Kirloskar Pneumatic Company Ltd

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• K G Khosla Compressors Ltd. a Kirloskar group of company was incorporated in Nov.`74 as Khosla Compressors. The name of the company was changed to K G Khosla Compressors in 1976. Originally the company was promoted by K G Khosla. Kirloskar Pneumatic Company Ltd Acquired additional 20,51,000 equity shares of the company pursuant to SEBI in 1998-99. During the year 2002, Kirloskar Pneumatic Company merged with the company and the name was changed to Kirloskar Pneumatic Company. It manufactures high pressure compressors, air and gas compressors, refrigeration compressors, hydraulic press vacuum pumps and grey iron castings. The main product of the company -- air and gas compressors -- are used by steel plants, fertiliser plants, and by general engineering industry. The company suffered industrial unrest for a few years and the plant was locked out between Sep.`91 and Jun.`92. A revival plan was prepared in consultation with financial institutions, including raising of fresh capital. In Feb.`94, the company came out with a rights issue at a premium to raise funds for a voluntary retirement scheme, for the reduction of a part of the high-interest borrowings and for long-term working capital. The revival plan has been sucessfully implemented. In 1997 the Company has improved the technology for gas compressors with the help of IHI Limited, Japan. The company has also tied up with KOBELCO for Dry Screw Compressors. Both of this would fetch additional business for the company. In the second half of 1999-2000 the company has taken over the air compressors business of the Kirloskar Pneumatic Co Ltd., on licence. The company has also entered into a License Agreement with Kirloskar Proprietory Ltd to use the brand name `Kirloskar` on its products, letter heads, etc. which will help to promote its products in the market.