Timken India Ltd Company History

The Company was incorporated on 15th June, and obtained the

Certificate of Commencement of business on 10th September. The Company

manufacture tapered roller bearings and AP cartridge roller bearings.

It was promoted by Tata Iron & Steel Co. Ltd., and Timken Co., USA.

The major portion of the plant and machinery comprised imported

remanufactured equipment to be supplied by Timken Company retrofitted

with the state-of-the-art electronic controls, in-process gauging and

other proprietary apparatus.

The Company entered into a technical and financial collaboration with

Timken Company, USA for technical information, material specification

and other documentation pertaining to manufacture of tapered roller

bearings and AP cartridge roller bearings.

The Company was given a licence to market, sell and service the

Timken Company's products produced in other countries, in India, Sri

Lanka, Nepal Bhutan and Bangladesh.

The Company issued 13,00,000-12.5% secured partly convertible

debentures of Rs 150 each of which 65,000 debentures were reserved for

allotment on a preferential basis to employees (including Indian

working directors)/workers of the Company and those of promoter

companies (all were taken up). The remaining 12,35,000 debentures were

offered to the public (all were taken up).

Rs 50 of the face value of each debenture was converted into 5 No. of

equity shares of Rs 10 each on 4th November. Accordingly 65,00,000 No.

of shares were allotted Rs.100 of the face value of each debenture was

to be redeemed at par on the expiry of 8 years from the date of

allotment of debentures.

7 No. of equity shares subscribed for by signatories to the

Memorandum of Association. 359,99,993 No. of equity shares, then

issued at par of which the following were reserved for allotment; (i)

170,00,000 shares to Timken Co., USA and (ii) 169,99,993 shares to

TISCO. Of the remaining 20,00,000 shares, 18,00,000 shares reserved

for allotment on a preferential basis to employees (including Indian

working directors)/workers of the Company as also promoter companies.

Balance 2,00,000 shares were offered for public subscription during

May.

Due to lack of order from the railways production of AP cartridge

bearings reduced to 18,887 nos.

21,250,000 shares offered to the existing shareholders on right basis

in prop. 1:2. Out of which 17,200 shares held in abeyance, 3,160

shares could not be allotted due to stock invest lost in transit,

267,529 shares yet to be allotted.

Production of AP cartridge bearings reduced to 337 nos. due to lack

of orders from Railways.

The Company issued 26,00,000-9% cumulative redeemable preference

shares of Rs 100 each on private placement basis to meet the working

capital requirements.

2,70,689 shares allotted on April 1994. 1,350 shares allotted out of

shares kept in abeyance. Preference shares allotted to the promoters

on private placement basis.

The Company has issued 26,00,000 9% Cumulative Redeemable Preference

Shares of Rs. 100/- each to The Tata Iron & Steel Co. Ltd. (13,00,000

shares) and The Timken Company, USA (13,00,000 shares) on 14 March.

The Preference Shares shall be redeemed at the expiry of 10 years from

the date of allotment with an option to the Company to redeem the same

earlier after giving one month's notice.

700 No. of Equity shares allotted out of shares kept in abeyance.

During the year Mr. J. H. Mayer had resigned as Managing Director and

in his place Mr. Gordon William Robinson has been appointed by the

Board.

The Company undertook a project to complete indigenisation of the A P

Bearing components.

The Company feels proud of the Railway business team who won The

Timken Company's coveted award of "Dedication to Excellence". This

award is given to one team worldwide as recognition of the dedication

to achieve excellence leading to outstanding customer satisfaction and

shareholder value.

As part of the constant endeavour of the Company to improve the

environment and maintain clean Steel City, the Company had installed a

Pilot Membrane System for treatment of oily waste fluid.

As per terms of the issue, the entire outstanding amount of the

Non-Convertible part of 1300000 12.5% Secured Redeemable

Non-Convertible Debentures of Rs. 100/- each (the Debentures) have been

redeemed on 4th November, 1999.

Consequent to the approval of the Members accorded at the Extra

Ordinary General Meeting held on 31st May, the name of the Company has

been changed from Tata Timken Limited to Timken India Limited with the

requisite approval of the Central Government with effect from 2nd July.

The Company launched a tactic to achieve QS 9000 Certification to

further upgrade the quality systems.

Another Project initiated by the Company for indigenisation of Rail

Road Bearing had successfully been completed. The project has been

completed ahead of schedule and within the budget.

Mr. Vinod Kumar Dasari has been appointed as the Managing Director of

the Company with effect from 1st January, consequent to the resignation

of Mr. Gordon William Robinson (Mr. Robinson) as the Managing Director

of the Company with effect from the said date.

Dr. J J Irani has recently stepped down as the Chairman of the Board

and the Board, at its meeting held on 13th April.

Mr. Shyamal Kumar Sinha, Director (Finance & Systems) has been

appointed as an Alternate Director to Mr. Jon T Elsasser effective 13th

April, 1999.

ICRA has assigned an A1+ rating to the enhanced Rs 15 crore

Commercial Paper programme of the company.

The Company achieved certification from American Association of

Railroad (AAR). This would help the Company in quick acceptance of its

products in USA without testing. The Company is the first Company in

India to achieve Certification from AAR.

The Company issued 13% Unsecured Redeemable Non-Convertible

Debentures for a sum of Rs. 2 Crores redeemable in 18 months on private

placement basis with ABN Amro Bank after complying with all the

necessary formalities.

Mr. Vinod Ku mar Dasari who was appointed as the Managing Director of

the Company has resigned with effect from 8th April. Mr. Charles

Joseph DeVirgilio, has been appointed by the Board as an Additional

Director and also as Managing Director of the Company with effect from

the conclusion of the Board Meeting held on 8th April.

Mr. Joseph F Toot, Jr. has resigned as a Director of the Company and

in the casual vacancy created by such resignation, the Board has

appointed Mr. Scott A Scherff as a Director of the Company. The

Mr Mantosh Sondhi, director of the company expired on Oct 29th.

Reports a 81% increase in its second quarter net profit over the last year.

Timkin, the alloy steel and bearing company opened its second biggest research and development centre in the world near Bangalore. Timken Engineering and Research India is a wholly owned subsidiary of Timken India in which Timken holds 80 per cent stake; the rest is with the public.

Indian Oil has inked a MoU with Timken India Ltd to manufacture and market 'Timken Premium Automotive Grease' in the country.

Timken India mulls to expand its operations in the country by increasing its capacities at its plant in Jamshedpur. making new capacity at a greenfield facility in the Chennai special economic zone (SEZ).

Timken India Ltd. Appointed Mr. Sridharan Rangarajan as Additional Director [Promoter - Non Executive] at the Meeting of the Board of Directors of the Company.

Timken India Ltd. has approved a plan to expand its tapered roller bearing manufacturing capacity in India by approximate 2.4 million races of upto 8 inch tapered roller bearings per annum in view of the growing demand in construction.

Timken India Ltd. declared payment of Interim Dividend of Rs. 20/- per share on an equity share value of Rs. 10/- each.

Mr. Sanjay Koul has been appointed by the Board of Directors as an Additional Director and also as the Managing Director .

Timken India Ltd declared payment of Interim Dividend of Rs. 2/- per share on an equity share

value of Rs. 10/- each.

Mr. Christopher J Holding has been appointed as an Additional Director of the Company.

Mr. R. Ramesh has been appointed as an Additional Director and also as a Whole-time Director of the Company .

Mr. Sanjay Koul as the Chairman of the Board under the designation "Chairman & Managing Director during the year.

The Timken Company completed the previously announced acquisition of Rollon Group, a leader in engineered linear motion products.

The Timken Company completed the previously announced acquisition of Cone Drive, a leader in precision drives used in diverse markets including solar, automation, aerial platforms, and food and beverage.

Timken Buys German Company BEKA Lubrication.

Timken Acquires The Diamond Chain Company, Expanding Its Leadership in Engineered Industrial Chain.

Two Timken Plants Earn Safety Awards from South Carolina Manufacturers Alliance

Timken Named One of the World's Most Ethical Companies® by Ethisphere for the 9th Time.

Timken 2019 Scholarship Winners Vow to Make an Impact Around the World.

The Timken Company launched five new Tricks of the Trade videos focusing on commercial and light vehicles.

Timken Named One of the World's Most Ethical Companies® by Ethisphere for the 10th Time.

Timken Has Spot On NASA’s Next Space Telescope.

Timken today announced the start of production at its new manufacturing facility in San Jose Iturbide, Mexico.

Timken Researchers Help Vaccine Maker Improve Equipment And Maintain Production.

The Timken Company a world leader in engineered bearings and power transmission products, has been recognized as one of America's Best Employers of 2021 by Forbes.

The Timken Company is helping to fund the futures of 20 students in pursuit of careers ranging from artificial intelligence and engineering to nursing and psychology.

Timken Shines In Fast-Growing Solar Energy Sector.

Timken Acquires Robotics Supplier Intelligent Machine Solutions.

Timken Recognized Among World's Most Ethical Companies for 11th Time.

Timken Earns Spot on Newsweek America's Most Responsible Companies List for Third Straight Year.

Timken Completes Acquisition of GGB Bearings.

Timken's Philadelphia Gear to Provide Main Reduction Gears for U.S. Navy Frigate USS Congress.

Timken Named One of America's Best Employers for New Graduates by Forbes.

Timken Completes Acquisition of Spinea.

Timken Adds Engineered Sealing Solutions to Portfolio with Lagersmit Acquisition.

Timken Expands Linear Motion Offerings with Rosa Sistemi Acquisition.

Timken Seeing Strong Demand for Solar Energy Solutions; Wins Solar Project in Australia.