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

GOCL Corporation Ltd. Company History and Annual Growth Details

YEAR EVENTS
1961 - The Company was Incorporated on 26th April, at Hyderabad. The
Company's main objects is to manufacture detonators, detonating
fuse, explosives, accessories, safety fuse, blasting equipment,
exploders and other accessories and equipment required for
blasting.

1962 - All shares subscribed for by directors, promoters, etc.

1963 - In December, 1962, 5,000 rights shares offered at par in prop.1:2
In June, 15,000 shares offered at par to the public.

1965 - 15,000 right equity shares issued at par in prop. 1:2.

1967 - The scheme of Amalgamation of Sapeic India Ltd., with the Company
was approved by the shareholders of both the companies in the
meetings held on 8th May and was subsequently approved by the
High Court.

- On 24th June 1967, 45,000 No. of equity shares issued at par to
M/s. Atlas Chemical Industries in USA against payment in U.S.
Dollars.

1968 - 5,000 No. of equity shares issued to members of M/s. Sapeic India
Ltd. upon its amalgamation with the company and 5,000 No. of
equity shares issued to Atlas Chemical Industries Inc., so as to
maintain their equity holding of 50%.

1969 - The Company acquired controlling interest in the Mysore
Industrial & Testing Laboratories Ltd., Bangalore (MITL) and held
68.76% of the paid up capital of the company as on 30th June
1972. The subsidiary was amalgamated with the Company with
effect from 1st July, 1973.

1970 - Petn project (Rourkela) unit was commissioned for production in
February.

- In Feb. shares sub-divided. 5,00,000 bonus shares then issued in prop. 1:2.

1972 - Mysore Industrial & Testing Laboratories Ltd. (MIT Laboratories)
was amalgamated with the Company with effect from 1st July. As a
result, the range of pharmaceutical products manufacture by MIT
Laboratories Ltd., was added to the Company's business.

- Dow Chemical Co., U.S.A purchased 40% equity capital in the
company from ACI America Inc. The Company entered into a general
collaboration agreement and an explosive licence and technical
collaboration agreement with Dow Chemicals Co.

- 43,005 shares issued to members of MIT Laboratories Ltd., without
payment in cash on its merger.

1973 - The company decided to enter into the field of agro chemicals.
These activities were to be pursued through a small company
viz., Pacific Chemicals Hindustan Ltd., sponsored by the DOW
Chemical Co., which became a 100% subsidiary of the Company. A
plant was set up at Sahidabad near Delhi for the manufacture of
DOW patented pesticides formulations viz., Dalapon, Dowpon etc.
The formulation of these products from imported intermediates
commenced during 1974.

1974 - The Company received the consent of the Controller of Capital
Issues for allotting to these collaborators 28,670 additional
equity shares of Rs.10 each at a prem. of Rs.10.75 per share for
maintaining their 40% equity participation in the paid up capital
of the company consequent upon the amalgamation of MIT
Laboratories Ltd., with the company.

- The name of the company was changed from IDL Chemicals Ltd., with
effect from 14th May.

1975 - The name of Pacific Chemicals Hindustan Ltd., a subsidiary was
changed to IDL Agro Chemicals Ltd., with effect from 28th June.

- Subsequently, the Company ceased its manufacturing and trading
activities. The leased land and its buildings were taken over by
the parent company, ie., IDL Chemicals Ltd., for bitumen emulsion
project.

- Dow Chemicals Co. Inc. U.S.A., decided to divert their interest
in the field of explosives. Consequently, the company entered
into a collaboration agreement with Nitro Nobel AB, Sweden who
acquired 40% equity participation (6,28,670 No. of equity share)
in the company from Dow Chemical Co. Inc., U.S.A.

- 28,670 shares issued to Dow Chemical Co. USA, to maintain their
holding at 40%.

1976 - 15,71,675 Bonus shares issued in prop. 1:1 in Oct. 1976.

1978 - In Metal Cladding division necessary facilities were created in
Hyderabad for the new business of explosive cladding.

- The Company received a letter of intent for the manufacture of 30
million metres of detonating fuse and 1,440 tonnes of PETN in
Bhiwandi near Mumbai on the Company's land. Subsequently, the
project for 30 million metres of detonating fuse was not
considered feasible in view of the insistence of Government for
an export guarantee.

- A new company named Rajasthan Explosives and Chemicals Ltd., was
formed as a joint venture for the manufacture of explosives and
accessories. The equity participation in this new company by
Rajasthan State Industrial and Mineral Development Corporation
Ltd. (RIMDC), the company and its employees was to be 50:48:2.

1979 - Similar facilities within the Rourkela factory were established.

- 31,43,350 bonus shares issued in prop. 1:1.

1980 - There was an accident in Rourkela plant. As a result, the
modernisation work could only be completed after some delay. The
plant was commissioned again during the last quarter of the year.

1981 - MIT Laboratories Ltd., division was transferred to ASTRA-IDL Ltd.
Bangalore from the close of business on 19th October.

- Industrial licence for the PETN project was received.

1984 - Another joint venture was promoted under the name Eastern
Explosives & chemicals Ltd., in association with West Bengal
Industrial Development Corporation Ltd., for the manufacture of
explosives. This project successfully completed trial
production.

- ASTRA-IDL Ltd., is a joint venture company in Bangalore for
manufacture of pharmaceuticals.

1985 - Commercial production was delayed due to non-availability of
nitric acid from the only source in the country.

- The Company received necessary approval from Govt. for setting up
a bitumen emulsions plant at Sahibabad in Ghaziabad district of
U.P.

- The R&D wing developed technology for sodium azide, vanillin and
for new types of process in delay element manufacture.

- The company privately placed with UTI 3,00,000 - 15%
non-convertible debentures of Rs.100 each. The debenutres are
redeemable at a prem. of 5% at the end of 7 years from 23rd April
1986.

1987 - The bitumen emulsions plant was commissioned in the later half.
The Company proposed to put up a second unit in the southern
parts of the country. Major portion of the sale was DGS&D rate
contract to Govt. organisation in road industry.

- With a motive to diversify into gypsum products for building
industry, the company associated itself with Coromandel Gypsum
Ltd. (CGL), by contributing Rs.35,000 to the equity capital of
CGL. The Company ie., CGL has technical collaboration with
Salzgitter of West Germany. The project was being implemented at
Visakhapatnam in Andhra Pradesh.

1988 - The first mixed bulk explosives unit set up at Singrauli in
Madhya Pradesh was commissioned in February with a capacity 4,500
tonnes per annum.

- The Company received a letter of intent for 150 tonnes of
Vanillin and 50 tonnes of Ethyl Vanillin. Meanwhile, Govt.
permitted the company to sell products manufactured in a pilot
plant upto 9 tonnes.

- In January, a new company under the name PFW-IDL Arom Ltd., was
incorporated as a joint venture with PFW (Holland) BV to
manufacture food flavour chemicals.

1989 - A pilot plant was set up. But the process at pilot plant was
found to be uneconomical for commercial scale. Meanwhile, Govt.
permitted the Company to sell products manufactured in a pilot
plant upto 9 tonnes.

- The synthetic organic chemicals group developed several products
in oil field and aroma chemicals.

- Consequent upon the acquisition of M/s. Atlas Chemical Industries
Inc., U.S.A, the Company's collaborators by Imperial Chemical
Industries Ltd., U.K., the company had to seek new foreign
collaboration. The Company, therefore, finalised a collaboration
agreement with M/s. Dow Chemical Co., Midland, Michigan, U.S.A.
The Govt. of India aproved this agreement subject to Dow Chemical
Co., acquiring 40% equity (6,00,000 equity shares of Rs.10 each)
in the company out of 50% held by the existing collaborators.
The balance 10% were to be offered to the UTI. The Company,
however, proposed to offer the balance 10% equity to the
employees of the Company.

1990 - The Company suspended the operations of the Bitumen Unit as the
DGS&D rates were not remunerative. The operations continued
suspension till 1991 as no favourable price was granted to the
Company's product by DGS&D.

- The joint venture company received a letter of intent, for 250
tonnes of liquid flavours, 350 tonnes of encapsulated/dry
flavours and 750 tonnes of aroma chemicals, to be implemented in
Medak district of AP. Foreign collaboration agreements were
being finalised.

- The Company privately placed 14% non-convertible debentures with
Army Group Insurance Fund and financial institutions aggregating
Rs.3 crores. Debentures of Army Group are to be redeemed at a
prem. of 5% at the end of 7 years from the date of allotment.
Debentures of financial institutions are to be redeemed in five
equal annual instalments beginning at the expiry of 5th year from
the date of allotment.

1991 - Turnover of this division declined to Rs.25 lakhs mainly due to
resource constraints faced by the public sector units in the
first half of the year.

- Research and Development efforts were on to make the project cost
effective.

- The name of Coromandel Gypsum Ltd., was changed to IDL-Salzbau
(India) Ltd.

- The Company received a letter of intent for oil field chemicals
project in Thane district of Maharashtra.

- Due to certain structural changes in the organisation of the
proposed technical collaborators of the Company, a further delay
was anticipated in the implementation of the project.

- The company privately placed with LIC Mutual Fund 14%
non-convertible debentures aggregating Rs.150 lakhs. These
debenture would be redeemed at the end of 7 years from the date
of allotment at a prem. of 5%.

1992 - The Company transferred all its holdings in Rajasthan Explosives
& Chemicals Ltd., to an entrepreneur.

1993 - Subject to necessary approvals being obtained. Gulf Oil India
Ltd. is to set up a joint venture Company with Sipal Avexons SPA,
for manufacture of care can products. IDL Chemicals Ltd., is to
invest upto 25% in the said joint venture to be named on 'Gulf
Casex India Ltd.'.

1994 - The Company started the floriculture project in about 4 hectares
of land in Yelahanka with the cultivation of Rose plants for
export of cut Roses.

- 14,11,300 No. of equity shares of Rs.10 each for cash at a prem.
of Rs.34 per share were allotted to (NNIBV), Netherlands to
increase their shareholders from 40% to 50%.

1995 - Effective 31st October, the name of the Company was again changed
from IDL Chemicals Ltd. to IDL Industries Ltd.

- On 23rd April, the Company has redeemed the debentures which were issued in
1986, aggregating to an amount of Rs.240 lakhs held by Unit Trust of India in the Company.

- The Company has started the Floriculture Project in about 4 hectares of land in Yelahanka
with the cultivation of Rose Plants for export of cut Roses.

1996 - The Company's name has been changed to IDL INDUSTRIES LIMITED from
the existing name IDL Chemicals Limited with effect from 31st October, 1995.

1997 - 93,005 shares are allotted as fully paid up pursuant to a contract without payment
being received in cash. 52,15,025 shares are allotted as fully paid up bonus shares by
capitalisation of Reserves.

- 16.5% Non-Convertible Debentures privately placed with LIC Mutual
Fund amounting to Rs. 150 lakhs is secured by an equitable mortgage of
immovable properties of the Company. These debentures are to be
redeemed in full at a premium of Rs. 5, i.e., Rs.105 per debenture at
the end of the 7th year from the date of allotment made viz. 14th June, 1991.

- During the year, the Company gave an inter-corporate deposit of
Rs.50 lakhs which was not repaid by the party on due date.

1998 - During the year the Wind Mill Division has generated 97733 Units though it was
off season.

- The Board of Directors has appointed Mr. Subhas S. Pramanik as Whole Time
Director and designated him as Dy. Managing Director of the Company, subject to
approval of the Shareholders of the Company at the 37th Annual General Meeting.

1999 - In terms of the final BIFR Order No.191/97(II) Dated 8th November,
1999, IDL Salzbau (India) Limited (ISIL), a company promoted by the
Company in 1992 was merged in the Company with effect from 31st March,
1999.

- IDL Industries Limited would issue one share of Rs. 10/- for
every 25 shares of Rs. 10/- each held by the shareholders of
IDL-Salzbau (India) Limited as of the date stipulated for exchange of
the said shares.

- The appointment of Mr Subhas S Pramanik as Managing Director with effect
from 8th July, 1999, is subject to approval of the shareholders of the Company.

2000

-Two key promoters of Astra-IDL Hindujas-owned IDL Industries and Anglo-Swedish drug major AstraZeneca agreed to AstraZenecas acquisition of IDLs 25.75 per cent in the company.

2001

-It's signed, sealed and delivered. IDL Industries has completed the transfer of its 25.75 per cent equity in pharma company Astra-IDL to Anglo-Swedish multinational AstraZeneca years after the two companies first began talking about parting ways

2002

-IDL Industries Ltd has approved in principle a proposal for the merger of Gulf Oil India Ltd with the company.

- The board of Gulf Oil Limited and IDL Industries Limited have approved 2:1 ratio for the merger of both the companies.The merger ratio approved by the companies involves issue of one equity share of IDL for every two shares of Gulf Oil.

- High Courts of Andhra Pradesh and Bombay have approved the merger and the detailed orders for filing with the Registrar of Companies of the states of Andhra Pradesh and Maharashtra are expected shortly.


2003

-Gulf Oil Corporation Ltd (GOC), together with Oil Bangladesh Ltd (OBL) has set up a joint venture (JV) company, called Gulf Oil Bangladesh Ltd (GOBL)

-Signed an agreement on July 3, 2003, with Oil Bangladesh Ltd for forming a joint venture at Bangladesh.

-Entered into an agreement to sell and develop the land located at Malleswaram through a Joint venture with M/s Abhishek Developers, a part of the Marnti Group, at Bangalore

-Flagship of the Hinduja group has set up a joint venture with Tarapur Grease Industries Pvt Ltd and PT Tawang Swasti Rawikara of Indonesia to manufacture as well as to sell its slew of lubricants and greases in the Indonesian market.

-Unveiled a new range of car care products which includes dashboard polish, glass and crystal cleaner, multi-functional fluid, multi-purpose grease for rotating surfaces, a/c cleaner, inflates & repair,and deoxidiser.

- A powerful blast at IDL Ltd, a part of the Gulf Oil Corporation, killed seven workers and wrecked damage on some of the plant facilities in Kukatpally area on Nov 25.

-Appointed Mr Justice A. Gopal Rao, retired High Court Judge, as a one-member commission of inquiry into the recent blast in one of the units of Gulf Oil Corporation Ltd.

2004

-Gulf Oil Corporation has appointed RB Ananth, a mechanical engineer, as vice-president (VP) of its operations.

- Gulf Oil Corporation Ltd (GOCL) acquires manufacturing facility of a bulk drug unit at Hyderabad for producing active pharmaceutical ingredients (APIS) and speciality chemicals.

2005

-Gulf Oil receives Capexil export award for '04-05

2007

- The Company has splits its face value from Rs10/- to Rs2/-.
 
Subscribe now to get personal finance updates in your inbox!