ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Conducive to Corporate Growth

Conducive to Corporate Growth Hansavtvek CHLORIDE INDIA has been allowed by RBI to carry on under FERA its existing manufacturing activities, subject to the condition that non-resident shareholding in the company's capital should be reduced to 51 per cent. The directors have therefore proposed to issue 9,38,100 new equity shares of Rs 10 each to Indian investors at a premium not exceeding-Rs 15 per share as may be approved by the Controller of Capital Issues. Of these, 7,42,749 shares will he offered to the Indian members of the company as 'rights' shares in the portion 1:3, 95,351 shares will offered to Indian directors and employees of the company, and one lakh shares to UTl, LlC and GlCl and its Subsidiaries. The company has received a letter of intent' for setting up a 100 per cent export- oriented unit for manufacture of special types of storage batteries at Haldia, a 'backward' area of West The Week's Companies Bengal. The management is drawing up plans for the project. The company has also got a "letter of intent' for manufacture of torpedo battery cells, tor which production facilities will be set up in one of the existing factories. Meanwhile, development work for a major import substitution project for battery separators has proved successful. Work now in hand for setting up the related manufacturing facilities which, when commissioned, will allow considerable cost saving to be effected. The company's research and development centre is engaged in experimenting on new alloy compositions, new plate design, alternative materials for containers and separators, improved dry charge characteristics. more efficient production engineering methods for manufacturing tubular plates, etc* In the field of fundamental research, experiments are being carried out to evolve a solar cell compatible battery storage unit with potential applications for navigational buoys, unmanned micro-wave stations, etc. The company also has access to all the research work of the collaborator, Chloride Group of UK, a recognised world leader in rechargeable battery technology, The UK company is now engaged in developing a light weight power source, namely, the sodium sulphur battery, which may revolutionise urban transportation through the operation of commercially viable battery-powered vehicles.

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