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Mysore Petro Chemicals Ltd. Company History and Annual Growth Details

1969 - The company was incorporated on 9th June in Mysore. The main
objective of the company is to manufacture phthalic anhydride and

- The Company entered into an agreement with Chemische Fabrik
Von-Heyden GmbH, West Germany (Heyen) for the supply of know-how
and catalyst for the manufacture of phthalic anhydride based on
partial catalytic oxidation of orthoxylene. They also agreed to
guarnatee the performance.

- The Company also entered into an agreement with Lurgir
Mineraloeltechnik GmbH, West Germany (Lurgi) for supply of basic
engineering and special equipment for the battery limits plant
from West Germany.

- 50,440 shares allotted to promoters, etc. 3,12,780 shares
allotted to Mysore State Industrial Investment & Development
Corporation, Ltd. 2,99,780 shares allotted to directors of
Shekhavati Investment Corporation Ltd. and their friends.

1970 - The name of the Company was changed from Premier Petro Chemicals,
Ltd., to the present one with effect from 3rd September.

1973 - 40,000 Pref. and 6,37,000 shares offered at par to public in Dec.

1978 - Karnataka State (Mysore State) Industrial Investment &
Development Corporation, Ltd. (KSIDC), one of the promoters,
transferred a major part of their equity shareholding in the
Company to the co-promoters, Shekhavati Investment Corporation,

1979 - Shares fully called-up.

1981 - The company had received a letter of intent for increasing its
licenced capacity from 6,000 metric tonnes to 12,000 metric
tonnes per annum.

- Forfeiture on 150 No. of equity shares annulled. 88,000 No. of
Equity shares issued at par to financial institution on
conversion of loan.

1982 - The plant had to be shut down for nearly 45 days for carrying out
the modernisation-cum-expansion programme. At the time of
recommissioning of the plant, the working was disturbed for about
3 months and the plant operations could only be stabilished
towards the middle of May 1983.

- Forfeiture on 50 No. of equity shares annulled.

1985 - Forfeiture annulled on 150 No. of equity shares in 1985-86, on 25
No. of equity shares in 1986-87 and on 225 No. of equity shares
in 1987-88.

1986 - An imported high pressure turbine and a new switch condensor were
under installation.

1987 - As a measure of diversification, an application was made for an
industrial licence for the manufacture of 2,400 tonnes per annum
of maleic anhydride.

1988 - The company promoted a new company "IG Petrochemicals Ltd" (IGPL)
as a 100% export oriented project at MIDC, Taloja, for
manufacture of 45,000 TPA of Phthalic anhydride.

- In order to augment its working capital resources, the company
issued by private placement 14% non-convertible debentures.
These debentures were allotted on 12th February.

- Forfeiture on 175 No. of equity shares annulled. 9.5% Pref.
shares redeemed.

1989 - Effective 1st July, Napro Synthetic, Ltd., was amalgamated with
the Company as per approval received from the High Courts of
Karnataka and Gujarat. This was with a view to manufacture
synthetic industrial diamonds.

- Forfeiture on 375 No. of equity shares annulled.

1990 - This improved performance was achieved despite prices of raw
materials, orthoxylene shooting up to uprecedented levels and
with interruption of shipment on account of Gulf war.

- During February, the Company offered 17,25,000-14% secured
redeemable partly convertible debentures of Rs. 75 each on Rights
basis in the proportion 5 debentures : 4 equity shares held.
Additional 2,39,475 debentures were allotted to retain

- Simultaneously another 86,250 debentures were offered to
employees on an equitable basis (only 150 debs. taken up). Out
of the remaining debentures, 33,333 debentures allotted to ICICI
and 30,000 debentures to BOI Finance Ltd. Information pertaining
to unsubscribed portion of 22,767 debentures was not available.

- Rs. 40 of the face value of each debenture was converted into 1
equity shares of Rs. 10 each at a premium of Rs. 30 per share on
21st June 1990. Accordingly, 20,27,955 shares were allotted.

- Rs. 35 of the face value of each debenture was to be redeemed in
annual instalments of Rs. 12, Rs. 12 and Rs. 11 at the expiry of
7th, 8th and 9th year respectively from the date of allotment of
the debentures.


-The Company has designated a separate E-mail ID i.e. mpcl.complaints@igpetro.com for the purpose of receiving complaints from the investors directly & redressel thereof.

-The Company has repaid all the outstanding debts of the Financial Institutions and Banks and has become a debt free Company.


-The Company has recommended dividend of 10% equity shares of the Company.

-The Company appointed Mr. M M Dhanuka as the Managing Director of the Company

- Mysore Petro Chemicals Ltd has recommended a dividend @15% i.e. Rs. 1.50 per equity share of Rs. 10/- each.

-Company has through its wholly owned subsidiary IGPL (FZE) entered into a JV with M/s Dubai Natural Gas Company Ltd.