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Agro Tech Foods Ltd. Company History and Annual Growth Details

1986 - The Company was incorporated on 21st November, and the
Certificate of Commencement of Business was obtained on 9th
January. It was promoted by C.N. Balu.

- The Company established a modern continuous process edible oil
refinery with an installed capacity of 100 tonnes per day at
Mantralayam, Kurnool District, Andhra Pradesh.

- An agreement was entered into with ITC Ltd., for providing
technical and marketing consultancy services to the Company.

1988 - 7 No. equity shares subscribed for by the signatories to
Memorandum. 10,00,000 No. equity shares issued at par to
promoters, their associates, etc., as on 15th May.

1989 - The Company embarked upon an expansion programme which envisaged
setting up of facilities for backward integration including a
solvent extraction plant with an installed capacity of 300 tonnes
per day and installation of additional facilities for dewaxing of
sunflower oil to raise the installed capacity from 70 tonnes to
100 tonnes per day. Additional dewaxing facilities were
installed during November 1990.

1990 - The Company entered into a technical collaboration agreement with
Pacific Seeds of Australia, a division of Continental Grain Pvt.
Ltd., for the manufacture of hybrid seeds.

- The Company developed sunflower 'Hybrid Seed' in concest with
Pacific Seeds, Australia.

- 50,00,000 No. of equity shares issued at par of which 14,00,000
shares reserved and allotted to promoters, directors, etc. Out
of the remaining 36,00,000 shares, 15,50,000 shares reserved and
allotted on preferential basis as follows: (i) 2,50,000 shares to
employees (including working directors)/workers of the company
and (ii) 13,00,000 shares to Commonwealth Development Corporation
U.K. The balance of 20,50,000 shares offered for public
subscription during March 1991. Additional 7,50,000 shares
allotted to retain oversubscription in the following manner:
(i) 2,10,000 shares to promoters, etc. (ii) 37,500 shares to
employees and (iii) 5,02,500 shares to Indian public.

1991 - With the Equity shares during March, the Company issued 9,00,000
-14% secured redemable non-convertible debentures of Rs 100 each.
One detachable equity warrant was attached with each debenture
entitling the holder thereof to exchange the warrant for one
equity share of Rs 10 at the end of 12 months from the date of
allotment of debentures on surrender of the warrant along with
the payment of Rs 10 per shares.

- The non-convertible debentures would be redeemed in full at
premium of 5% in 3 equal instalments of Rs 30, Rs 35 and Rs 35 at
the end of the 7th, 8th and 9th year from the date of allotment
respectively. Additional 1,00,000 debentures were allotted to
retain oversubscription.

- The main objects of the public issue of equity shares and
debentures during March were to finance partly the expansion
project, to meet the long term requirements of working capital
and to get the securities of the Company listed on the Stock

1992 - The product range of edible oils marketed through ITC Ltd.,
included 'ITC Sundrop', 'ITC-Crystal', 'ITC-Real Gold' and

- During December 1992-January 1993, the Company issued 38,92,507
Rights equity share of Rs 10 each for cash at a premium of Rs 90
per share as Rights basis in the proportion 1:2 (all were taken

- Another 94,625 shares at a premium of Rs 90 per share were
offered to the employees' on an equitable basis (only 91,750
shares taken-up). 1,00,000 No. of equity shares of Rs 10 each
were offered at a premium of Rs 90 per share to financial
institution on preferential basis (all were taken up).

1995 - The Company suffered loss for the fourth time, due to the poor
capacity utilisation at the Mantralayam complex because of the
inadequate availability of raw material. SUNDROP, continues to
be the largest selling sunflower oil in the branded retail


-ITC Agro has launched Sundrop Canola a 94 per cent saturated fat-free cooking oil under its Sundrop brand.


-Received the nod from the Foreign Investment Promotion Board for its proposal to give US-based foods company ConAgra a majority stake in the company.

-Board approves the ITC Agro-Tech and ConAgra tie-up and cleared the decks for the US partner to formally take charge of the edible oil businesses.


-Joint venture between ConAgra Inc USA and Tiger Oats ltd South Africa has completely disengaged itself from financial services businesses.

-ITC Agro-Tech's performance in 1997-98 was hampered by lower seed availability leading to under utilisation of its capacity

-Notified the Calcutta Stock Exchange that it has received a demand notice of Rs 9.06 crore from the commercial tax authorities of the state of Andhra Pradesh.

2000 - The shareholders of ITC Agro-Tech have unanimously approved the
change of company name to Agro Tech Foods Limited.

- The Company signed the deed of assignment for 'acquisition of the
Rath brand' on 1st June.


-Subsidiary of ConAgra Inc of USA, has transferred all its 120 permanent employees working at the ITC's integrated oil processing unit at Mantralayam in Andhra Pradesh following suspension of operations at the plant


-Mr Thomas Manuel and Mr Hamish McBain have resigned from the Board of Directors of the Company from the close of business hours of March 25, 2002. Their Alternate Directors Mr Ajay Bahl and Mr Raman Sharma have vacated office w e f the close of business hours of March 25, 2002.

-In the casual vacancy caused by resignation of Mr Thomas Manuel and Mr Hamish McBain the Board has appointed Mr Howard G Buffett and Lt Gen D B Singh as Directors of the Company.

-Board has appointed two independent non-executive directors to its nine member board and have been inducted into their new audit committee.


-Mr. Benedicto C Sison was appointed as Alternate Director for Mr. R V Smither for the Board Meeting held on May 08, 2003.

-Board approves of Voluntary De-listing of equity shares from the Hyderabad and Kolkata Stock Exchanges

-Mr. Larry A Carter has resigned as Director & Chairman from the Board of Directors of the Company and in his place Mr. Ian F Troop has been appointed as Director & Chairman of the Company w.e.f. June 24, 2003.

- Mr. Michael John Sullivan has resigned as Director w.e.f. June 23, 2003.

-AFTL tie up with Apollo Hospitals for health awareness campaign.

-Received intimation from CDC Group Plc in respect of sale of 549312 (2.25%) equity shares.

-ConAgra Food Integrated company moves its indian subsidary part Agro Tech Foods Ltd (AFTL) to ConAgra Foods Retail Products Company

-Enters into ready-to-eat-food segment by launching corn chips and potato puffs in Pune

-Enters into a marketing tie-up with Reliance India Mobile offering a special scheme for the consumers of its Sundrop oil


-Agro Tech ties up with Narayana Hrudayala to save hearts


-Agro Tech ties up with SACH (Save A Child's Heart), an NGO promoted by the Apollo Hospitals group.


-Agro Tech Foods Limited has appointed Mr Sachin Gopal as Chief Operating Officer with effect from 2nd April, 2007.

-Agro Tech Foods Limited has informed that 'Mr. S Ramaswamy, Company Secretary is being relieved from the services of the Company with effect from the closing hours of 15th October, 2007. Mr. K Subharaman assumes office as Company Secretary from the opening hours of 16th October, 2007'.

-Agro Tech Foods Limited has informed that 'Mr. Hemant Kumar Ruia has been appointed as Chief Financial Officer in our Company with effect from 10th December, 2007.


-Agro Tech Foods has appointed Mr. Phani K Mangipudi as Acting Company Secretary and Compliance Officer effective January 11, 2008 approved by the Board of Directors at their meeting held on January 23, 2008.

-Agro Tech Foods Ltd has has appointed Mr. Greg Estep and Mr. Alejandro Castro as Directors of the Company.


- Agro Tech Foods Ltd has informed BSE that at the meeting of the Board of Directors of the Company held on January 21, 2009, Mr. Satish Tandon has been inducted into the Board as an Additional Non-Executive Independent Director.

Oct 27, 2:30 pm
Oct 27, 2:24 pm
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