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Gulf Oil Corporation
BSE: 506480|NSE: GULFCORP|ISIN: INE077F01035|SECTOR: Chemicals
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Company History - Gulf Oil Corporation
YEAR                                                     EVENTS
 1961 - The Company was Incorporated on 26th April, at Hyderabad. 
 The
              Company's main objects is to manufacture detonators,
 detonating 
              fuse, explosives, accessories, safety fuse, blasting
 equipment,
              exploders and other accessories and equipment required
 for 
              blasting.
 
 1962 - All shares subscribed for by directors, promoters, etc.
 
 1963 - In December, 1962, 5,000 rights shares offered at par in
 prop.1:2
              In June, 15,000 shares offered at par to the public.
 
 1965 - 15,000 right equity shares issued at par in prop. 1:2.
 
 1967 - The scheme of Amalgamation of Sapeic India Ltd., with the
 Company
              was approved by the shareholders of both the companies
 in the 
             meetings held on 8th May and was subsequently approved by
 the 
             High Court.
 
          - On 24th June 1967, 45,000 No. of equity shares issued at
 par to
             M/s. Atlas Chemical Industries in USA against payment in
 U.S.
             Dollars.
 
 1968 - 5,000 No. of equity shares issued to members of M/s. Sapeic
 India
              Ltd. upon its amalgamation with the company and 5,000
 No. of 
              equity shares issued to Atlas Chemical Industries Inc.,
 so as to
              maintain their equity holding of 50%.
 
 1969 - The Company acquired controlling interest in the Mysore 
              Industrial & Testing Laboratories Ltd., Bangalore (MITL)
 and held
              68.76% of the paid up capital of the company as on 30th
 June
              1972.  The subsidiary was amalgamated with the Company
 with
              effect from 1st July, 1973.
  
 1970 - Petn project (Rourkela) unit was commissioned for production
 in
              February.
 
           - In Feb. shares sub-divided.  5,00,000 bonus shares then
 issued in prop. 1:2.
 
 1972 - Mysore Industrial & Testing Laboratories Ltd. (MIT
 Laboratories)
              was amalgamated with the Company with effect from 1st
 July.  As a
              result, the range of pharmaceutical products manufacture
 by MIT
              Laboratories Ltd., was added to the Company's business.
 
            - Dow Chemical Co., U.S.A purchased 40% equity capital in
 the 
              company from ACI America Inc.  The Company entered into
 a general
              collaboration agreement and an explosive licence and
 technical
              collaboration agreement with Dow Chemicals Co.
 
            - 43,005 shares issued to members of MIT Laboratories
 Ltd., without
              payment in cash on its merger.
 
 1973 - The company decided to enter into the field of agro chemicals.
  
              These activities were to be pursued through a small
 company 
              viz., Pacific Chemicals Hindustan Ltd., sponsored by the
 DOW
              Chemical Co., which became a 100% subsidiary of the
 Company.  A
              plant was set up at Sahidabad near Delhi for the
 manufacture of
              DOW patented pesticides formulations viz., Dalapon,
 Dowpon etc.
              The formulation of these products from imported
 intermediates 
              commenced during 1974.
 
 1974 - The Company received the consent of the Controller of Capital
               Issues for allotting to these collaborators 28,670
 additional
               equity shares of Rs.10 each at a prem. of Rs.10.75 per
 share for
               maintaining their 40% equity participation in the paid
 up capital
               of the company consequent upon the amalgamation of MIT
 
               Laboratories Ltd., with the company.
 
            - The name of the company was changed from IDL Chemicals
 Ltd., with
               effect from 14th May.
 
 1975 - The name of Pacific Chemicals Hindustan Ltd., a subsidiary
 was
              changed to IDL Agro Chemicals Ltd., with effect from
 28th June.
 
            - Subsequently, the Company ceased its manufacturing and
 trading 
              activities.  The leased land and its buildings were
 taken over by
              the parent company, ie., IDL Chemicals Ltd., for bitumen
 emulsion
              project.
 
           - Dow Chemicals Co. Inc. U.S.A., decided to divert their
 interest
              in the field of explosives.  Consequently, the company
 entered
              into a collaboration agreement with Nitro Nobel AB,
 Sweden who
             acquired 40% equity participation (6,28,670 No. of equity
 share)
             in the company from Dow Chemical Co. Inc., U.S.A.
 
           - 28,670 shares issued to Dow Chemical Co. USA, to maintain
 their
             holding at 40%.
 
 1976 - 15,71,675 Bonus shares issued in prop. 1:1 in Oct. 1976.
  
 1978 - In Metal Cladding division necessary facilities were created
 in
              Hyderabad for the new business of explosive cladding.
 
           - The Company received a letter of intent for the
 manufacture of 30 
             million metres of detonating fuse and 1,440 tonnes of
 PETN in 
             Bhiwandi near Mumbai on the Company's land. 
 Subsequently, the 
             project for 30 million metres of detonating fuse was not 
   
             considered feasible in view of the insistence of
 Government for   
             an export guarantee.
 
           - A new company named Rajasthan Explosives and Chemicals
 Ltd., was
              formed as a joint venture for the manufacture of
 explosives and
              accessories.  The equity participation in this new
 company by
              Rajasthan State Industrial and Mineral Development
 Corporation 
              Ltd. (RIMDC), the company and its employees was to be
 50:48:2.
 
 1979 - Similar facilities within the Rourkela factory were
 established.
 
            - 31,43,350 bonus shares issued in prop. 1:1.
 
 1980 - There was an accident in Rourkela plant.  As a result, the 
              modernisation work could only be completed after some
 delay.  The
              plant was commissioned again during the last quarter of
 the year.
 
 1981 - MIT Laboratories Ltd., division was transferred to ASTRA-IDL
 Ltd.
              Bangalore from the close of business on 19th October.
 
            - Industrial licence for the PETN project was received.
 
 1984 - Another joint venture was promoted under the name Eastern
             Explosives & chemicals Ltd., in association with West
 Bengal
             Industrial Development Corporation Ltd., for the
 manufacture of
             explosives.  This project successfully completed trial
             production.
  
           - ASTRA-IDL Ltd., is a joint venture company in Bangalore
 for
             manufacture of pharmaceuticals.
 
 1985 - Commercial production was delayed due to non-availability of 
              nitric acid from the only source in the country.
 
            - The Company received necessary approval from Govt. for
 setting up
               a bitumen emulsions plant at Sahibabad in Ghaziabad
 district of 
               U.P.  
 
            - The R&D wing developed technology for sodium azide,
 vanillin and
               for new types of process in delay element manufacture.
  
            - The company privately placed with UTI 3,00,000 - 15%
              non-convertible debentures of Rs.100 each.  The
 debenutres are
              redeemable at a prem. of 5% at the end of 7 years from
 23rd April
              1986.
 
 1987 - The bitumen emulsions plant was commissioned in the later
 half.
              The Company proposed to put up a second unit in the
 southern 
               parts of the country.  Major portion of the sale was
 DGS&D rate
              contract to Govt. organisation in road industry.
 
            - With a motive to diversify into gypsum products for
 building 
              industry, the company associated itself with Coromandel
 Gypsum
              Ltd. (CGL), by contributing Rs.35,000 to the equity
 capital of 
             CGL.  The Company ie., CGL has technical collaboration
 with 
              Salzgitter of West Germany.  The project was being
 implemented at
              Visakhapatnam in Andhra Pradesh.
 
 1988 - The first mixed bulk explosives unit set up at Singrauli in
              Madhya Pradesh was commissioned in February with a
 capacity 4,500
              tonnes per annum.
 
           - The Company received a letter of intent for 150 tonnes of
 
              Vanillin and 50 tonnes of Ethyl Vanillin.  Meanwhile,
 Govt. 
              permitted the company to sell products manufactured in a
 pilot
              plant upto 9 tonnes.  
 
            - In January, a new company under the name PFW-IDL Arom
 Ltd., was
              incorporated as a joint venture with PFW (Holland) BV to
 
              manufacture food flavour chemicals.  
 
 1989 - A pilot plant was set up.  But the process at pilot plant was
               found to be uneconomical for commercial scale. 
 Meanwhile, Govt.
              permitted the Company to sell products manufactured in a
 pilot
              plant upto 9 tonnes.
 
            - The synthetic organic chemicals group developed several
 products
               in oil field and aroma chemicals.
 
            - Consequent upon the acquisition of M/s. Atlas Chemical
 Industries
               Inc., U.S.A, the Company's collaborators by Imperial
 Chemical
               Industries Ltd., U.K., the company had to seek new
 foreign
               collaboration.  The Company, therefore, finalised a
 collaboration
               agreement with M/s. Dow Chemical Co., Midland,
 Michigan, U.S.A.
               The Govt. of India aproved this agreement subject to
 Dow Chemical
               Co., acquiring 40% equity (6,00,000 equity shares of
 Rs.10 each)
               in the company out of 50% held by the existing
 collaborators. 
               The balance 10% were to be offered to the UTI.  The
 Company,
               however, proposed to offer the balance 10% equity to
 the 
               employees of the Company.
 
 1990 - The Company suspended the operations of the Bitumen Unit as
 the
              DGS&D rates were not remunerative.  The operations
 continued
              suspension till 1991 as no favourable price was granted
 to the
              Company's product by DGS&D.
 
            - The joint venture company received a letter of intent,
 for 250 
              tonnes of liquid flavours, 350 tonnes of
 encapsulated/dry 
              flavours and 750 tonnes of aroma chemicals, to be
 implemented in
              Medak district of AP.  Foreign collaboration agreements
 were
              being finalised.
 
            - The Company privately placed 14% non-convertible
 debentures with
               Army Group Insurance Fund and financial institutions
 aggregating
              Rs.3 crores.  Debentures of Army Group are to be
 redeemed at a 
              prem. of 5% at the end of 7 years from the date of
 allotment.
              Debentures of financial institutions are to be redeemed
 in five
              equal annual instalments beginning at the expiry of 5th
 year from
              the date of allotment.
 
 1991 - Turnover of this division declined to Rs.25 lakhs mainly due
 to
              resource constraints faced by the public sector units in
 the 
              first half of the year.
 
            - Research and Development efforts were on to make the
 project cost
              effective.
 
            - The name of Coromandel Gypsum Ltd., was changed to
 IDL-Salzbau
               (India) Ltd.
 
            - The Company received a letter of intent for oil field
 chemicals 
               project in Thane district of Maharashtra.
 
            - Due to certain structural changes in the organisation of
 the 
              proposed technical collaborators of the Company, a
 further delay
              was anticipated in the implementation of the project.
 
            - The company privately placed with LIC Mutual Fund 14%
              non-convertible debentures aggregating Rs.150 lakhs. 
 These
              debenture would be redeemed at the end of 7 years from
 the date
              of allotment at a prem. of 5%.
 
 1992 - The Company transferred all its holdings in Rajasthan
 Explosives
              & Chemicals Ltd., to an entrepreneur.
 
 1993 - Subject to necessary approvals being obtained.  Gulf Oil India
 
              Ltd. is to set up a joint venture Company with Sipal
 Avexons SPA,
              for manufacture of care can products.  IDL Chemicals
 Ltd., is to
              invest upto 25% in the said joint venture to be named on
 Gulf
              Casex India Ltd..
 
 1994 - The Company started the floriculture project in about 4
 hectares
              of land in Yelahanka with the cultivation of Rose plants
 for
              export of cut Roses.  
 
            - 14,11,300 No. of equity shares of Rs.10 each for cash at
 a prem.
              of Rs.34 per share were allotted to (NNIBV), Netherlands
 to 
              increase their shareholders from 40% to 50%.
 
 1995 - Effective 31st October, the name of the Company was again
 changed
              from IDL Chemicals Ltd. to IDL Industries Ltd.
 
           - On 23rd April, the Company has redeemed the debentures
 which were issued in
             1986, aggregating to an amount of Rs.240 lakhs held by
 Unit Trust of India in the Company.
 
           - The Company has started the Floriculture Project in about
 4 hectares of land in Yelahanka
              with the cultivation of Rose Plants for export of cut
 Roses.
 
 1996 -  The Company's name has been changed to IDL INDUSTRIES LIMITED
 from 
                the existing name IDL Chemicals Limited with effect
 from 31st October, 1995.
 
 1997 - 93,005 shares are allotted as fully paid up pursuant to a
 contract without payment
              being received in cash.  52,15,025 shares are allotted
 as fully paid up bonus shares by
              capitalisation of Reserves.
 
           - 16.5% Non-Convertible Debentures privately placed with
 LIC Mutual
              Fund amounting to Rs. 150 lakhs is secured by an
 equitable mortgage of
              immovable properties of the Company.  These debentures
 are to be
              redeemed in full at a premium of Rs. 5, i.e., Rs.105 per
 debenture at
              the end of the 7th year from the date of allotment made
 viz. 14th June, 1991.
 
           - During the year, the Company gave an inter-corporate
 deposit of
              Rs.50 lakhs which was not repaid by the party on due
 date.
 
 1998 - During the year the Wind Mill Division has generated 97733
 Units though it was
              off season.
 
            - The Board of Directors has appointed Mr. Subhas S.
 Pramanik as Whole Time
               Director and designated him as Dy. Managing Director of
 the Company, subject to
                approval of the Shareholders of the Company at the
 37th Annual General Meeting.
 
 1999 - In terms of the final BIFR Order No.191/97(II) Dated 8th
 November,
              1999, IDL Salzbau (India) Limited (ISIL), a company
 promoted by the
              Company in 1992 was merged in the Company with effect
 from 31st March,
              1999.
 
            - IDL Industries Limited would issue one share of Rs. 10/-
 for
              every 25 shares of Rs. 10/- each held by the
 shareholders of
              IDL-Salzbau (India) Limited as of the date stipulated
 for exchange of
              the said shares.
 
            - The appointment of Mr Subhas S Pramanik as Managing
 Director with effect
               from 8th July, 1999, is subject to approval of the
 shareholders of the Company.
 
 2000
 
 -Two key promoters of Astra-IDL  Hindujas-owned IDL Industries and
 Anglo-Swedish drug major AstraZeneca  agreed to AstraZeneca’s
 acquisition of IDL’s 25.75 per cent in the company.
 
 2001
 
 -It's signed, sealed and delivered. IDL Industries has completed the
 transfer of its 25.75 per cent equity in pharma company Astra-IDL to
 Anglo-Swedish multinational AstraZeneca years after the two companies
 first began talking about parting ways
 
 2002
 
 -IDL Industries Ltd  has approved in principle a proposal for the
 merger of Gulf Oil India Ltd with the company.
 
 - The board of Gulf Oil Limited and IDL Industries Limited have
 approved 2:1 ratio for the merger of both the companies.The merger
 ratio approved by the companies involves issue of one equity share of
 IDL for every two shares of Gulf Oil.
 
 - High Courts of Andhra Pradesh and Bombay have approved the merger
 and the detailed orders for filing with the Registrar of Companies of
 the states of Andhra Pradesh and Maharashtra are expected shortly.
 
 
 2003
 
 -Gulf Oil Corporation Ltd (GOC), together with Oil Bangladesh Ltd
 (OBL) has set up a joint venture (JV) company, called Gulf Oil
 Bangladesh Ltd (GOBL)
 
 -Signed an agreement on July 3, 2003, with Oil Bangladesh Ltd for
 forming a joint venture at Bangladesh.
 
 -Entered into an agreement to sell and develop the land located at
 Malleswaram through a Joint venture with M/s Abhishek Developers, a
 part of the Marnti Group, at Bangalore
 
 -Flagship of the Hinduja group has set up a joint venture with
 Tarapur Grease Industries Pvt Ltd and PT Tawang Swasti Rawikara of
 Indonesia to manufacture as well as to sell its slew of  lubricants
 and greases in the Indonesian market. 
 
 -Unveiled a new range of car care products which includes dashboard
 polish, glass and crystal cleaner, multi-functional fluid,
 multi-purpose grease for rotating surfaces, a/c cleaner, inflates &
 repair,and deoxidiser.
 
 - A powerful blast at IDL Ltd, a part of the Gulf Oil Corporation,
 killed seven workers and wrecked damage on some of the plant
 facilities in Kukatpally area on Nov 25.
 
 -Appointed Mr Justice A. Gopal Rao, retired High Court Judge, as a
 one-member commission of inquiry into the recent blast in one of the
 units of Gulf Oil Corporation Ltd.
 
 2004
 
 -Gulf Oil Corporation has appointed RB Ananth, a mechanical engineer,
 as vice-president (VP) of its operations.
 
 -  Gulf Oil Corporation Ltd (GOCL) acquires manufacturing facility of
 a bulk drug unit at Hyderabad for producing active pharmaceutical
 ingredients (APIS) and speciality chemicals.
 
 2005
 
 -Gulf Oil receives Capexil export award for '04-05
 
 2007
 
 - The Company has splits its face value from Rs10/- to Rs2/-.
 
 2008
 
 -Gulf Oil Corporation Ltd has recommended payment of Dividend @ Rs
 1.50 per share 
 
 2009
 
 - IDL Speciality Chemicals Ltd, a 100% subsidiary of the Company, has
 entered into a definitive agreement to sell the API undertaking to
 Biocon Ltd
 
 2010
 
 -Company has entered into a Joint Development Agreement for
 development of the 39 acres 27 guntas of the Company's Bengaluru
 (Yelahanka) land with Hinduja Realty Ventures Ltd
 
 -Gulf Oil Corporation Ltd Issues Rights in the Ratio of 1:3
 
 2011
 
 -Gulf Oil Corporation Ltd has recommended payment of Dividend Rs. 2/-
 per share
 
 2012
 
 -Gulf Oil Corporation enters agreement with Hinduja Estates for
 developing Hyderabad land
 
 -Gulf Oil Corporation surges over 11% on land development pact with
 Hinduja Group
 
 -Gulf Oil acquires global market leader in Metal Working Fluids,
 US-based Houghton International Inc. for USD 1045m.
Source : Dion Global Solutions Limited
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