Polar Industries Ltd. Company History and Annual Growth Details

The company was incorporated on 19th June 1982 at Calcutta. It was promoted by Sajjan Kumar Agarwal, Anil Kumar Agarwal and others. The main objects & activities of the company include the manufactures of various types of fans such as Ceiling fans, pedestal fans, table fans, exhaust fans, multiuse fans, cooler fans & pumps. The products are sold under the brand name -POLAR. The Company also exports its products.

The Company entered into a technical agreement dated 20th Sept.1982, as amended by an agreement dated 20th January, 1983, with Polar Fan Industries Ltd., Calcutta for technical know-how for manufacturing fans & it granted to the company the right to use it's registered trade mark for sale in India and abroad.

The company commenced manufacturing activities in December 1982. The company undertook to set up an expansion project at NOIDA with an installed capacity of 1,20,000 electric fans per annum. A second expansion project was planned involving the installation of an additional capacity of 90,000 electric fans per annum. During 1984-85, work on the main factory building for the first expansion project was almost completed and plant & machinery were being installed. During 1985-86, the project was completed and trial runs were taken.

During 1989-90, the company undertook to set up a lamination project to expand its activities vertically. The project was completed during 1990-91 and the Stampings produced were found to be satisfactory in the fan manufacture.

3170006

2000 - Polar International Ltd has entered into a technical
collaboration with two Chinese and Taiwanese firms for its fan
and appliances divisions.

2002-Polar Industries Ltd has informed BSE that the Board of Directors in its meeting held on May 28, 2002 has approved the appointment of Mr Gangacharan as Nominee Director of IFCI in place of Mr Dipak Ghosh.

-Polar Industries Ltd has informed BSE that the Board of Directors in its meeting held on September 2, 2002 has accepted resignation of Mr. Ramesh Kumar Jain from Directorship of the Company w.e.f. August 27, 2002.

2004

-Polar Industries Ltd has informed that in accordance with scheme of Amalgamation as approved by High Court at Delhi, share holding of Sheffield Appliances Ltd. in Polar Industries Ltd. has increased from 76021 shares to 1239108 shares.

-Delist from Delhi Stock Exchange w.e.f. October 13, 2004.

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