|The Company was incorporated on 29th August 1989 as a Private Limited Company in the name of Shreeji Petrowealth Private Limited. The Company converted itself into a Public Limited Company as well as the name of the Company was changed to ATV Petrochem Limited vide Special Resolutions passed on 04/01/1993 and 28/01/1993 respectively. A fresh certificate of incorporation consequent on change of name was issued by Registrar of Companies, Maharashtra on 4th February, 1993.
The business of the Company relates to letting on hire Tank Farms for storing Chemicals. The Company is also engaged in trading of Chemicals, which has earned good results, due to which the Company's turnover has increased to Rs. 339.09 lacs in 1992-93 from Rs. 1.49 lacs in 1989-90.
The Company is setting up a project for manufacture of 1,20,000 metric tonnes per annum of Purified Terephthalic Acid (PTA) at village Chhata near Kosikalan, District : Mathura in the state of Uttar Pradesh. The Company has entered into foreign collaboration agreement with M/s. Tecmor Inc., USA for transfer of knowhow, basic engineering etc for manufacture of PTA.
Tata Consulting Engineers (TCE), a division of Tata Sons Ltd have been appointed as Consultants to provide detailed engineering services, supervisions of dismantling, supervision of packing and shipment of Equipments from France and its erection at project site and to oversee the successful commissioning of the plant.
The Company was promoted originally by Shri. Mahesh Chaturvedi and Shri. Suresh Chaturvedi. ATV Projects India Ltd. joined as co-promoter for the project since January 1993.
The Company will be manufacturing Purified Terephthalic Acid,
(PTA). PTA is one of the main raw materials for manufacture of
Polyester Staple Fibre (PSF), which is a Synthetic Fibre with
soft feeling and is used to make blended fabrics. PTA is also
used as a basic raw material for producing Polyester Filament
yarn (PFY) which has a bright shiny look and is used to make 100%
Polyester or blended fabrics.
An agreement has been executed with M/s. Tecmor Inc. U.S.A. (The Technologist) to transfer the knowhow, process engineering design
and also avail of Technical assistance for refurbishment of Equipments and for erection and commissioning of the Plant. Salient features of Agreement with M/s. Tecmor Inc. are as under.
1. Tecmor Inc. shall be wholly responsible for the overall construction of the plant and its operational performance which includes the capacity, quality and guaranteed consumptions.
2. To provide detailed process description, flow diagrams, materials and heat balances, process data sheets, P&I diagrams line drawings, raw materials and utilities specifications, etc.
3. To review the detailed engineering design to be made by Indian Consulting engineers, based on aforesaid data and approve the same.
-Lenders approve Rs 950 crore loan recast plan of the company
-Registered Office of the Company has been shifted From Phiroz Mansion, 2nd Floor, 4, Steven's Street, Colaba, Mumbai - 400039.To 301, 3rd Floor, Shubham Centre-1, Near Holy Family Church, 491, Cardinal Grades Road, Andheri (East), Mumbai - 400099.