Home  »  Company  »  Coromandel International Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Coromandel International Ltd. Company History and Annual Growth Details

YEAR EVENTS
1961 - The Company was Incorporated as a private company on 16th October
and was converted into a public company on 10th April, 1964. The
Company manufacture and sell complex fertilisers and urea. The
complex fertilisers of the Company are sold under the trade name
'Gromor'. The company was promoted by California Chemical
Company (now called Chevron Chemical Company), International
Minerals & Chemical Corporation of USA and E.I.D. Parry, Ltd.

1964 - A collaboration agreement was entered into with the promoter
companies, Chevron Chemical Company and International Minerals &
Chemical Corporation, in April.

- The company allotted 10,97,680 No. of equity shares of Rs 10 each
(5,15,910 No. of equity shares to International Minerals &
Chemical Corporation) and also agreed to reimburse their expenses
in terms of the know-how agreement.

- The Company also entered into a know-how agreement in April with
E.I.D. Parry Ltd., who agreed to make available their know-how
relating to Indian agronomy and agricultural practice. In
consideration, the Company allotted to them 63,540 No. of equity
shares of Rs 10 each.

- Rs 100 shares subdivided into shares of Rs 10 each, 84,84,690 No.
of equity shares issued in May 1964. Out of the issue: (i)
21,11,410 shares allotted to California Chemical Co., U.S.A.
(5,81,770 without payment in cash); (ii) 18,72,390 shares
allotted to International Mineral & Chemical Corpn., U.S.A.
(5,15,910 without payment in cash) (iii) 5,50,850 shares allotted
to E.I.D. Parry Ltd., (iv) 39,50,040 shares offered for public
subscription.

1966 - 1,625 forfeited shares reissued.

1967 - 1,675 forfeited shares reissued during the year. In October
10.87,320 Rights shares issued at par in the propn. 16:125.

1978 - 57,49,206 Bonus shares issued in prop. 3:5.

1982 - During the year, the Company commissioned a plant with an annual
capacity of 10,00,000 tonnes at Chilamkur in the Cuddapah
district of Andhra Pradesh, at a total cost of Rs 79 crores.

1984 - 8,81,888 No. of equity shares issued at a prem. of Rs 10 per
share on conversion of debentures/loans.

1985 - 81,06,552 bonus shares issued in prop. 1:3.

1987 - The Cement production was adversely affected by power cuts
ranging between 40% to 80% throughout the period and poor quality
of coal.

1988 - To minimise production loss, two generating sets each of 2.7 MW
capacity were commissioned in January 1998. A DG set of similar
capacity was also added in June.

- The Company proposed to undertake de-bottlenecking the sulphuric
acid (including heat recovery system) and phosphoric acid plants.
The Company commissioned an effluent treatment plant of capacity
100m3/hr for treating and recycling the effluents viz., fluoride
and phospate in the stream from the phosphoric acid plant at a
cost of Rs 235 lakhs based on the technology provided by FACT
Engineering and Design Organization (FEDO).

1991 - The working of ammonia and urea plants was adversely affected due
to poor power supply and problems faced in the ammonia converter
and heat exchanger. A second diesel generating set of 4 MW was
installed during the year.

1992 - Working of ammonia and sulphuric acid plants was adversely
affected due to power restrictions, failure of equipments, and
leakage in the ammonia convertor.

- The Company incurred substantial expenditure on the sulphuric
acid and complex plant debottlenecking projects, as well as on
the replacement of the Ammonia Convertor Cartridge.

1993 - The fluorine recovery unit was commissioned which added to the
effectiveness of the effluent treatment plant and also produced
hydrofluosilicic acid for supply to a neighbouring Aluminium
Fluoride unit.

1994 - The Indian Promoters Company E.I.D. Parry (I) Ltd. through one
of their subsidiaries Dhanyalakshmi Investments Ltd. purchased
the shareholding of one of the two U.S. Promoters viz., Chevron
Chemical Company.

2001 - Coromandel Fertilisers Limited, part of the Rs 3500 crore Murugappa group, is gearing up to face the challenges that are likelyto crop up in the event of total decontrol of the fertiliser industry, by leveraging its cost-coompetitiveness, brand leadership and flexibilities that it has built over a period of time.


2002

-Acquires 207500 shares of M/s Godavari Fertilizers & Chemicals Ltd amounting to 0.648% of the total paid up capital

2003

-Board approves for the scheme of demerging EID's Farm Inputs Division into the company.

-Ploughs back its profits to restructure its plant.

-GFCL receives a bid price of Rs. 124 per share from the company.

-Acquires 25.88% equity shares of Godavari Fertilizers and Chemicals Ltd.

-Makes an open offer for the shares of GFCL for about 20% of the equity shares of Rs.124.

-Shareholders approve for the investment in one or more tranches up to a limit of 14680000 equity shares of Rs.10/.

-Finalises the shareholders agreement with IFFCO, to ease the takeover of the entire operations of GFCL.

-Signs MoU with FOSKAR of South Africa for the supply of raw-material and also for transferring of 5% shares of GFCL.

-Installs a ship unloader costing Rs.20cr at its captive berth in the port.

-Acquires 47,82,249 shares amounting to 14.94% of the total paid up capital of the Godavari Fertilisers & Chemicals Ltd. GFCL legally becomes the subsidiary of the company.

-CFL has informed that Company on December 11,2003 has entered into an agreement with Fosker Limited of South Africa for transfer of 16,00,000 Equity Shares (5% of the equity capital of Godavari Fertilisers and Chemicals Ltd.)held by CFL at a Price of Rs.124/- Per Share.

2004

-Coromandel Fertilizers sells 5% stake in Godavari Fertilizers

-Coromandel Fert inks agreement with union


2005

-Coromandel Fertilisers enters into MoU with Groupe Chimique Tunisien for setting up JV project in Tunisia to manufacture phosphoric acid

-Coromandel Fertilisers enters into BAA & SSA with Foskor, South Africa

-Coromandel Fert, GSFC signs agreement with Tunisian co

2006

-Coromandel inks share purchase agreement with Ficom

-Coromandel to acquire stake in FICOM


2009

- Coromandel Fertilisers Ltd has appointed Mr. Ramesh Savoor as an Additional Director on the Board of the Company effective from March 18, 2009.
 
Subscribe now to get personal finance updates in your inbox!