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Manali Petrochemicals Ltd. Company History and Annual Growth Details

1986 - Manali Petrochemicals Ltd. was incorporated on 11th June, in
Tamil Nadu as a public limited company and obtained a Certificate
for Commencement of Business on 2nd July. It was promoted by
M/s. South Petrochemical Industries Corporation Limited (SPIC).

- The main object of the Company is to manufacture Propylene
Oxide/Propylene Glycol (PO/PG) and Polyols (Petrochemicals) used
as industrial raw materials.

- The Company entered into an agreement with TECHNIP France who are
providing technology of ATO CHEM of France for the manufacture of
propylene oxide and propylene glycol and that of ARCO Chemical
Co. of U.S.A. for the manufacture of polyols.

- As per the agreement, TECHNIP was to provide licence, basic
engineering and man-power services and assistance in importing
plant and machinery through TECHNIP for PO/PG project. It was
also to provide licence, know-how and technical consultancy and
manpower services for polyol project.

- Another agreement was signed with ARCO Chemical Co. of USA for
providing technical consultancy in the application and testing of
polyurethane foams and for development of new applications.

- Polyols are used along with Isocyanate (MDI or TDI, depending on
the application) in the manufacture of polyurethane, which is an
engineering plastic requiring considerable amount of technical
services. The Company launched a seed marketing programme by
import of Polyol, MDI and TDI.

- The flexible grade poyol was marketed under the brand name
EMPEYOL F 3000 meant for slab stock application despite huge
imports. The rigid grade plyol was marketed as components,
namely, polyol of required grade and quantity meant for specific
use and required quantity of Isocyanates imported by the Company.

1991 - The Company launched three more products for the slab-stock
industry, viz., empeyol F-3002, empeyol F-3502 and empeyol

- 43 shares subscribed for by the signatories to the Memorandum of
Association. 323,99,957 shares were then issued at par out of
which the following shares were reserved and allotted:

- (i) 103,99,957 shares to promoters, directors, etc., and SPIC,

- (ii) 10,00,000 shares to India Investment Fund on repatriation

- (iii) 50,00,000 shares to shareholders of SPIC,

- (iv) 20,00,000 shares to UTI,

- (v) 5,00,000 shares to LIC,

- (vi) 5,00,000 shares to GIC and its subsidiaries,

- (vii) 15,00,000 shares to SBI Mutual Fund,

- (viii) 5,00,000 shares to Canbank Mutual Fund.

- Out of the remaining 110,00,000 shares, the following shares were
reserved for preferential allotment:

- (i) 16,20,000 shares to employees (including Indian working
directors)/workers of the company (only 6,14,000 shares taken up)

- (ii) 20,00,000 shares to NRIs on repatriation basis. (all were
taken up).

- The balance 73,80,000 shares along with the 10,05,900 shares not
taken up by employees were offered for public subscription during
January-February 1990.

- Additional 48,60,000 shares were allotted to retain
oversubscription (7,50,000 shares to shareholders of SPIC,
3,00,000 shares to NRIs on repatriation basis, 17,10,000 shares
to promoters, directors, etc., and SPIC and 21,00,000 shares to
the public.

1993 - The Company's R&D wing was engaged in developing CFC free
flexible moulded polyurethane systems for use in auto mobile

- The Company made an application for a letter of intent for the
manufacture of MDI/TDI.

- The Company got approval for re-endorsement of capacities under
minimum economic scale size for the manufacture of 25,000 tpa of
propylene glycol.

- During Jan.-Feb. 1,86,25,350 the company issued equity shares of
Rs 10 each at a premium of Rs 5 per share to the existing
shareholders of the Company on rights basis in prop. 1:2.
(186,16,100 shares) and balance 9,250 shares were to be allotted
on private plant basis.

- Another 70,200 shares were reserved for the employees of the
Company and of the promoter, viz., SPIC, on preferential basis.
(only 40,700 shares taken up).

- Subject to necessary approvals being obtained, the Company
proposed to privately place 8,00,000-14% secured non-convertible
debentures of Rs 100 each with financial institutions and mutual

2000 - The Company approved the merger of Spic Organics Ltd with the

- Manali Petro Ltd. and Spic Organics Ltd. have fixed one share of
MPL for every share of SORL as the swap ratio.

- The Board of Directors of the company has approved, subject to necessary
approvals, scheme of amalgamation of SPIC Organics Ltd. with the company.
One equity share of the company will be allotted for every one equity share
of SOL held.