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Gujarat Narmada Valley Fertilizers & Chemicals Ltd. Company History and Annual Growth Details

1976

- The Company was Incorporated on 10th May, in Bharuch, Gujarat. The
Company was promoted by Government of Gujarat and Gujarat State
Fertilisers Co., Ltd. (GSFC). The Company Manufacture chemical
fertilisers, particularly ammonia and urea and petrochemicals.

- Contracts were entered into by GSFC and were transferred in the name
of the Company; (i) with Texaco Development Corporation, U.S.A.
(Texaco) for synthesis gas generation process; (ii) with Haldor Topsoe,
Denmark (Topsoe) for ammonia synthesis process; (iii) with Linde
Aktiengesellschaft, West Germany (Linde) for Ractisol wash process and
(iv) with Snamprogetti, Italy for know-how and licence agreement with
Linde which was subsequently transferred in the name of the Company.

- GSFC entered into a supply and engineering contract with Linde which
was subsequently transferred in the name of the Company. Under this
agreement, Linde was to supply all the imported equipments to the
Company for its ammonia plant.

- GSFC entered into know-how agreement, supply agreement and
engineering agreement with Snamprogetti, Italy for the urea plant.
These agreements were subsequently transferred in the name of the
Company.

1981

- 2,530 shares subscribed for by the signatories to the Memorandum of
Association, 2,31,41,010 shares allotted to Gujarat Govt. (of which
3,010 shares held jointly in the name of directors and Gujarat Govt.),
2,22,50,000 shares allotted to Gujarat State Fertilisers Co. Ltd.,
1,50,00,000 shares reserved and allotted to NRIs and NRI investors from
Oil Exporting Developing countries with repatriation rights and
50,00,000 shares reserved and allotted to agriculturists, co-operative
societies, directors, employees of the Company and business associates.
2,36,06,460 shares offered at par to the public in May 1981.

1983

- Technical collaboration agreements for the supply of imported
equipment, know-how, technical services, etc., were executed with
Kemira of Finland and Leonard of U.S.A.

1984

- 38,025 shares forfeited.

1985

- A letter of intent was received for the establishment of a
nitrophosphate plant with a capacity of 1,42,500 tonnes per annum, a
calcium ammonium nitrate plant with a capacity of 1,42,500 tonnes per
annum and a concentrated nitric acid plant with a capacity of 33,000
tonnes per annum.

- The Company undertook a project to manufacture 30,000 sq. metres.
per annum of printed circuit boards. For this purpose, a Memorandum of
Understanding was signed with PCK technology division of Kollmorge,
U.S.A.

- Forfeiture on 1,825 No. of Equity shares annualled.

1986

- Agreements were entered into with Toyo Engineering Corporation of
Japan, for the acquisition of technical know-how, basic engineering and
imported equipments, etc for this expansion.

- A letter of intent was received for the manufacture of 10,000 tonnes
per year of formic acid.

- An EPABX project with a capacity to manufacture 20,000 lines of
digital electronic automatic exchange with C-dot technology was
commissioned at Roopnagar, Valia. The Company undertook to produce an
enhanced model i.e. V - III system of EPABX.

- The Memorandum of Understanding for the project was signed with Mozak
International Inc., and a new Company in the name of 'Emirates Narmada
Industries p.l.c.' was registered in U.K.

1987

- Agreements were signed between M/s. Lurgi of W. Germany and the joint
venture Company U. Emirates Narmada Industries PLC.

1989

- The overall financial performance of the Company was adversely
affected due to adverse changes in the Retention Price Scheme with
respect to normative capacity utilisation and depreciation.

- GIIC was implementing through Gujarat Amino Chem Ltd., a project for
the manufacture of methanol with a capacity of 20,000 tonnes per annum.

- The Company selected M/s. Linde of West Germany for the supply of
basic engineering and certain imported equipments. The Company also
selected M/s. ICI for the supply of process know-how and Tata
Consulting Engineers of Mumbai for detailed engineering.

- The licensed capacity of methanol was re-endorsed from 20,000 tonnes
to 1,00,000 tonnes per annum.

- GNAL was declared a 'sick unit' by BIFR. A rehabilitation package
was being prepared in consultation with financial institutions/banks.

- Forfeiture on 200 No. of equity shares annualled.

- The Company undertook to implement a captive power project of 50 MW
in two phases.

- The Company undertook a project to manufacture 30,000 sq. meters.
per annum of printed circuit boards. For this purpose, a Memorandum of
Understanding was signed with PCK technology division of Kollmorge,
U.S.A.

1990

- The Company received a letter of Intent for setting up a 50,000 TPA
acetic and projects as a 100% Export Oriented Unit.

- 'Gujarat Narmada Electronics, Ltd., was incorporated for the
implementation of TV Glass Shell Project. As shareholders agreement
was entered into between the Company and Videocon International Ltd.
(VIL), by which the promoters' equity was to be provided.

- The name Narmada Electronics Ltd., was changed to 'Videocon Narmada
Electronics, Ltd.,' with effect from 30th June, 1992. The Company made
a public issue of secured fully convertible debentures for an aggregate
amount of Rs 240 crores.

1991

- 'Narmada Chematur Petrochemicals, Ltd.', was incorporated jointly
with Chematur AB and IBI Chematur as equity partners, for the
implementation of 10,000 TPA TDI and 20,000 TPA Aniline projects with
Du-pont technology provided by Chematur AB.

- 28,350 forfeited share/re-issued.

1992

- The Company offered 296,66,667 - 15.5% non-convertible debentures of
Rs 40 each with detachable warrants on Rights basis in the proportion 1
deb.: 3 equity shares held. Additional 44,50,000 debentures were
allotted to retain oversubscription.

- Another 14,83,300 - 15%, debentures together with detachable warrants
were offered to employees'. Only 8,98,350 debentures taken up. The
balance of 5,84,950 debentures were allotted to Mutual Funds/Financial
Institutions/Banks. The Debentures are redeemable in 3 equal annual
instalments on the expiry of 7th, 8th and 9th year from the date of
allotment.

1993

- 'Gujarat Narmada Auto Ltd.' (GNAL) is a wholly owned subsidiary of
the Company which is manufacturing two-wheelers three-whellers.

- As at 31st March, all the 51,55,207 No. of equity shares of Rs 10
each were held by the holding company, i.e. Gujarat Narmada Valley
Fertilizers Co., Ltd.

1994

- The Company offered 47,93,000 GDRs representing 239,65,000 No. of
equity shares of Rs 10 each at a price of US $ 12.75 per GDR i.e. (1
GDR = 5 equity shares).

- 333,24,492 No. of Equity shares issued against detachable warrants
attached with 15.5% NCDs of Rs 40 each. 1,86,223 No. of equity shares
of Rs 10 each (prem. Rs 25 per shares) allotted on exercise of option
attached to Detachable warrants.

1996

- The Company was planning to set up a 10,000 MTPA of the polyhacetal
project with an estimated investment of Rs. 240 crores.

- 499 No. of equity shares on exercise of warrants issued.

1997

- The Company undertook to expand the plant's capacity by putting up a
new plant of 100 million tonnes per day capacity with an investment of
Rs 32 crores.

- The Company undertook to set up a third gasifier train to augment
ammonia capacity by addition of 20,000 MTA of additional ammonia at a
cost of Rs 50 crores.

- The Gujarat Narmada Valley Fertilisers Company (GNFC) is seriously
contemplating withdrawal from Videocon Narmada Electronics Limited,
GNFC's joint venture with the Videocon group.

- The company has an installed capacity of 17 lakh glass shells for
colour picture tubes. CRT displays and monitors and 2.5 lakh glass
parts (panels and funnels) and glass bulbs for black and white
television picture tubes and monochrome monitor tubes.

- The joint venture between Videocon and GNFC manufactured only 2.9
lakh glass shells (panels and funnels) for colour picture tubes during
the last financial year (1994-95) as against the installed capacity of
17 lakh shells and there was no production of glass parts (panels and
funnels) for black and white television picture tubes.

- Gujarat Narmada Valley Fertilisers Company Ltd (GNFC), Bharuch,
engaged in the manufacture of chemical fertilisers viz Narmada Urea,
Phos and CAN, chemicals of like acetic acid, formic acid, methanol,
nitric acid and electronics products such as printed circuit boards and
digital switching systems, has reported encouraging performance for the
year 1996-97.

- GNFC has signed an agreement with Plinke for technology and supply of
equipment.

- Gujarat Narmada Valley Fertilizers Company (GNFC) has entered into an
agreement with Plinke of Germany to set up a 33,000 tpa concentrated
nitric acid plant at its Bharuch complex in Gujarat. The total
capacity will now be doubled to 66,000 tpa.

- The Bharuch-based Rs 1,200 crore Gujarat Narmada Valley Fertiliser Co
Ltd (GNFC), market leader in acetic acid, methanol and formic acid, is
doubling its acetic acid production capacity from 50,000 to one lakh
tonnes per annum (TPA) in technical collaboration with B P Chemicals of
the UK.

- Its subsidiary company, Narmada Chematur Petrochemicals Ltd (NCPL),
has successfully commissioned 20,000 million tonnes per annum (mtpa)
aniline plant operating at more than 100 per cent capacity.

1998

- The company undertook to enhance the capacity of weak nitric acid
plant capacity from 630 MTD to 750 MTD.

- Gujarat Narmada Valley Fertilizers Company Ltd has signed a pact with
Uhde of Germany for undertaking engineering and construction of its
nitric acid expansion plans at Bharuch.

- GNFC is doubling its capacity of concentrated nitric acid (CNA) by
33,000 tpa for which technical knowhow will be provided by Plinke of
Germany. GNFC is also expanding the capacity of weak nitric acid (WNA)
by 24,750 tpa this year.

- Gujarat Narmada Valley Fertilizers Co Ltd (GNFC) plans to double
total urea capacity, by setting up 2,330 mtd urea and 1,350 mtd ammonia
plant at an investment facility at Bharuch in Gujarat.

- GNFC also proposes to set up a world class 400 tpd pet project based
on PTA and MEG as principal raw material.

- GNFC recently entered into an agreement with GAIL to increase the
supply of natural gas for three years.

1999

- The proposed fertiliser unit will have an installed capacity to
produce 1,350 tonnes per day (tpd) of ammonia and 2,330 tpd of urea.
The new plant is also slated within the existing premises of GNFC.

- Gujarat Pipavav LNG Company Ltd (GPLCL) has signed a memorandum of
understanding (MoU) with Gujarat Narmada Fertiliser Corporation (GNFC),
Indian Farms, Fertiliser Co-operative (IFFCO) and Gujarat Gas Company
Ltd (GGCL) for the supply of regassified liquefied natural gas (LNG).

- Gujarat Narmada Valley Fertilisers Company (GNFC) is considering a
proposal to market products of BP Chemicals, UK through its vast
marketing and distribution network.

- Gujarat Narmada Valley Fertilizers Co Ltd (GNVFC), will offer about
four per cent of equity to foreign companies and non-resident Indians
(NRIs) in its existing company for the very small aperture terminals
(Vsat) business.

2000

- Ideal Data Electronic Applications has signed a Memorandum of
Understanding with Gujarat Narmada Valley Fertiliser Company for the
purpose of setting up a 100 per cent Export Oriented Unit at the GNFC
Infortower.

- The Company has entered into a business alliance with Hyderabad-based
global software and systems integration major Cybermate Infotek Ltd. to
set up digital certificate based system and security management.

- AD Desai has been appointed as the MD of the Broach-based Gujarat
Narmada Valley Fertilisers Company Ltd.

- The Company proposed to double the capacity of the acetic acid plant
to 1,00,000 tonnes per annum, commission the third gasifier plant and
install the wet scrubbing system all by December 2001.

- Mr. Sudhir Mankad has been appointed as Director on the board
effective from October 24.

- The Company has commissioned its international private leased circuit
(IPLC) at its GNFC Infotower in Ahmedabad.

2002

- Gujarat Narmada Valley Fertilizer Company Ltd (GNFC) has informed
that Shri R C Sharma has ceased to be a Director of the Company wef
January 16, 2002 vide his resignation.

-Gujarat Narmada Valley Fertilizers Company Ltd has informed that consequent upon the retirement of Shri A D Desai from the services of Government of Gujarat (GOG) upon attaining the age of superannuation, GOG has withdrawn his nomination from the Board of the company. As such he ceased to be the Director and Managing Director of the company. Shri Balwant Singh, Director of the company has assumed the additional charge of Managing Director with effect from October 31, 2002. He will be formally appointed Managing Director of the company in due course.

-Gujarat Narmada Valley Fertilizers Ltd has informed that consequent upon the withdrawal of Nomination by Government of Gujarat, Shri Pradipsinh Jadeja ceased to be a Non-rotational Director as also the Chairman of the company with effect from November 21, 2002. Further, Shri G Subbarao has been nominated by Government of Gujarat as Non-rotational Director on the Board of the company with effect from November 22, 2002.

2003

- Gujarat Narmada Valley Fertilizers Company Ltd has informed BSE that consequent upon the withdrawal of Nomination by Govt of Gujarat Shri G Subba Rao ceased to be a Director as also the Chairman of the company. Shri P K Laheri has been nominated by Govt of Gujarat as Director on the Board of the company.

-Shri Shrirish Bengali has ceased to be the Non-Rotational Director of the company.

-Shri Koshi has been appointed as the director on the board of the company in the
casual vacancy.

-Government has withdrawn the nomination of Shri Subba Rao, ceased to the director
as also the chairman of the company and Shri P K Laheri has been nominated by
the government on the board of the company.

-GNFC has witnessed a turnover of 1464 cr and profit before tax of Rs.136.39cr, which
has been increased over the years.

-GNFC has announced the closure of PCB plant operations of the company since it
did not reach up to the desired expectation of the company.

-GNFC has informed that Shri Manu Shroff, ceased to be the director of the company.

-4 persons were killed and 26 were injured in a major blast at the nitrogen phosphorus
ammonia plant of Gujarat Narmada Valley Fertilisers Corporation Limited in Bharuch
District.

2004

-Delists the equity shares from Ahmedabad & Delhi stock exchanges

-Gujarat Narmada Valley Fertilizers Company Ltd has informed that Dr. Manjula Subramaniam has resigned as a director of the Company with effect from August 5, 2004

2006

-Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has informed that Shri. PK Taneja, IAS has been appointed as Additional Director on the Board of the Company w.e.f. November 27, 2006.

2007

- Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has appointed Shri. V L Joshi, IAS as Additional Director on the Board of the Company w.e.f. May 19, 2007.

2008

-Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has appointed Shri. T Natarajan as Director of the Company w.e.f. August 28, 2008.

2009

- Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has informed BSE about the change taken place in the Company's Directorate:
- Name of Director : Shri. D Rajagopalan, IAS
- Date of Appointment or Change : January 21, 2009
- Brief Particulars of change : Ceased to be a Director vide resignation.

-Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has informed BSE about the change taken place in the Company's Directorate as mentioned hereunder :

- Name of Director : Shri. Guruprasad Mohapatra, IAS
- Date of Appointment : July 28, 2009.
- Brief Particulars of Change : The Board has at its meeting held on July 28, 2009 taken note of the nomination of Shri Guruprasad Mohapatra, IAS, Managing Director, Gujarat Alkalies & Chemicals Ltd as Government Director and has appointed him to hold additional
charge of the post of Managing Director of the Company effective July 01, 2009.