Ab Company Essay

COMPANY HISTORY - ABB INDIA LIMITED

1949

The company was incorporated on 24th Dec, at Mumbai. The main objects of the company is to manufacture transformers, electric motors, all-aluminium conductors, furnaces, extra H.T air blast circuit breakers, panels and switchboards.

Asea Brown Boveri, established a subsidiary of the Swedish-Swiss ABB Asea Brown Boveri. The ABB group, comprising about 1000 companies, has operations in 140 countries and is involved in power generation, transmission and distribution, industrial equipment’s and systems, and factory automation.

1964

In August, 20,000 Pref. shares issued to collaborators. 1,20,000 Right Equity shares offered at par in prop. 1:1.

1965

In September, the Company's name was changed from Hindustan

This project was set up at Halol in Panchmahan district of Gujarat State.

The Company jointly with Pradeshiya Industrial and Investment Corporation of U.P. Ltd., promoted a company under the name of National Switchgears Ltd.

The joint venture company set up a project for the manufacture of switchgears at Rae Bareli, U.P.

The Industrial licences were received for mini-computer/ microprocessor based systems, modems, switch mode power supplier and keyboards.

(economictimes.indiatimes.com, 2015)

The Company entered into collaboration with Danish Windpower A/s, Denmark for the manufacture of wind energy conversion systems.

1988

The Electronics division was commissioned power line carrier communication equipment for the HVDC line developed by the Andhra Pradesh Electricity Board.

Consequent to the merger of Asea, Sweden, and BBC Brown Boveri, Switzerland, the Indian operations of both companies were also merged.

40,000 Pref. shares converted into 20,000 No. of equity shares.

to Asea Brown Boveri Ltd., with effect from 13th October.

1990

Shares subdivided on 16th March 1989. 45,85,590 No. of equity shares of Rs 10 each then issued without payment in cash to members of Asea Ltd., in prop. 5:6.

(economictimes.indiatimes.com, 2015)

1992

The Company issued 49,30,295 No. of equity shares of Rs 10 each at a premium of Rs 50 per share on rights basis in the proportion of 1:2. Additional 7,39,544 shares were allotted to retain oversubscription.

The parent company increased its equity stake in ABB from 40 to 51 per cent in 1992.

Another 2,46,515 No. of equity shares of Rs 10 each at a premium of Rs 50 per share were offered to the employees. All were taken up.

Simultaneously, the Company issued 47,54,734 No. of equity shares of Rs 10 each at a premium of Rs 50 per share to the foreign collaborators viz., ABB Asea Brown Boveri Ltd., on private placement basis to raise their holding to 51% after issue and allotment of rights shares, additional shares and shares to employees.