Standard Industries Ltd

Standard Industries Ltd

Standard Industries Limited (Erstwhile known Standard Mills Company Limited) was incorporated in January 1892. In line with the diverse nature of its business the Company had changed from Standard Mills Company Limited to Standard Industries Limited in October 1989. In priority the Company was engaged in manufacturing textiles chemicals and garments. Presently it is into property division (previously known as real estate) and trading in textiles and chemicals. The Company was founded by J Davidsarson. In 1932 the management was taken over by the Mafatlals and since 1979 it is a constituent of the Stanrose Group.In Aug.'94 the company came out with a rights issue of 1.12 cr equity shares at a premium of Rs 50 per share aggregating Rs 67.42 cr to fully finance the modernisation programme and to repay/prepay high cost borrowings. SIL at present has 3 divisions - textiles chemicals and apparels. The textiles division manufactures yarn unprocessed and processed cloth etc. The chemicals division manufactures a range of organic and inorganic chemicals such as caustic soda chlorine hydrochloric acid ethyl chloride etc. The apparels division manufactures readymade garments and fusible interlining fabric. The company exports to Europe US Germany the Gulf etc. Standard Salt Works is a subsidiary of SIL which supplies to the chemical division. Recently the company also co-promoted a new company Mafatlal Lubricants along with Motul France for manufacturing and marketing lubricating oil.During 1999-2000 two textile units at Prabhadevi and Sewree were ISO-9002 certified for the International Quality System by M/s SGS Yarsley International Certification Services Ltd. The company was re-certified for ISO 9002 System by BVQI.The company is in process of ratiionalization and integration of its textile activities at different locations. In 2000-2001 the company introduced VRS to its textile mill workers.The performance of Chemical Division performed well and the markets for Caustic Soda and Chlorine was affected due to stiff competition among local producers.During the year the company had commissioned Captive Power Plant for four stroke engines.In January 2006 the Company commissioned additional two electrolysers. During 2006-07 the Company and its nominees acquired all the shares amounting to 24% of the Equity Capital of Standard Salt Works Ltd. and thus Standard Salt Works Ltd. was made a wholly owned subsidiary of the Company.Pursuant to the permission for closure of the factory given by the Commissioner of Labour vide his order dated 8th November 2006 the Company announced the closure of the Chemical Factory on and from 9th November 2006. As the Chemical Unit of the Company was closed with no manufacturing activities the shareholders on 21 December 2007 resolved to sell lease transfer assign or otherwise dispose of as a going concern or otherwise the Company's Chemical Undertaking at Navi Mumbai.On 26th March 2012 the Company had entered into a Memorandum of Understanding (MOU) with Stan Plaza Limited (SPL) a wholly owned subsidiary whereby the Company agreed to transfer 16825 sq. ft. of TDR relating to 27% of the plot area as aforesaid to SPL fora consideration of Rs 403.80 lakhs as per valuation done by expert Valuers. Stan Plaza Limited a 100% subsidiary of the Company ceased to be a subsidiary a with effect from 13th March 2015 vide a Share Purchase Agreement executed between the Company Stan Plaza Limited and Stanrose Mafatlal Investments And Finance Limited(Promoter of the Company). The Company has sold its entire equity shareholding in Stan Plaza Limited to Stanrose Mafatlal Investments And Finance Limited on arm's length basis.Standard Industries Limited (SIL) (Assignor) and Support Properties Private Limited (SPPL) (Assignee) (K. Raheja Group Company) have executed Deed of Transfer and Assignment Agreement (DTAA) of Leasehold land in relation to the said property alongwith Power Sub-Station situated within the same Plot. On receipt of approval dated 23rd March 2022 from MIDC DTAA dated 31st March 2022 was executed between SIL and SPPL for an overall consideration of Rs. 427.33 crores.