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The
century old ESAB Group is currently owned by Charter
plc, which is listed on the London Stock Exchange. The Indian
arm of the Company, ESAB India Limited was incorporated on 10th
November 1987 and commenced its business operations in July 1988
with the acquisition of the welding division of Peico Electronics
& Electricals Ltd. (now Philips India Limited) located at Kalwa,
Maharashtra. In 1991 the Company acquired the entire welding division
of Indian Oxygen Limited (now known as BOC India Limited) with three
manufacturing units; two at Kolkata and one at Chennai. In 1992
the Company acquired the controlling interest in Flotech Welding
& Cutting Systems Limited, which was engaged in the manufacture
of Cutting Machines in Pune. In 1994, the Company acquired Maharashtra
Weldaids Limited that had a manufacturing unit at Nagpur. The Company
made its maiden public issue of Rs. 30 million in October 1988,
which received an overwhelming response. In January 1992, ESAB made
a rights issue of 14% Secured Redeemable Partly Convertible Debentures
for Rs. 188.2 million, which was oversubscribed. The non-convertible
portion of Debentures were redeemed finally in 2000. In April 1994,
the Company allotted 999,000 equity shares to the shareholders of
the erstwhile Maharashtra Weldaids Limited under a scheme of amalgamation.
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