About Andrew Yule
History of Andrew Yule is not only about its business empire but also about the immense contribution it made towards socio-economic and industrial development of the country. It all started in 1863 when Andrew Yule, a young entrepreneur from Scotland arrived in Calcutta, the then imperial capital of India and founded the Company as a managing agency at a time when the railways, telegraph and postal services made a beginning in the country. By 1875 the Company established a substantial business interest in jute, tea, cotton, coal and insurance.
George Yule, the elder brother of Andrew Yule, took the reign of the Company in 1875. He was a typical exponent of the liberal school of thought and took a leading part in public affairs. He became the Sheriff of Calcutta in 1886 and was elected as the President of Indian National Congress in 1888, one of the only two Europeans who have the said honour.
Sir David Yule assumed the full control of the business of the Company after George Yule’s death and by 1902, the Company managed more than 30 businesses which included Jute Mills, Cotton Mills, Tea Companies, Coal Companies, Railway Company, Printing Press and even a Zamindari Company in Midnapur District of West Bengal where the Company promoted agriculture, forestry, fisheries, roads, schools, hospitals and dispensaries.
The elegant Yule House at 8 Clive Row, Calcutta, the Corporate Centre of Andrew Yule since 1907 was built by David Yule who was conferred with Knighthood in 1912 when King George V and Queen Mary visited India.
Sir David Yule continued to expand the business to sectors like power, paper, engineering, shipping etc. and by 1913 Andrew Yule was the largest managing agency house in the country with 37 companies under its fold. In 1919, Andrew Yule & Company Pvt. Ltd., was incorporated and subsequently in 1946 it was converted into a Public Limited Company.
At the time of independence in 1947, the Company was at the zenith of its prosperity and influence. The Group managed about 57 Companies, provided employment to about 86 thousand people and in addition indirect employment to many more. The turnover of the Group in 1947 was Rs. 23 Crore, but what is more remarkable is the fact that the amount paid to the exchequer of Rs. 1.80 Crores was one sixtieth of the Government’s total current revenue at that time.
Andrew Yule celebrated its centenary year in 1963. However, post-1963 era had been a period of dramatic change both in the structural fabric and fortune of the Company. Managing agency system was abolished in 1969, coal and insurance were nationalized, jute business was sold in early 70s and the Group shrunk considerably. There was great deal of uncertainty about the future of the Company. It was in this background that the Government of India decided to acquire 49% of foreign shareholdings in the Company in the year 1974 to provide stability to the organization. The Government subsequently acquired another 2% from the market and thus, Andrew Yule & Co. Ltd., became a public sector enterprise in 1979.
In 1978, the Company entered the field of electrical equipment manufacture by virtue of its acquisition of Steam & Mining Equipment (India) Private Ltd., effective from 1st July.
It also acquired the business of Steam and Mining (Switchgear) Ltd., an associate of Steam & Mining Equipment (India) Pvt. Ltd., with effect from 1st July, 1978.
The entire business of Davidson of India Pvt. Ltd., along with Port Engineering Works Ltd., was amalgamated with the Company with effect from 1st July, 1978.
In 1983, the Government nationalized the undertaking of Transformer & Switchgear Ltd., Chennai and vested the assets thereof with the Company with effect from 8th November. As a result, this undertaking became an Unit of the Company (Gazette Notification No. 498 dated 4th November, 1983).
The undertaking of Brentford Electric (India) Ltd., was nationalised vide Brentford Electric (India) Ltd. Act, 1987 with effect from 1st April, 1986 and all the rights, titles and interest in relation to the said undertaking was vested with the Company (Gazette Notification No. 580 dated 14th November, 1987).
The Company's Six tea subsidiaries viz. Banarhat Tea Co. Ltd., Basmatia Tea Co. Ltd., Hoolungoorie Tea Co. Ltd., Mim Tea Co. Ltd., Murphulani (Assam) Tea Co. Ltd., and the Rajgarh Tea Co. Ltd., were amalgamated with the Company with effect from 20th August, 1987. (Gazette Notification No. 433 dated 26th August, 1987).
The present business of Andrew Yule comprises of Tea, Electrical and Engineering, Various changes in the economic situation as well as socio-economic conditions for the past 150 years could never dampen the tradition and heritage of the Company and its business growth. The Company always had the resilience to withstand the vicissitudes and the test of time. An example would be the remarkable turnaround by the Company in 2008-09 for which it received the SCOPE Excellence Award for the turnaround category in 2009. Besides, the Company was awarded the prestigious BRPSE Turnaround Award in 2011 and also the MoU Excellence Award in 2012.
Andrew Yule has a total income of Rs. 360 Crores and it employs about 14621 people.