Our Company was incorporated in New Delhi on March 15, 1965 under the Companies Act as a private limited company under the name `Engineers India Private Limited¿ in accordance with a formation agreement dated November 20,1964 and a memorandum of agreement dated June 27, 1964 between the Government of India (GoI) and Bechtel International Corporation (BIC).
Thereafter, the memorandum of agreement, the formation agreement and a subsequent technical services agreement entered into by our Company and Bechtel Overseas Corporation (BOC) were terminated by mutual consent in accordance with an agreement between the Government of India, BIC and BOC in May 1967. In accordance with the terms of this agreement our Company also entered into separate agreements for mutual release in June 1967 with BOC and BIC whereby the parties mutually agreed to forever discharge and release the other party and its officers, employees from all liabilities, obligations and duties under the terminated agreements.
In May 1967, we became a wholly-owned GoI enterprise. In 1996, the GoI disinvested approximately 6.0% of its shareholding in our Company and we became a public listed company.
Overview of milestones in our historical operations: