|The Andhra Petrochemicals Limited is a Company promoted by Shri Mullapudi Harischandra Prasad, Dr B.B. Ramaiah and Shri D.A. Somayajulu (among others) who happened to be Directors/Secretary of The Andhra Sugars Limited/Andhra Pradesh Industrial Development Corporation Ltd. respectively to set up a 30,000 TPA Oxo-Alcohols project at Visakhapatnam, Andhra Pradesh, in technical collaboration with Davy Mckee (London) Ltd., U.K. The Project was promoted by The Andhra Sugars Ltd., in association with Andhra Pradesh Industrial Development Corpn.Ltd.
The Company was incorporated as a Public Limited Company on 18th April, 1984 and Certificate of Commencement of Business was obtained on 21st May, 1984.
Andhra Pradesh Industrial Development Corporation Ltd. (APIDC) is the apex industrial developmental and financial institution of Andhra Pradesh. APIDC's objective is to promote new industries in the State of Andhra Pradesh thereby stepping up the pace of Industrialisation and creating employment opportunity. APIDC lays great emphasis in development of backward areas and has made immense contribution to the Industrial Development of the State.
The operations of the Company received a setback during the period due to substantial increase in Propylene (feedstock) price witnessed during December, 1996 to March, 1997 which could not be absorbed in the market. Also, following the general recession in the world economy which brought down international selling price levels during the year and further with the reduction in import duties, the average realisation of Company products came down significantly. The company contributed nearly Rs. 1295 lakhs to the National Exchequer in terms of indirect taxes.
-IDBI appoints Salil Kumar as Nominee Director of Andhra Petrochemicals
-Shares of the company delisted from Hyderabad Stock Exchange w.e.f. March 4, 2004 and from Madras Stock Exchange w.e.f. March 3, 2004
- Andhra Petrochemicals Ltd has informed that Sri. M Venkateswara Rao was co-opted as Additional Director on the Board of the Company as Nominee of M/s. Andhra Pradesh Industrial Development Corporation Ltd., with effect from October 22, 2009.
- Andhra Petrochemicals Ltd has appointed Sri. Surinder Kumar Kapoor as an Additional Director on the Board of the Company under Independent Category.