Kirloskar Oil Engines Ltd

Kirloskar Oil Engines Ltd

Kirloskar Oil Engines Ltd was incorporated on January 12 2009 as a public limited company with the name Kirloskar Engines India Ltd. The company was incorporated with an object of taking over of the carrying on the business of manufacturing trading and/ or dealing in engines engine spares pumps generating sets and oils used therein bimetal bearings bushes and bimetal strips.The name of subsidiary company:Kirloskar Brothers Investments Limited Pooja Credits Priviate Limited Nalanda India Fund Limited.As per the scheme of arrangement between the company and the erstwhile Kirloskar Oil Engines Ltd the demerged undertaking of the erstwhile Kirloskar Oil Engines Ltd (now known as Kirloskar Industries Ltd) vested with the company retrospectively with effect from April 1 2009 (the appointed date). The said scheme became effective from March 31 2010.The demerged undertaking comprises of the business of manufacturing trading and/ or dealing in engines engine spares pumps generating sets and oils used therein bimetal bearings bushes and bimetal strips and comprises of all the assets (whether moveable or immovable tangible or intangible real or personal present future or contingent) and liabilities which relate thereto or are necessary therefore including the items specifically set out in detail in the scheme of arrangement.The company changed their name from Kirloskar Engines India Ltd to Kirloskar Oil Engines Ltd with effect from June 2 2010. The company's equity shares were listed on the Bombay Stock Exchange Ltd (BSE) Mumbai and National Stock Exchange of India Ltd (NSE) Mumbai with effect from December 24 2010.During the year 2010-11 the company launched K-1080 engine covering 140 to 160 kVA. The company was selected jointly by Maratha Chamber of Commerce Industries and Agriculture (MCCIA) and Rotary Club of Poona West for their newly introduced 'Best Employees Response Award' in large industry category Pune.In March 2011 the company entered into a license agreement with Daihatsu Diesel Manufacturing Company Ltd Japan for manufacture of diesel engines in range of 610 KW to 2560 KW to cater to the Commercial Marine Market segment.In May 2011 Kirloskar Brothers Investments Ltd (KBIL) acquired shares of the company from the promoters through Interse transfer of shares amongst the group through market and the share holding of KBIL in the company has gone up from 38.06% to 41.84%. Pooja Credits Pvt Ltd (PCPL) which is a wholly owned subsidiary of KBIL holds 8.76% in the company. Consequently the company became a subsidiary company of KBIL.In September 2011 the company received an order of Rs 396 crore from Nuclear Power Corporation of India Ltd for the supply of 16 nos emergency Diesel Generating sets of 4.2 MW each. This order is to be executed over next 42 months. The company decides to hive off of the Bearing Business Division (BBD) consisting of two units located at Pune and Ahmednagar.In the year 2012 the company achieved sales of Rs 2276 crores as against the Rs2364 crores in the previous year. The company has continued with the K1080 programme and substituted 4 cylinder engines in place of 6 cylinder engines in the 100 to 125 KVa power range.The company entering a new market segment in india i.e. portable diesel genset has been completed and its planned markek launch is currently underway.