Maurice Coates, Managing Director of Coates Brothers, a London-based British Printing Ink manufacturer set up a small blending unit at Kolkata, India as a branch office of the London-based Company.
Coates Of India was incorporated on April 2nd, under the Indian Companies Act, 1913 the restructured company commenced its business on November 1st, 1947.
The Company opened its second Service Centre in Mumbai.
In accordance with the revised Indian Companies Act, Coates of India became a “private limited” Company.
Coates of India opened its Chennai Office.
On April 1st, the registered and head office was shifted to a new premise in Kolkata at Canal East Road. A factory with modified manufacturing facilities was set up.
Coates further expanded its operations by establishing a set up in Delhi. Coates of India became a public limited company under the Indian Companies Act.
Coates of India commenced production of Metal Coating at its Mumbai unit.
The Company set up factory at Delhi for blending activity.
<div class="slider-desc"> The new factory, office and R & D department at Kolkata was inaugurated on April 21st in the Company’s Silver Jubilee Year. The R & D Department was granted recognition by Department of Science & Technology, Government of India.</div>
The Company made its Maiden public issue of equity share worth Rs. 3.2 million. The public issue was oversubscribed six times.
The Company set up sales offices at Ahmedabad, Bengaluru and Patna.
Coates tied up with Noble Paints and Varnish (later renamed Noble Synthetics Ltd) in New Mumbai for additional production of synthetic resin, supplementing its production in Mumbai factory.
The Kolkata factory witnessed a mega modernisation program involving installation of highly efficient machines.
The Liquid Ink Manufacturing factory was set up at Noida.
Coates of India’s parentage shifted from British to French when Coates Brothers PLC was acquired by the Oil and chemicals conglomerate, Total having its headquarters at Paris. Coates became part of Total Chimie, the chemical division of Total S.A. The company set up another plant at Ahmedabad for manufacturing solvent based Inks, and also an Integrated Resin & Metal Coating unit at Bengaluru.
A chip plant was established at Kolkata in collaboration with Chip SPA, Italy; a Total Group company.
The packaging coating division of Coates of India was demerged into Coates Coating India Private limited which was a fully owned subsidiary of Coates of India. The Kolkata unit became an ISO 9001 certified unit. The other units at Mumbai, Noida, Ahmedabad and Bengaluru also started to work towards obtaining same certification.
The parentage once again shifted from Total Chimie to Dainippon Ink & Chemicals Inc., Japan as Total sold its worldwide ink business to Sun Chemical, a wholly owned subsidiary of Dainippon Ink & Chemicals. Acquisition of 8.42% stake by Sun Chemicals in the company pursuant to an open offer made by it under SEBI Takeover Regulations.
DIC, Japan the ultimate holding company decided to consolidate all its investments in Asian Group companies under DIC Asia Pacific Pte Limited, Singapore. 51% stake held by holding company Coates PLC was transferred to Sun Chemical thereby increasing its stake to 59.42%. Sun Chemical thus became the holding company.
The entire stake of 59.42% in the company was transferred from Sun Chemical to DIC Asia Pacific Pte Ltd, making it the holding company. DIC Asia Pacific Pte Ltd took the creeping acquisition route to acquire further 6.34% stake in the company, thereby raising its share to 65.76%.
With effect from 6th August, the name of the company was changed to DIC India Limited to reflect the business group to which the company belonged.
The stake of DIC Asia Pacific Pte Ltd was raised to 71.75% pursuant to Right Issue allotted. Rohit (Printing Ink & Paints) Industries Private Limited amalgamated with DIC India Limited.
DIC India sold its entire stake in Coates Coating India Private Limited to Valspar, a North American manufacturer of paints and coatings.
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