Achievements
Achievements

Milestones & Achievements

1985

  • Incorporation as Weizmann Financial Resources (India) Ltd on 25th November, 1985.

1986

  • Commencement of Business of Sale of Securities and Trading and Export of Textile products.
  • Maiden Public Issue of equity shares aggregating to Rs.60 Lakh, Issue oversubscribed by four times.
 

1987

  • Engaging in A to Z in finance encompassing borrowing lending, Lease and Hire Purchase, Underwriting issues, Securities Trading, Consultancy in Finance field.
 

1988

  • Maiden Dividend declared at the 3rd Annual General meeting of the company.

1991

  • First Bonus Issue in the ratio of 2 : 5
 

1992

  • The Company changed its name from Weizmann Financial Resources (India) Ltd to Weizmann Industries Ltd to reflect a broader business activities than finance as export of textile products increased to about 70 % of Total income.
  • Obtained SEBI approval as Category – I Merchant Banker
  • Second Bonus Issue in the ratio of 4 : 5
  • Opened Trading office in Namibia in Africa
 

1993

  • Simultaneous Rights and Public aggregating to Rs.25.39 crores. Issue was oversubscribed by 4.05 times.
 

1994

  • The Company re-christened itself to Weizmann Limited to consolidate the “Weizmann” Brand name and reflect a multi activity organization.
  • Acquired Textile processing house at Ahmedabad.
  • Received License from Reserve Bank of India for Full Fledged Money Changer Business.
  • Ventured into Housing Finance by setting up Weizmann Homes Ltd which later had equity participation from Federal Bank Ltd and AFIC – (a subsidiary of Asian Development Bank)
  • Ventured into Non-conventional Energy Sources through a 50:50 joint Venture with Nedwind Rhenen bv, The Netherlands for manufacture of Wind Electric Generators in a joint Venture Company Windia Power Ltd. The Group was first to install and commission Wind Electric Generators of capacity 500 KW plus in India.
 

1995

  • Started in-house Design department at Textile Processing house at Ahmedabad
  • Commissioned 3 MW Wind Farm at Ramgiri, Anantpur District, Andhra Pradesh as Pilot plant for Joint Venture Company Windia Power Ltd to launch its products.
 

1996

  • Commissioned 2nd 3 MW Wind Farm at Ramgiri, Anantpur District, Andhra Pradesh
 

1997

  • Company launched its Fixed Deposit Programme with Credit Rating AA- from Care.
  • Weizmann Ltd was the 1st Finance Company to dematerialize its equity shares from physical form.
  • The Company per SEBI Guidelines continued Merchant Banking activities in a separate associate Company – Weizmann Capital Ltd. 
 

1998

  • RBI approved the company venturing into money transfer services through tie up with Western Union Financial Services, USA
  • Commissioned additional 2 MW wind farm at Tallimadugulla, Anantapur district, Andhra Pradesh.
 

2000

  • Demerged Money changing and Western Union Money Transfer business to its Subsidiary Weizmann Forex Ltd.
  • Entered into a Joint Venture with Nuon International Renewable Projects bv – a Subsidiary of Large multi-utility company – Noun nv – The Netherlands for setting up wind farms in different states in India through the JV Company Weizmann Ltd. Ltd
  • The company ceased to be a NBFC pursuant to change in activity mix.
  • Demerged Consumer Finance business to associate company Weizmann Homes Ltd
  • Company ventured into setting up small hydel projects to be set up in special purpose companies with aggregate allotment of 16.8 MW.
 

2001

  • Set up 9 MW Wind Farm at a project cost of Rs.50 Crores at Vankusawade, Satara District, Maharashtra
  • The JV Company Weizmann Ltd. Limited set up its 9 MW wind farm at a project cost of Rs.50 Crores at Vankusawade, Satara District, Maharashtra.
 

2005

  • Bought out 74% equity stake in JV Company Weizmann Ltd. Limited from JV Partner Nuon.
  • Signed MOU with GAIL (India) Limited and Haryana Power Generation Corporation Limited for setting up a 600 MW Gas Based Power Plant at Panipat.
 

2006

  • Bought out 50% equity stake in JV Company Windia Power Limited from JV Partner NedWind.
  • Subsidiary company Weizmann Forex Limited acquired over 1700 franchises engaged in Western Union Money Transfer business from AFL Private Limited
 

2007

  • Exited from housing finance by transferring entire equity stake in subsidiary company Weizmann Homes Limited to AIG Capital India Pvt. Ltd., a group company of American International Group.
  • Subsidiary company Weizmann Forex Limited acquired money changing business from Globex Travels & Exchange Limited.
 

2008

  • The Company made its first overseas investment by acquiring majority stake in a Textile processing house at Malawi
  • The Company obtained registration of its 9 MW wind power project at Vankusawade, Satara district, Maharashtra with UNFCCC for obtaining the benefits of sale of carbon credits i.e. Certified Emission Reduction (CERs)
 

2009

  • The subsidiary company Weizmann Forex Limited signed Agreement for  overseas investment by acquiring 50% stake in a Malaysian company Prabhu Remit Sdn Bhd engaged in remittance business.  The company is now known as Horizon Remit Sdn Bhd and is a Joint Venture of two Indian companies.
  • The Group Companies signed MOU with Gujarat Government for setting up 300 MW wind farm during Vibrant Gujarat Global Investors Summit 2009.
 

2010

  • Undertook a Group Restructuring exercise under which the two subsidiary companies Weizmann Forex Limited and Weizmann Ltd. Limited was amalgamated with Weizmann Limited w.e.f. the appointed date 01.04.2009 through a scheme of arrangement approved by Hon’ble High Court of Bombay vide their Order dated 29.10.2010 and thereafter the forex business undertaking and power business undertaking of Weizmann Limited was demerged into two resultant companies w.e.f. demerger appointed date 01.04.2010 and subsequently the two resultant companies was rechristened as Weizmann Forex Limited and Weizmann Ltd. Limited.
 

2011

  • The Group companies Weizmann Forex Limited and Weizmann Ltd. Limited were listed on Bombay Stock Exchange and National Stock Exchange from 28.06.2011.
  • Weizmann Forex Limited has emerged as the leading representative of Western Union Overseas in terms of number of locations for money transfer business.
  • Weizmann Forex Limited diversifies for leveraging on its wide reach Pan India by commencing / consolidating travel related activities, smart mobile top up and insurance broking. 
  • Weizmann Forex as part of its objective under corporate social responsibility sets up a 7.2 MW wind farm project in Tamil Nadu
  • Presently Weizmann Energy Limited is spearheading the Renewable Energy Projects of the Group through SPVs / JV with wind farm projects at different sites in Maharashtra, Tamil Nadu, Karnataka and Gujarat for an aggregate capacity of about 750 MW ; Small Hydel Projects about 16 MW  and Solar Project about 50 MW.