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Gujarat State Fertilizer & Chemicals Ltd. Company History and Annual Growth Details

1962

- The Company was Incorporated on 15th February, in Gujarat. The
Company manufacture chemical fertilisers, petrochemicals and other
allied products such as urea, ammonium sulphate, diammonium phosphate,
ammonia, sulphuric acid, caprolactam, argon gas, etc., and nylon-chips
and melamine.

- 1,47,000 Pref. and 4,41,000 No. of equity shares taken up by Gujarat
Government. 7,663 Pref. and 25,975 No. of equity shares taken up by
directors, etc. 25,737 Pref. and 77,625 No. of equity shares issued to
the employees of the Company, farmers, Co-operative sector, etc.
1,19,600 Pref. and 3,55,400 No. of equity shares offered to the public.

1967

- The first phase of plants consisting of ammonia, sulphuric acid,
phosphoric acid, urea, ammonium sulphate and diammonium phosphate units
were commissioned.

1972

- The Company set up its own development and research department.

1974

- The Caprolactam facility plant was commissioned on 25th March.

1979

- On 1st June, the Company completed and put into operation a
debottlenecking programme with a view to increase the production of
phosphoric acid.

1981

- During December, the Company commissioned another sulphuric acid
plant for manufacture of 1,32,000 TPA of sulphuric acid. A contract
was signed with Simon Carves India, Ltd., for establishing sulphuric
acid plant in 1978.

- During the 3rd week of December, the demonstration plant for the
manufacture of 300 TPA of Styrene Acrylonitrile (SAN) was commissioned.

1982

- During November, the Company commissioned a 5,000 tonnes per annum of
melamine and fluorine recovery plant.

- During July, the Company commissioned a factory for conversion of
methane into oxosyngas for Indu Nissan Oxo Chemical Industries Ltd.,
who had set up a plant for oxo-alcohols near the Company's complex.

- The Company undertook to set up its second DAP complex with a
capacity of 4,50,000 tonnes of phosphorous pentoxide (P2O5) per annum
on the Saurashtra coast.

- The Company and Gujarat Maritime Board jointly formed a technical
committee in order to speedily set up a jetty with infrastructural
facilities for the development of Sikka port for handling imports for
the DAP complex. The main process plant was commissioned in December
1986.

1983

- Polymers Corporation of Gujarat Ltd., was amalgamated with the
Company with effect from 1st January as per approval of Gujarat High
Court dated 16th January, 1985.

- In terms of the Scheme of Amalgamation one equity share of Rs 100
each of the Company was issued in exchange of 85 equity shares of Rs 10
each of Polymers Corporation of Gujarat Ltd., and 35,000 -11%
cumulative redeemable preference shares of Rs 100 each of the Company
were issued in exchange of 35,000-11% cumulative redeemable preference
shares of Rs 100 each of Polymers Corporation of Gujarat Ltd., with no
right of arrears of dividend for the period prior to 1st January, 1983.

- The Company was required to issue and allot without payment in cash
58,824 No. of equity shares of Rs 100 each and 35,000-11% cumulative
redeemable preference shares of Rs 100 each to the members of Polymers
Corporation of Gujarat Ltd., upon its merger with the Company. This
Scheme of Amalgamation was under Section 72-A of the Income-Tax Act,
1961.

- In addition, 14,706 bonus equity shares of Rs 100 each of the Company
were also to be allotted on the 58,824 No. of Equity shares of the
Company to be allotted to members of Polymers Corporation of Gujarat
Ltd., in respect of the Company's bonus issue of 1984 in proportion
1:4.

1985

- 4 polymer blends and alloys of Nylon-6 and SAN were developed.
During the year, industrial licence for methacrylic acid (MAA) was
received.

1986

- Equity shares subdivided in June. 260 No. of equity shares of Rs 10
each allotted to non-resident and 30 bonus equity shares of Rs 10 each
were also allotted. 30 No. of equity shares of Rs 10 each forfeited.

1987

- The Company's multipurpose fertiliser pilot plant to be set up in
collaboration with International Fertilizer Development Centre (IFCD),
USA, received Government approval in the year. The pilot plant for
xylitol from bagasse was commissioned. The Company in collaboration
with ATIRA, Ahmedabad developed an acrylic based synthetic thickener.

- The Company issued 14% non-convertible debentures worth Rs 45 crores
to UTI, LIC, BOI, Army Group Insurance Fund, SBI, Indian Bank and
Central Bank of India on private placement basis.

- 6,218,337 bonus equity shares issued in prop. 3:10. 4,430 No. of
equity shares allotted to non-resident shareholders.

1988

- (15 months), agreements with foreign collaborators and Indian
engineering construction companies were completed for the establishment
of the Caprolactam facility plant.

- The R&D Department was in the process of setting up a multipurpose
fertiliser pilot plants for manufacture of solid and fluid fertilisers.

- Gujarat Industries Power Co., Ltd., was set up through the joint
efforts of Gujarat State Fertiliser Co. Ltd., (GSFC), Gujarat Narmada
Valley Fertilisers Co. Ltd. (GNFC), Gujarat Alkalies and Chemicals Ltd.
(GACL), Petrofils, Heavy Water project collaboration with GEB and
Government of Gujarat, for establishing a joint captive power plant IX
120 MV capacity.

- (15 months), the Company proposed to undertake a project in
collaboration with a leading US biotechnology Company under PACT scheme
and ICICI for development of biopesticides for control of pests in
groundnut, tobacco, etc.

- During December 1988-January 1989, the Company offered 166,66,666-14%
secured redeemable partly convertible debentures of Rs 90 each on
rights basis in the proportion 8 debentures: 13 equity shares held (all
were taken up).

- The Company also issued 8,33,333-14% debentures to employees/working
directors of the Company on an equitable basis (only 7,95,735
debentures taken up). The unsubscribed portion of 37,598 debentures
was allowed to lapse.

- Rs 60 of the face value of each debenture was converted into one
equity shares of Rs 10 each at a premium of Rs 50 per share (As per
this conversion, 174,62,401 No. of Equity shares were allotted on
11.8.1989).

- Rs 30 of the face value being the non-convertible portion of each
debenture was to be redeemed in 3 equal annual instalments on the
expiry of 7th, 8th and 9th year from the date of allotment of
debentures.

1989

- The DAP production at Sikka was hampered due to non-availability of
imported/canalised raw materials like phosphoric acid and ammonia. As
a result, the Sikka plant remained closed for a period of 193 days.

- Requisite permissions were received to import 1,500 tonnes of
melamine. It was proposed to increase the melamine capacity from the
present 5,000 TPA to 15,000 TPA and the project was under
implementation. Necessary technical know-how the licence for the
expansion project was proposed to be obtained from Chemic Linz.

- The Company decided to set up one more sulphuric acid plant with a
capacity of 1000 TPD at a cost of about Rs 55 crores. A turnkey
contract was awarded to Dharamsi Morarjee Chemicals Co., Ltd. Mumbai,
who have the tie up in the M/s. Tim J. Browder & Co. USA.

1990

- The Company proposed to set up a 1350 MTPD ammonia plant at
Fertilizernagar. Linde AG West Germany were selected as the contractor
for the project.

- The Company set up a project for the production of argon gas required
for industrial purposes and also for saving of naphtha and gas
consumption in the manufacture of ammonia.

- Another plant was set up for recovery of methane synthesis gas and
argon gas in 1980.

- Effective from 1st April, Gujarat Nylons Ltd. (GNL) a subsidiary was
amalgamated with the Company. The shareholders of GNL were to be
allotted 1 equity share of Rs 10 each in GSFC for every 8 equity shares
held in GNL. Accordingly 18,58,125 No. of equity shares were to be
allotted to the shareholders of erstwhile GNL.

- 1,33,22,558 Bonus Equity share issued in prop. 3:10.

1991

- A three bed modified design contact furnace with improved material of
construction was installed in the melamine plant.

- At the instance of Gujarat Maritime Board (GMB), the Company decided
to take over the ownership of the Sikka Jetty from GMB right from the
day of the start up of construction of the jetty.

- 525 No. of equity shares, representing 4,200 partly paid equity
shares of GNL were forfeited for non-payment of allotment money and the
balance 18,57,600 No. of equity shares were allotted to the
shareholders of the erstwhile GNL. The shareholders of GNL were also
allotted 5,57,280 bonus shares on receipt of a fresh consent from the
Controller of Capital Issues.

- 27,414,880 No. of equity shares allotted pursuant a scheme of
amalgamation.

1992

- The Company offered during October/November, 64,28,571 partly
convertible debentures of Rs 350 each aggregating to Rs 225 crores.
Out of the total issue, 61,22,449 debentures were offered to the equity
sharesholders 61,15,291 debentures taken up 3779 debentures of the
Company on rights basis in the ratio of 1 debenture for 10 equity share
held and the balance 3,06,122 debentures were offered to the employees
of the Company only 2,54,160 debentures allotted.

- A portion of Rs 200 (Part-B) of each debenture compulsorily converted
into 1 equity share of the Company at premium of Rs 190 per share
within 6 months from the date of allotment of the debentures.
Accordingly 63,69,451 shares allotted. The non-convertible portion of
Rs 150 (Part-A) would be redeemed in three equal instlaments of Rs 50
each on the expiry of the 7th, 8th and 9th years from the date of
allotment of the debentures.

- The company proposed to issue Euro Convertible Bonds of the order of
US $100 million.

- The 35,000-11% cumulative preference shares were due for redemption
in 19th January.

- 63,77,124 No. of equity shares, 832 shares & 197 shares allotted on
1.6.1993 & 17.6.1993.

1995

- Additional equipment facilities were installed and necessary
modifications were carried out in Gas Turbine to use liquid fuels like
Naphtha/HSD or mixture of Natural gas and Naphtha to overcome the
difficulties in getting continuous supply for required quantity of
Natural gas.

- With a view to take care of the investments in new schemes and small
projects, the Company promoted a new company 'GSFC Investment & Leasing
Co., Ltd.' (GILC).

- The issue capital or GILC comprising 95,000 No. of equity shares of
Rs 10 each and 50,000 preference shares of Rs 100 each are held by the
Company.

- In order to part finance the 1350 MTPD New Ammonia Project at
Fertilizernagar, the Company made a rights issue of 13301,290 No. of
equity shares of Rs 10 each for cash at a prem. of Rs 90 per share in
the ratio of 1 share for every 5 shares held.

- The Company proposed to issue Equity shares/Convertible Bonds upto US
$100 million. The Company made arrangements with some of the financial
institutions for issue of secured Redeemable Non-Convertible Debentures
aggregating Rs 80 crores on private placement basis.

1996

- The Company signed two separate contracts with M/s. ENCO/Poleservice
for the supply of licence, know-how, basic engineering and for supply
of imported/proprietary items.

- Effective from 1st October the name of the company was changed from
Gujarat State Fertilizers Co. Ltd. to Gujarat State Fertilizers &
Chemicals Ltd.

- 132,90,847 right shares (prem. Rs 90 per share) issued in prop. 1:5.

1997

- All DCS systems, Electrical sub-station, Air separation unit and
Argon recovery units, TG set, Air & Nitrogen compressors were
commissioned.

1998

- With a view to enhancing the production of Cyclohexanone, the Company
undertook to set up a debottlenecking project.

- The GSFC acquisition would be part of its figure prospects of
modernising the plant and setting up a phosphoric acid plant.

- Gujarat government has issued a letter of intent (LOI) for the land
to petronet for setting up the LNG terminal at Dahej.

- GSFC and Ecomat would explore the possibility of R&D collaboration
for development of building materials from industrial wastes such as
chalk, fly-ash and agro waste to cater to the Indian market.

- Gujarat State Fertilisers and Chemicals signed a memorandum of
understanding with International Inc. Florida, USA, for development of
phosphochalk-based wood and other building materials through innovative
technologies.

- 33,00,000-17.5% Pref. shares issued to be redeemed after 3 years i.e.
from 9.2.2002.

1999

- Gujarat State Fertilizers and Chemicals (GSFC), a State Government
undertaking, has signed a memorandum of understanding with the
U.S.-based Planetary Design Corporation (PDC) to set up a coastal agro
industrial project in the State.

- The Reserve Bank of India (RBI) has withdrawn the in principle
clearance granted to the Gujarat State Fertiliser Company Limited
(GSFC) to set up a private bank.

- Fertiliser major Gujarat State Fertilisers and Chemicals Ltd (GSFC)
has taken an in-principle decision to sign a joint venture (JV)
agreement with engineering and infrastructure major Larsen and Toubro
Ltd. (L&T) for the construction of buildings at its Rs 200 crore
Infocity project.

- The company has entered the agro service sector with the launch of
various plant breeding, biofertilisers and tissue culture products.

- The company has signed the tripartite agreement with CDSL and MCS
Ltd. on November 12.

2000

- Mr Sudhir Mankad was appointed as Direct of the Company in place of
the casual vacancy caused by the resignation of Mr K. V. Bhanujan with
effect from 20th October.

2001

- ICRA has downgraded the long-term rating assigned to the
non-convertible debenture (NCD) and bond programme of the company from
'LAA', indicating high safety, to 'LA+', indicating adequate safety.

2002

-Appoints Dr Manjula Subramaniam as the Rotational Director of the company.

-Changes in the directorship:
Mr Vipin Malik ceased to be the Director, Mr Narasimha Raghunath Krishnan apointed as Nominee Director of UTI, Mr Sudhir Mankad appointed as Additional Director, Mr Subashchandra Ramrao Vengsarkar appointed as Additional Director.

-Considers two option to salvage the loss making fertilizer:
1. Weighs the option of a merger of Gujarat Narmadavalley Fertilizers with GSFC
2. Disinvestment of GSFC.

-Rationalises the plant load of Urea-I and Melamine-I & II plants.

-Seeks relief from the Union Ministry of Chemicals and Fertilizers for the capital expenditure incurred by the company on its 1350 MTPD ammonia plant.

-Completes DAP Expansion project Train 'C' of the capacity of 3,96,000 tonnes per annum at Sikka Unit.

-Government of Gujarat declares GSFC as Relief Undertaking.

-Changes in the BOD:
Shri Arvind Dhirubhai Desai and Dr Kesichainula Kameswara Rao, ceased to be the Director of the company and Shri Radhey Shyam Agarwal appointed as the Nominee Director of IDBI.

2003

-Dr Kesichainula Kameswara Rao is ceased to be the Director by resignation.

-Appoints Mr Ashok Narayan as the Chairman of the company.

-Appoints Mr C K Koshi as the Director on the Board of the company.

-Files a special suit in the civil court of justice, seeking interim injuction on any sale or transfer of its mortgaged shares.

-Members approve for the delisting of equity shares of the company from Ahmedabad, Calcutta, Delhi and Madras Stock Exchanges.

- Equity shares of Gujarat State Fertilizers & Chemicals Ltd voluntary delisted from the Madras Stock Exchange w.e.f. March 12, 2004, Delhi Stock Exchange w.e.f. March 31, 2004 and Ahmedabad Stock Exchange w.e.f. March 31, 2004

-GSFC wins award from FAI