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Company History - GSFCPrint

1962 - The Company was Incorporated on 15th February, in Gujarat. The Company manufacture chemical fertilisers, petrochemicals and other allied products such as urea, ammonium sulphate, diammonium phosphate, ammonia, sulphuric acid, caprolactam, argon gas, etc., and nylon-chips and melamine. - 1,47,000 Pref. and 4,41,000 No. of equity shares taken up by Gujarat Government. 7,663 Pref. and 25,975 No. of equity shares taken up by directors, etc. 25,737 Pref. and 77,625 No. of equity shares issued to the employees of the Company, farmers, Co-operative sector, etc. 1,19,600 Pref. and 3,55,400 No. of equity shares offered to the public. 1967 - The first phase of plants consisting of ammonia, sulphuric acid, phosphoric acid, urea, ammonium sulphate and diammonium phosphate units were commissioned. 1972 - The Company set up its own development and research department. 1974 - The Caprolactam facility plant was commissioned on 25th March. 1979 - On 1st June, the Company completed and put into operation a debottlenecking programme with a view to increase the production of phosphoric acid. 1981 - During December, the Company commissioned another sulphuric acid plant for manufacture of 1,32,000 TPA of sulphuric acid. A contract was signed with Simon Carves India, Ltd., for establishing sulphuric acid plant in 1978. - During the 3rd week of December, the demonstration plant for the manufacture of 300 TPA of Styrene Acrylonitrile (SAN) was commissioned. 1982 - During November, the Company commissioned a 5,000 tonnes per annum of melamine and fluorine recovery plant. - During July, the Company commissioned a factory for conversion of methane into oxosyngas for Indu Nissan Oxo Chemical Industries Ltd., who had set up a plant for oxo-alcohols near the Company's complex. - The Company undertook to set up its second DAP complex with a capacity of 4,50,000 tonnes of phosphorous pentoxide (P2O5) per annum on the Saurashtra coast. - The Company and Gujarat Maritime Board jointly formed a technical committee in order to speedily set up a jetty with infrastructural facilities for the development of Sikka port for handling imports for the DAP complex. The main process plant was commissioned in December 1986. 1983

with no right of arrears of dividend for the period prior to 1st January. (GNFC). in respect of the Company's bonus issue of 1984 in proportion 1:4.. The Company in collaboration with ATIRA. of Equity shares of the Company to be allotted to members of Polymers Corporation of Gujarat Ltd. Ltd.824 No. . was amalgamated with the Company with effect from 1st January as per approval of Gujarat High Court dated 16th January.The Company was required to issue and allot without payment in cash 58..218. 260 No.. .. USA.824 No.Gujarat Industries Power Co. . 1961. received Government approval in the year. of equity shares allotted to non-resident shareholders. 1983. industrial licence for methacrylic acid (MAA) was received.In addition. 1985 . agreements with foreign collaborators and Indian engineering construction companies were completed for the establishment of the Caprolactam facility plant. 14. of equity shares of Rs 10 each forfeited. During the year.. Indian Bank and Central Bank of India on private placement basis.000 -11% cumulative redeemable preference shares of Rs 100 each of the Company were issued in exchange of 35. Ltd.4 polymer blends and alloys of Nylon-6 and SAN were developed. Army Group Insurance Fund. 1986 . Ltd. 1985. BOI.The R&D Department was in the process of setting up a multipurpose fertiliser pilot plants for manufacture of solid and fluid fertilisers.. Heavy Water project collaboration with GEB and Government of Gujarat. upon its merger with the Company.430 No. Gujarat Alkalies and Chemicals Ltd. .Polymers Corporation of Gujarat Ltd. This Scheme of Amalgamation was under Section 72-A of the Income-Tax Act. Petrofils. Ahmedabad developed an acrylic based synthetic thickener. and 35.000-11% cumulative redeemable preference shares of Rs 100 each of Polymers Corporation of Gujarat Ltd. . was set up through the joint efforts of Gujarat State Fertiliser Co.In terms of the Scheme of Amalgamation one equity share of Rs 100 each of the Company was issued in exchange of 85 equity shares of Rs 10 each of Polymers Corporation of Gujarat Ltd. .Equity shares subdivided in June. for establishing a joint captive power plant IX 120 MV capacity. 1988 .. LIC.The Company issued 14% non-convertible debentures worth Rs 45 crores to UTI. (GACL). SBI. 4. 1987 . 3:10.000-11% cumulative redeemable preference shares of Rs 100 each to the members of Polymers Corporation of Gujarat Ltd. of equity shares of Rs 100 each and 35.337 bonus equity shares issued in prop. of equity shares of Rs 10 each allotted to non-resident and 30 bonus equity shares of Rs 10 each were also allotted.(15 months).706 bonus equity shares of Rs 100 each of the Company were also to be allotted on the 58.6..The Company's multipurpose fertiliser pilot plant to be set up in collaboration with International Fertilizer Development Centre (IFCD).. The pilot plant for xylitol from bagasse was commissioned. . . Gujarat Narmada Valley Fertilisers Co. 30 No. (GSFC).

etc. . . the Company offered 166.8.000 TPA to 15. Accordingly 18.The DAP production at Sikka was hampered due to non-availability of imported/canalised raw materials like phosphoric acid and ammonia. As a result.598 debentures was allowed to lapse.The Company decided to set up one more sulphuric acid plant with a capacity of 1000 TPD at a cost of about Rs 55 crores.Another plant was set up for recovery of methane synthesis gas and argon gas in 1980.401 No. .Effective from 1st April. .666-14% secured redeemable partly convertible debentures of Rs 90 each on rights basis in the proportion 8 debentures: 13 equity shares held (all were taken up).735 debentures taken up). Linde AG West Germany were selected as the contractor for the project. . tobacco. (GNL) a subsidiary was amalgamated with the Company. USA.1989). 174.558 Bonus Equity share issued in prop. . Ltd.During December 1988-January 1989. Gujarat Nylons Ltd.(15 months). . Necessary technical know-how the licence for the expansion project was proposed to be obtained from Chemic Linz.Requisite permissions were received to import 1.125 No. The shareholders of GNL were to be allotted 1 equity share of Rs 10 each in GSFC for every 8 equity shares held in GNL. the Company proposed to undertake a project in collaboration with a leading US biotechnology Company under PACT scheme and ICICI for development of biopesticides for control of pests in groundnut. the Company decided to take over the ownership of the Sikka Jetty from GMB right from the day of the start up of construction of the jetty.62.000 TPA and the project was under implementation. It was proposed to increase the melamine capacity from the present 5.95.The Company set up a project for the production of argon gas required for industrial purposes and also for saving of naphtha and gas consumption in the manufacture of ammonia. of equity shares were to be allotted to the shareholders of erstwhile GNL. . .Rs 30 of the face value being the non-convertible portion of each debenture was to be redeemed in 3 equal annual instalments on the expiry of 7th. The unsubscribed portion of 37. 1989 . Tim J.At the instance of Gujarat Maritime Board (GMB).A three bed modified design contact furnace with improved material of construction was installed in the melamine plant.500 tonnes of melamine. 8th and 9th year from the date of allotment of debentures.The Company proposed to set up a 1350 MTPD ammonia plant at Fertilizernagar. the Sikka plant remained closed for a period of 193 days. . 1990 . . 1991 . . Browder & Co. who have the tie up in the M/s.1.333-14% debentures to employees/working directors of the Company on an equitable basis (only 7.. Mumbai.The Company also issued 8.Rs 60 of the face value of each debenture was converted into one equity shares of Rs 10 each at a premium of Rs 50 per share (As per this conversion.33. of Equity shares were allotted on 3:10..58. A turnkey contract was awarded to Dharamsi Morarjee Chemicals Co.

000 preference shares of Rs 100 each are held by the Company." (GILC).The issue capital or GILC comprising 95. . the Company promoted a new company "GSFC Investment & Leasing Co.600 No. of equity shares allotted pursuant a scheme of amalgamation.With a view to take care of the investments in new schemes and small projects. ENCO/Poleservice for the supply of licence.06. of equity shares.160 debentures allotted. 1995 . of equity shares were allotted to the shareholders of the erstwhile GNL.77.57.The company proposed to issue Euro Convertible Bonds of the order of US $100 million. Ltd.In order to part finance the 1350 MTPD New Ammonia Project at Fertilizernagar. . . . of equity shares of Rs 10 each and 50. The Company made arrangements with some of the financial institutions for issue of secured Redeemable Non-Convertible Debentures aggregating Rs 80 crores on private placement basis. Accordingly 63. .571 partly convertible debentures of Rs 350 each aggregating to Rs 225 crores.000-11% cumulative preference shares were due for redemption in 19th January. of Rs 90 per share in the ratio of 1 share for every 5 shares held.449 debentures were offered to the equity sharesholders 61. The non-convertible portion of Rs 150 (Part-A) would be redeemed in three equal instlaments of Rs 50 each on the expiry of the 7th..6. . The shareholders of GNL were also allotted 5. basic engineering and for supply of imported/proprietary items. 1996 .63.27.122 debentures were offered to the employees of the Company only 2. 1992 .451 shares allotted. Ltd.280 bonus shares on receipt of a fresh consent from the Controller of Capital Issues. .124 No.57. the Company made a rights issue of 13301.A portion of Rs 200 (Part-B) of each debenture compulsorily converted into 1 equity share of the Company at premium of Rs 190 per share within 6 months from the date of allotment of the debentures.000 No.Effective from 1st October the name of the company was changed from Gujarat State Fertilizers Co.15.290 No.414. .The Company offered during October/November. to Gujarat State Fertilizers & Chemicals Ltd. . . of equity shares of Rs 10 each for cash at a prem. 8th and 9th years from the date of allotment of the debentures.6.880 No. 61.The Company proposed to issue Equity shares/Convertible Bonds upto US $100 million. 832 shares & 197 shares allotted on 1.1993.The Company signed two separate contracts with M/s.Additional equipment facilities were installed and necessary modifications were carried out in Gas Turbine to use liquid fuels like Naphtha/HSD or mixture of Natural gas and Naphtha to overcome the difficulties in getting continuous supply for required quantity of Natural gas.200 partly paid equity shares of GNL were forfeited for non-payment of allotment money and the balance 18. 64. Out of the total issue.525 No. of equity shares.The 35.54.22..28.291 debentures taken up 3779 debentures of the Company on rights basis in the ratio of 1 debenture for 10 equity share held and the balance 3. . representing 4. know-how.1993 & 17.69.

847 right shares (prem. biofertilisers and tissue culture products. from 9. to `LA+'. 1999 .00. for development of phosphochalk-based wood and other building materials through innovative technologies.000-17. . has signed a memorandum of understanding with the U.Gujarat government has issued a letter of intent (LOI) for the land to petronet for setting up the LNG terminal at Dahej. V.Gujarat State Fertilizers and Chemicals (GSFC). Rs 90 per share) issued in prop. 2000 . TG set. . on November 12.33. a State Government undertaking. .The company has entered the agro service sector with the launch of various plant breeding. (L&T) for the construction of buildings at its Rs 200 crore Infocity project. Air & Nitrogen compressors were commissioned. fly-ash and agro waste to cater to the Indian market. . indicating adequate safety. the Company undertook to set up a debottlenecking project. Bhanujan with effect from 20th October.90.5% Pref.All DCS systems. 1997 . . . 1:5. Electrical sub-station.Fertiliser major Gujarat State Fertilisers and Chemicals Ltd (GSFC) has taken an in-principle decision to sign a joint venture (JV) agreement with engineering and infrastructure major Larsen and Toubro Ltd.S.132.2.2002.With a view to enhancing the production of Cyclohexanone. shares issued to be redeemed after 3 years i. Air separation unit and Argon recovery units. . USA. .e. 1998 .Mr Sudhir Mankad was appointed as Direct of the Company in place of the casual vacancy caused by the resignation of Mr K.-based Planetary Design Corporation (PDC) to set up a coastal agro industrial project in the State. indicating high safety. 2001 . Florida.ICRA has downgraded the long-term rating assigned to the non-convertible debenture (NCD) and bond programme of the company from `LAA'. . .Gujarat State Fertilisers and Chemicals signed a memorandum of understanding with International Inc.GSFC and Ecomat would explore the possibility of R&D collaboration for development of building materials from industrial wastes such as chalk.The company has signed the tripartite agreement with CDSL and MCS Ltd..The GSFC acquisition would be part of its figure prospects of modernising the plant and setting up a phosphoric acid plant.The Reserve Bank of India (RBI) has withdrawn the in principle clearance granted to the Gujarat State Fertiliser Company Limited (GSFC) to set up a private bank.

2003 -Dr Kesichainula Kameswara Rao is ceased to be the Director by resignation.96.000 tonnes per annum at Sikka Unit. March 12. March 31. -Appoints Mr Ashok Narayan as the Chairman of the company. -Government of Gujarat declares GSFC as Relief Undertaking. Disinvestment of GSFC. -Members approve for the delisting of equity shares of the company from Ahmedabad. Calcutta. 2004 -GSFC wins award from FAI . Delhi and Madras Stock Exchanges. -Completes DAP Expansion project Train "C" of the capacity of 3. -Appoints Mr C K Koshi as the Director on the Board of the company. .e. Mr Subashchandra Ramrao Vengsarkar appointed as Additional Director. -Changes in the directorship: Mr Vipin Malik ceased to be the Director.Equity shares of Gujarat State Fertilizers & Chemicals Ltd voluntary delisted from the Madras Stock Exchange w. -Seeks relief from the Union Ministry of Chemicals and Fertilizers for the capital expenditure incurred by the company on its 1350 MTPD ammonia plant.f. -Files a special suit in the civil court of justice. Delhi Stock Exchange w.f. seeking interim injuction on any sale or transfer of its mortgaged shares. -Changes in the BOD: Shri Arvind Dhirubhai Desai and Dr Kesichainula Kameswara Rao. -Rationalises the plant load of Urea-I and Melamine-I & II plants.e. Mr Sudhir Mankad appointed as Additional Director.f. 2004 and Ahmedabad Stock Exchange w. -Considers two option to salvage the loss making fertilizer: 1. 2004. Weighs the option of a merger of Gujarat Narmadavalley Fertilizers with GSFC 2. March 31. Mr Narasimha Raghunath Krishnan apointed as Nominee Director of UTI.2002 -Appoints Dr Manjula Subramaniam as the Rotational Director of the company. ceased to be the Director of the company and Shri Radhey Shyam Agarwal appointed as the Nominee Director of IDBI.e.