HBL Power Systems Ltd Share Price HBLPOWER
|Chairman & Managing Director||A J Prasad|
|Independent Director||P Ganapathi Rao|
|Independent Director||Preeti Khandelwal|
|Whole-time Director||M S S Srinath|
|Company Secretary||MVSS Kumar|
HBL NIFE Power Systems Limited (Formerly known as Sab Nife Power Systems) is a leading battery and power systems company based in Hyderabad, India. The company came in to existence as a result of the merger in 1999 of Hyderabad Batteries Ltd (HBL) incorporated in 1977, and SAB Nife Power Systems Ltd incorporated in 1986. The two companies which were under the same management, were merged when foreign % of equity investment in SAB NIFE became too small to justify separate legal entities. Now the company has become the leading supplier of specialised batteries and power electronics in India with a strong presence in several other countries. Sab Nife Power Systems was incorporated in1988 by A J Prasad in a Joint Venture with Nife, Sweden.The company commenced commercial production in August 1988.
At Present the company has 3 subsidiaries namely Bhagirath Energy Systems Pvt Ltd, HBL Nife (UK) Ltd, HBL Nife (M) SDN, BHD Malaysia. The companies subsidiary Bhagirath Energy Systems Pvt Ltd in Nepal has applied for voluntary winding up.
In 1992, the company diversified into manufacturing uninterrupted power systems which was financed by a public issue in Feb.92. In 1993-94, it also started Manufacturing storage batteries to include sealed lead acid (SLA) batteries.
In 1998-99,HBL Ltd and Pinaki Technologies was merged with the company as per the direction of the Honble Highcourt of Andhra Pradesh and established a manufacturing facility for switch mode rectifiers at Kothu, Mahaboobnagar Dist., and the division started commercial production. During 1999-2000,the name of the company was changed to HBL Nife Power Systems Limited.
The Company set up 100% EOU for exporting Nickel Cadmium batteries andanother for Lead Acid Products.
During 2001-02 the company allotted shares to HBL Engineering Pte LtdSingapore, subsequently it had become a wholly owned subsidiary of HBL NifePower Systems Ltd. The companys buy back programme was refused bySEBI and hence the proposal has been dropped.
As approved by the company in the last General Meeting, the Honble High Court of Andhra Pradesh vide its Order dated 27th February, 2004 approved the scheme of amalgamation for the merger of the Companys subsidiary, M/s Compact Power Services Pvt Ltd. with the company.