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Rama Petrochemicals Ltd. Company History and Annual Growth Details

The Company was incorporated on 28th January, at Mumbai. It manufactures methanol. It was promoted by the Rama Group of Companies.

1985
- The Company entered into a Licence Agreement with Lurgi GmbH of West Germany and Osterreichsche Hiag-Werke GmbH of Austria, whereby the Company was granted a licence to operate the methanol plant based on the latest low pressure technology of Lurgi GmbH. Lurgi GmbH also would be deputing their technicians for commissioning the methanol plant.
- The Company entered into a comprehensive agreement dated 16th October, with Humphreys and Glasgow Consultants Pvt. Ltd. (HGCL) for provision of technical consultancy services required for the methanol project.
- Approval from Government was received for enhancement of the licensed capacity of methanol from 50,000 to 1,00,000 tonnes per annum.

1986
- 70 shares subscribed or by the signatories to the Memorandum of Association. 88,29,930 No. of equity shares than issued at par out of which the following shares were reserved and allotted on a firm basis:
- (i) 35,01,630 shares to non-resident Indian promoters, their non-resident friends etc.
- (ii) 9,98,300 shares to resident Indian promoters, directors, etc.;
- (iii) 4,50,000 shares to UTI and
- (iv) 4,00,000 shares to SICOM. The balance 34,80,000 shares were offered for public subscription during April-May out of which 4,41,500 shares were reserved for preferential allotment to employees/workers of the Company and other associate companies in the group (including Indian working directors).
- Only 1,800 shares out of the preferential quota were taken up. The balance 4,39,000 shares were added back to the public quota. 8,65,500 additional shares were allotted to the public to retain over-subscription. 68,127 shares remained to be allotted.

1987
- The Company initiated discussions with alternative suppliers of technology for selection of a cost effective technology package.

1989
- The Company obtained a letter of intent for the manufacture of 15,000 TPA of 2- Ethyl Hexanol and certain by-products.
- Another letter of intent was received for the manufacture of 30,000 TPA of formaldehyde at the existing location at Patalganga. Steps were taken for selection of appropriate technology for the manufacture of the said product.
- 68,127 No. of equity shares of April 1986 public issue allotted.

1990
- It was decided to defer the 2 ethyl hexnol project since a satisfactory agreement could not be concluded with the technical collaborators for the project. In view of certain anticipated changes in the industrial policy, it was decided to review the proposed formaldehyde project.

1991
- 2,66,210 No. of Equity shares allotted at par to financial institutions in part conversion of loans.

1992
- During October, necessary approvals were received to issue 31,20,720-15% fully convertible debentures of Rs 100 each on Rights basis in the proportion 3 debs: 10 equity shares held.
- Each debenture was to be automatically and compulsorily converted into 5 equity shares of Rs 10 each at a premium of Rs 10 per share on the expiry of six months from the date of allotment of debentures.
- 4,40,690 No. of Equity shares allotted at par to financial institutions in conversion of loans.

1995
- During the year prices of Methanol decreased globally coupled with reduced customs duty which led to cheap import of Methanol had affected the performance of the Company.

1996
- Sales turnover declined to Rs. 50.31 crores due to lock-out of the factory for 28 days.

1998
- The poor performance as attributed to closure of the methanol plant for nearly 10 months due to a lock out declared by the company.
- The company contemplated reorganisation of its business with a view to greater focus and attention on the product groups and improve its working results. With this in view, the company
proposed to transfer the Denim division to Rainbow Denim Ltd.
- The company submitted a rehabilitation scheme to BIFR for the merger of Rama Fertilisers Pvt. with the company.
- Rama Capital & Fiscal Services Ltd. is a subsidiary of the company.

2005
- Rama Petrochemicals Ltd has been appointed Mr. H D Ramsinghani as a Director and the Chairman of the Board of Directors.

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