|
|
This article relies on references to primary sources. Please add references to secondary or tertiary sources. (July 2007) |
Lakshmi Machine Works Limited (ltd)
| Type |
Public |
| Industry |
Textile, Machine tool, Steel& GI Foundry |
| Founded |
1962 |
| Headquarters |
Periyanaickenpalayam, Coimbatore, India |
| Key people |
Sanjay Jayavarthanavelu, Chairman and Managing Director. |
| Products |
Textile Machinery, Machine Tool; windmill, automotive, earth mover parts etc.,) |
| Revenue |
13 billion Rs |
| Employees |
4000+ |
| Website |
[1] |
Lakshmi Machine Works Limited (LMW) is India's largest textile machinery and CNC manufacturers, based in Coimbatore founded by Cavalier Dr.G.K.Devarajulu. It started its operation in 1962 in Periyanaickenpalayam in Coimbatore city with technical collaboration with Swiss based textile machinery manufacturer Rieter for textile machineries and German based Steel and Ammunution major Krupp. In mid 1980's the company bought over its Coimbatore based longtime rival and much older Textile and engineering giant Textool. The company is promoted and owned by the Lakshmi Mills family.
They have also Opened up a Management Institute, D J Academy For Managerial Excellence and DJ School of Design in Coimbatore. D. J. stands for the late D. Jayavarthanavelu, son of founder of LMW, the late G. K. Devarajulu.
Company History
•1963 - Shares subscribed for in cash by promoters, Directors, their friends and associates. •1964 - Further 1,221 shares subscribed for by directors etc. 30,000 shares reserved for Rieter Machine Works Ltd. 20,000 shares reserved for IFCW. 1,00,000 shares offered to public during February 1964. •1968 - 30,133 shares allotted to technical collaborators (384 in 1965, 16,265 in 1966, 5,000 in 1967 and 5,021 in 1968). •1971 - Further 10,000 shares issued to the technical collaborators during 1971-72. •1979 - 60 forfeited shares reissued at market price. •1980 - Government approved the Company's collaboration agreement with Rieter Machine Works, Ltd. Switzerland for the manufacture of improved and sophisticated ring frame Rieter Model "G5/1" the first of which was delivered in November 1982. •The Company also finalised technical collaboration agreements with Rieter Machine Works, Ltd., Switzerland for the manufacture of open end spinning machines and with Investa Czechoslovakia for the supply of spinning units. •1981 - 1,52,394 bonus shares issued in prop. 3:5. •1982 - The Government permitted the Company to manufacture 150 nos. of open end spinning machines within the overall licensed capacity and approved the collaboration agreement with Rieter Machine Works, Ltd. Switzerland. In January the Company was granted a letter of intent for the establishment of a pilot mill with 3,000 spindles at its existing site at Perianaickenpalayam (Coimbatore) for research and development purposes. •1984 - A letter of intent was received for the manufacture of 200 metal cutting and printing machines at Unit II at Kariyur village. •1986 - The Machine Tool Division which had been recently established, converted a letter of intent received into an industrial licence for the manufacture of CNC lathes and CNC machinery centres. Design documents pertaining to the project were received from the collaborators Movi Seuki Co., Ltd. Japan. •1989 - The Company was concentrating on the replacement market as most of the machinery supplied by the company in the earlier years was due for replacement. The machine tool division introduced into the market CNC machines viz. MV-Junior and SL-3 models. The manufacture of other models was also being taken up. The Company entered into a collaboration agreement for advance technology in the manufacture of open end rotors spinning machines with M/s. Schubert & Salzer, Ingolstadf, West Germany. This project was under implementation. 2,03,192 bonus shares issued in prop. 1:2. •1990 - Government's approval was received for the Company's investment in the equity capital of Pugoda Textiles Lanka Ltd., Sri Lanka. •1992 - The Company jointly with Rieter Machine Works Ltd., Switzerland (RMWL) set up a new company under the name of Rieter-LMW Machinery Ltd., as a 100% export unit for the manufacture of G5/3 family ring of frame assemblies for buy-back by RMWL. •1993 - The Company established a modern foundry division at Arasur for manufacture of Grey Iron Castings of grade 20, 25 and 30 using chemical bonded process for captive requirement and also to meet the fast growing engineering sector in India and abroad. •1995 - The company had entered into a long-term partnership with Mikron of Switzerland for manufacture of the universal milling and boring Mikron machines for their world market. •1996 - The Company undertook to set up a second unit at Kaniyur village, 23 kilometers from Coimbatore. As on 31st March, the Company held 45,00,000 No. of equity shares of Rs 10 each of the issue capital of the Sri Lanka company. •1997 - 6,09,576 bonus shares issued in prop. 1:1. Work at unit II of the textile machinery division of Lakshmi Machine Works Ltd (LMW), located at Kaniyur near here, has been hit due to failure of the management and the workers to reach a revised wage accord. The workers had called a strike on September 15 following failure of Kaniyur LMW Unit Workers & Staff Union and the management to arrive at a consensus on revising the previous five year settlement which came to an end. In a bid to cut down burgeoning administrative costs, the textile machinery major, Lakshmi Machine Works Ltd has offered the voluntary retirement scheme (VRS) to its employees. •1998 - The new product range introduced by LMW comprises the high-speed CNC machines in the Pilatus range, high-power CNC lathe in the Rigi range, vertical machining centres in the Kodi range, Ooty 40, which is the all-new horizontal machining centre and a mould-making machine, Kodi Mould 50. •LMW, which is one of the biggest investors in the machine tools business, especially in the last decade, has so far invested about INR500 million in updating its manufacturing facilities. Sisco is a joint sector company promoted by LMW and Tamilnadu Industrial Development Corporation (Tidco) to set up a steel-making project. The new machines being introduced includes high speed CNC machines in the Pilatus range, and machines in the Kodi and Ooty range. The company bagged the Machinist award for the most innovative display at the recently concluded Imtex 98. •1999 - Lakshmi Machine Works Ltd (LMW), is one among three companies in the world to manufacture the entire range of spinning machinery. Lakshmi Machine Works Ltd (LMW), a pioneer in the manufacture of spinning machinery, has coined a new theme and logo `Spinning Value', in-addition to its existing logo `goddess Lakshmi' and the theme, Spinning System.
The textile show is scheduled between June 1 and 10 at Paris. Held once every four years at various venues around Europe, ITMA provides a platform for display of the latest products by major manufacturers the world over. This is the first time that LMW will be displaying its latest innovations at ITMA. LMW was the first Indian company to introduce the automatic bale plucking machine `Flexifloc' in the blowroom, which surpassed any other bale plucking machine in the world.
The company has developed four state-of-the-art machines such as automatic bale plucking machine Flexifloc, carding machine LC300A, speed frame LFS 1660, and ring frame XLA30. Southern Iron and Steel Company Ltd (Sisco), a joint sector project promoted by Lakshmi Machine Works Ltd (LMW) and Tamilnadu Industrial Development Corporation Ltd (Tidco), mulls setting up a coke over project near its existing facility to ensure availability of quality inputs for its steel plant. The collaboration agreement between the textile machinery manufacturing major, Lakshmi Machine Works Ltd (LMW) and Rieter Machine Works Ltd, Switzerland (Rieter) has lapsed, following which the Rieter nominees on the LMW Board have resigned. The company proposes to carry on the business of developers, purchasers, consultants and technical advisors in the field of computers, computer software, information and management systems, development and dealing in computer programmes, application systems, maintenance, software development and to depute personnel to develop and process software and hardware and other electronic items in India and abroad. Ailing India Precision Bearings (IPB) is merging with the country's largest textile machinery manufacturer Lakshmi Machine Works (LMW), according to top level sources at LMW. It has merged India Precision Bearing Manufactures with itself with effect from April. The company was the largest supplier of ring spinning machines in the world with over 12 millions spindles in operation. Textile machinery manufacturing major, Lakshmi Machine Works Ltd (LMW) has chosen the International Textile Machinery Association's (ITMA) textile show as the launch pad for its new products. •The leading textile machinery manufacturer in India, Lakshmi Machine Works (LMW), has designed and developed new generation machines for the millenium. These machines have been fabricated through the in-house R&D facilities set to meet international parameters of end-products. •2000 - The Company has launched two CNC machines -- Smarturn and Smash directly in the market. •2003 Board approves for the acquisition of wholly owned subsidiaries of the company - LMW Investments Ltd and Deejay Leasing Company Ltd. LTE Industries acquires 12000 shares amounting to .984% of LMW Ltd. -Stocks appreciated by about 65%. Charges INR83 million for the diminution in the value of investments. Offers 1:200 swap ratio or cash option of Rs.10 for each Textool share for its merger with the company. Board of Industrial Finance and Reconstruction approves for the merger of Textool Company with LMW Ltd.
Awards
2012 - EEPC INDIA Export Award EEPC INDIA has given away the award for "HIGHEST GROWTH IN EXPORTS - LARGE ENTERPRISE for special contribution for 2010 - 2011" to LMW during the function held at Hyderabad. The Award was presented by Dr.M.M.Pallam Raju, Union Minister of State for Defence, Government of India in the function held at Hyderabad International Convention Centre, Hyderabad on 27th July 2012.
[1]
References
- ^ http://www.lakshmimach.com/awards.html
- LMW-Rieter Joint Venture Ends
http://articles.economictimes.indiatimes.com/2011-04-02/news/29374541_1_lakshmi-machine-works-lmw-cfo-r-rajendran-textile-machinery-plant Rieter JV Ends with LMW
http://www.financialexpress.com/news/textool-lmw-may-merge/88902/ Textool and LMW merger
- Lakshmi Machine Works - Company History On The Economic Times Website
http://economictimes.indiatimes.com/lakshmi-machine-works-ltd/infocompanyhistory/companyid-13443.cms
