Willard India (WIL) was incorporated as a public limited company on 11 May '73. Chitavalsah Jute Mills, one of the units of B P Bajoria, took over this company and effected a reverse merger with effect from 1 Aug.'79. Its plants are in Andhra Pradesh and Uttar Pradesh. WIL was originally promoted by K P Singh and then by B P Bajoria.
It came out with a public issue of 6.02 lac 15% FCDs of Rs 300 at par, aggregating Rs 18.08 cr, in Jan.'93, to finance the capital cost of the proposed 2500-tcd sugar project and to meet the margin money requirement for working capital at a project cost of Rs 45 cr. The company has 2 divisions, the battery division at Bulandshahr, UP, manufacturing lead acid storage batteries; and the jute division manufacturing jute goods, twine, sacking bags and sugar.
WIL's major clients are TELCO, PAL, HM, M&M, DCM Toyota, etc. The battery division of WIL is in technical and financial collaboration with Japan Storage Battery Company, Japan. WIL has tied up with Eco-Energy International Corporation (EIC), US, for an expansion project. The Bajorias also promoted Indo Flogates, in 1979; IFGL Refractories, in technical and financial collaboration with Harima Ceramics, Japan; Darjeeling Consolidated; Marshall Sons & Company; and Solarson Industries. In 1993-94, WIL also promoted Mobar India, an international trading house in association with Russi Mody; AIOC, US; and ROE, Germany. WIL is also contemplating to manufacture chemicals using molasses. ...
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