the company. - The Company privately placed with UTI an additional 15% secured, non-convertible debentures of Rs.100 each for Rs.250 lakhs. - The Company issued 26,49,825 - 13.5% secured convertible debentures of Rs.100 each on rights basis mainly due to the shareholders and employees of the company. These debentures were allotted on 18th June 1986. The Convertible portion of Rs.30 per debenture was converted into 2 equity shares of the company at a prem. of Rs.5 per share on 18th December, 1986 and 52,99,650 No. of equity shares were allotted on this count. The non-convertible portion of Rs.70 per debenture will be redeemed in four equal instalments on the expiry of the 7th, 8th, 9th and 10th year from the date of allotment. 1986 - Government's approval was received for the application and the licensed capacity for synthetic filament yarn including yarn/tyre cord as increased to 13,655 tonnes per annum. - The Company made a reference to BIFR as required under the Sick Industrial Companies (Sp. Provisions) Act. 1985. - 52,99,650 No. of equity shares allotted (prem. Rs.5 per share) in part conversion of debentures. 1987 - IDBI was appointed as the lead operating agency and it undertook to prepare the rehabilitation package. 1990 - The BIFR had published the proposed rehabilitation scheme and it was hoped that it would be implemented in the near future. 1991 - Production of textile division declined by 14.62% due to cut in nylon production. - EX-MDS has submitted a revival scheme which was under consideration of IDBI (the operating agency)/BIFR. The Appellate Authority for industrial and Financial Reconstruction directed the BIFR to first examine the rehabilitation scheme of the EX-MDS and if this scheme was not found viable, then the proposals of outsiders would be considered. 1992 - The revival scheme was under consideration of IDBI and BIFR. Meanwhile, Government of Maharashtra had extended the protection to the company as a "Relief Undertaking" under the provision of the Mumbai Relief Undertaking (Sp.) Act, 1958, for a further period of 12 months from July 21, 1993. 1993 -Rehabilitation Scheme sanctioned and implementation begins. 1999 -Offers its idle/surplus factory premises for licence at its Goregaon complex to leading Corporates. 2000 -Forms a Joint Venture company for its Conveyor Belting Division with its manufacturing facility at Roha with a large, integrated, global player in belting production. -Retains 26% of JV Equity 2003 -Factory Building areas of approx. 1,75,000 sq.ft. licensed at the Goregaon complex. -Completes repayment of Secured loans & Public Debentures as per the Rehabilitation Scheme 2004 -Phase out of manufacturing at Goregaon. 2005 -Additional building area of approximately 150,000 sq.ft. licensed at Goregaon. 2006 -Achieves profit after depreciation and substantially completes implementation of the Rehabilitation Scheme. -Deregistered from BIFR and is no longer a sick unit. -Planning and design for an Information Technology (IT) Park of 23 acres, i.e. Nirlon Knowledge Park (NKP) commences at Goregaon, Mumbai, at the company's erstwhile factory location. 2007 -Construction of Phase-I of NKP commences. 2008 -Construction of Phase-II of NKP commences. 2009 -NKP Phase-I is completed and substantially licensed to leading multinationals and corporates. -Nirlon diversifies its 26% stake in its Conveyor Belt joint venture company with a substantial gain. 2010 -Wins Smart Living Awards for -i. Best Safest Project. -ii. Best Corporate Spaces - SEZ's & IT Parks. -iii. Best Green Project - Commercial. 2011 -Construction of Phase-III of NKP commences. -NKP Phases I & II are fully licensed. -Completes a preferential issue of fresh equity for expansion and development of NKP. 2012 -Construction of NKP Phase-IV begins -Nirlon - Nirlon wins Prestigious International Property Award. 2013 - Nirlon Wins Worldwide Achievers "Real Estate Award 2013" 2014 - Board recommended a Dividend of Rs. 0.75 paise per equity share (@7.5% on the face value of Rs. 10/- each ). - Declares a dividend for the first time since 1985. 2015 -Singapore's sovereign wealth fund GIC has raised its holding in public listed Mumbai IT park firm Nirlon Ltd to 63.92 per cent by acquiring more shares in the open offer for Rs 568.32 crore ($90 million). 2016 -Development of NKP Phase-5 begins