Cimmco Ltd Company Summary

Cimmco Ltd Summary

Incorporated in Sep.43 as a public limited company under the name Texmaco (Gwalior), the company was renamed Cimmco in Dec.85. Xpro India, Cimmco Spinners and Indian plastics were amalgamated with the company and its name was subsequently changed to Cimmco Birla in Oct.94. The company was promoted by G D Birla. At present, Siddharth Birla is the chairman and Sushil K Jain is the executive director of the company.CBL is engaged in the manufacture of textile machinery and accessories, steel castings, railway wagons, cotton yarn, co-extruded plastic sheets, thermo-setting plastics, etc. It came out with a rights issue of 40.4 lac equity shares at a premium of Rs 50 each aggregating Rs 24.24 cr. The funds were raised to standardise and rationalise man-power levels and work methods commensurate with operations and to augment long-term resources for working capital requirements and normal capital expenditure.The New Sheet Line was commissioned in April 1996 taking sheet capacity to 7500 MT. The company has reorganised and reconstructed the business of the company by transferring its non-engineering business (Xpro India ,Xpro India Bombay , Biax ans Cimmco Spinners divisions ) to Xpro India Limited (XIL) in the manner and on the terma and conditions stated in the scheme of Arrangement. In line with the scheme , all members of Cimmco Birla Limite will receive 1 Equity Share of Xpro India Limited for every 2 Equity Shares held in the company , automatically and with no payment , as on December 20, 1999.During the year 1999-2000, the company has procured an export order for wagons worth US $ 3.2 million from West Asia for manufacture and supply of phosphoric acid tank wagons.