1990 - The Company was incorporated on 27th August as a private limited
company. The Company was converted into a public limited company
on 14th September 1991. It was promoted by Hariram Mewawala,
Ramesh Thakkar and Kishore Thakkar. The objects of the company
is to produce a wide range of canned and bottled processed
- The Company undertook to set up a plant at GIDC Industrial Estate
Nadiad, Gujarat land admeasuring 4348 sq.mtrs. was acquired in
the agro based taluka of Nadiad, Gujarat. Plant and machinery
such as Vapovax boilers model 300s, water softening plant etc.
were acquired. Large storage underground tanks were constructed
at a depth of 30 feet for preservation of vegetables and fruits.
1994 - The company undertook to set up facilities at Nasik for
manufacture of Masala, ground spices. A modernisation programme
was undertaken on the existing facilities at Nadiad. With these,
the Company expected to double its capacity to 12600 tonnes per
- The Company issued 25,00,000 No. of equity shares of Rs.10 each
at a price of Rs. 62 per share to Indian financial institution,
Indian mutual funds and Indian Corporate entities on private
- The Company issued 7,25,806 warrants to promoters which was to be
converted into equity shares within 18 months at a price of Rs.62
1995 - In November, the capacity at Nadiad plant was expanded to 19,900
TPA from 12,600 TPA.
- 70 No. of equity shares of Rs.10 each issued, subscribed and paid
up. 71,99,930 No. of equity shares of Rs.10 each were issued in
- (i) 28,79,930 No. of equity shares allotted on a firm basis to
Indian resident, directors their friends and relatives.
- (ii) 2,16,000 shares issued on preferential basis to employees
(all were taken up).
- (iii) Balance, 41,04,000 shares were issued to public.
Additional 10,80,000 shares were allotted to retain
oversubscription (4,32,000 shares to promoters, 32,400 shares to
employees, 615,600 shares to public). 25,00,000 No. of equity
shares issued on private placement basis (8,00,000 shares at the
rate of Rs.10 per share and 17,00,000 shares at the rate of Rs.5
1996 - The overall performance of the Company resulted in a loss due to
spoilage of raw materials worth Rs 80 lakhs. The domestic
division's sales dropped mainly due to stiff competition and the
change in sales policy.
-Sets up an Export Oriented Unit (EOU) at Nadiad for manufacturing and processing of frozen food products
-Adf Foods Ltd has entered into an MOU with the partnership firm M/s American Dry Fruits Stores for usage of all 4 brands namely Ashoka, Camel, Aeroplane and Classic Ashoka owned by the partnership firm until November 20, 2005.