Willard India Ltd.was incorporated on May 11, 1973 at Kanpur, jointly promoted by K.P. Singh and American Universal Electric (India) Ltd. the company was established to manufacture all types of lead acid storage batteries such as automotive batteries, stationary batteries, train lighting cells and other related products such as hard rubber containers P.V.C. sintered separators.
It made its public issue in the year 1991. It is a part of the Bajoria B.P. /K.K. Group. It manufactures Jute goods at its plant at Visakhapatnam, Andhra Pradesh, and Baggasse, Molasses, Power and Sugar at its plant located at Bulandshahr, UP. The company is also into the manufacturing of all types of lead acid storage batteries such as automotive batteries, stationary batteries, train lighting cells and other related products.
In Oct 2003 the management of the ailing Willard India Ltd decided to bifurcate the company and create two new organizations - one looking after jute and the other sugar. The jute business was transferred to Chitavalsah Jute Mills Pvt Ltd and the sugar business to Agauta Sugar and Chemicals Pvt Ltd.
Earlier, the company used to have a battery manufacturing facility too which turned sick a few years ago. Subsequently, it was spun off into a separate company. As more than 50 per cent of the net worth of the company had been eroded, it was reported to the Board for Industrial & Financial Reconstruction (BIFR).
Meanwhile, in the preceding one and a half years, Bajoria infused roughly Rs 2 crore through a group company. Equity shares were allotted to this company on a preferential basis.
In Jan 2005 the process of bifurcating the sugar and jute business of the ailing Willard India Ltd got a fillip with the banks and financial institutions approving its debt restructuring package. A finance company, Perfect Career Consultants Pvt Ltd, was created to accommodate certain non-performing assets. The restructuring took effect with retrospective effect from October 1, 2004.
Willard India decided to hold 40 per cent stake in the jute and sugar companies and 100 per cent in the financial firm. The remaining 60 per cent stake in the two companies will be distributed among the minority shareholders.
Further the company informed that its 40% share in both the operating companies would increase the shareholders value once the debts are cleared.
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