Company History - Amrit Corporation
1940 - The Company was incorporated at Ghaziabad. The main object of
the Company manufactures vegetable oil products and paper.
company's products are sold under the trade names GOLDEN
RAJHANS and COTEX.
- 1,20,000 Right Pref. shares issued at a premium of Rs. 2 per
share during 1943-44.
1944 - 3,60,000 Right Equity shares issued (Prem. of Rs. 2.50 per
share). 72,500 No. of Equity shares issued to Amrit
Ltd. and Amrit Perfumers, Ltd. without payment in cash in
1946 - 3,96,250 Right Pref. shares issued. Only 2,45,000 shares
1966 - Deferred shares converted into Equity shares in the proportion
10 Deferred to 1 Equity.
1972 - Authorised capital reclassified. 1,35,625 Bonus Equity
issued in the proportion 1:4.
1974 - The company started Engineering division to fabricate plant
machinery for vanaspati, refined oil, solvent extracted oil
other minor items.
1979 - The Company holds all the 36,000 No. of equity shares issued
the New Prahalad Mills Ltd., Mumbai. The name of this
was changed to Amrit International Ltd., with effect from
- 6,78,125 bonus equity shares in the prop. 1:1.
1981 - Paper Unit Production was started in June. Two of the coal
boilers were converted into rice husk fired boilers.
- 7,18,000 No. of Equity shares allotted to financial
at par on conversion of loans (1,20,000 shares to IFCI and
3,00,000 shares to IDBI on 1.3.1982; 1,50,000 shares to ICICI
1.4.1982; 60,000 shares to GIC and its subsidiaries on
and 88,000 shares to LIC on 5.5.82). Interest rate on 8.5%
`C' increased to 11% with effect from 1.7.1982.
1984 - Production further improved. A new generating set of 1450
was installed to meet the shortfall in power supply.
- The Company undertook to expand its capacity from 10,000 TPA
1985 - The cost of production further went up due to an order of the
Government to the industry to have their entire production
- The paper production went up despite strike by workers for
one month and stiff competition from small and large scale
which resulted in a fall in the prices of finished products.
1986 - Due to judicious changes in the oil purchase policy of the
company, the profitability of the units was well protected.
- The paper unit suffered a setback due to increase in cost of
inputs and depressed market conditions.
1987 - The working of the both the vanaspati units was satisfactory
despite a further rise in oil prices. The Government
the quota of imported oil to vanaspati industry to 70% with
effect from 1st April, which improved the availability of raw
- The conditions in the paper market were encouraging and the
offtake of paper and its prices improved.
- The Company privately placed 14% secured non-convertible
debentures to the extent of Rs. 2.5 crores with LIC, UTI and
Group of Insurance Directorate to meet the growing
of working capital.
1989 - The overall performance showed marked improvement which was
reflected in growth of turnover by 17% over the previous year.
The performance of both the vanaspati units was satisfactory
despite highly uncertain and difficult trading conditions and
severe pressure on margins.
- 207,42,500 Bonus shares in the proportion 1:1.
1990 - Production of vanaspati and refined oil declined due to
law and order situation in the North and North Eastern part of
the country, frequent policy changes leading to uncertainty
raw material supply, and suspension of operations at the
Ghaziabad factory for about two months for undertaking major
repairs in plant and machinery.
1991 - Production and profitability declined on account of steep
in sales realisation of paper, unprecedented hike in power
tariff, strike at the Rajpura Vanaspati Unit and escalation
input costs due to inflation and increased interest rates.
- Performance of the paper unit would have been still better
for the sharp decline in sales realisation and rising cost of
- Amrit Protein Foods Ltd. (APFL) was Omalgamated with the
from 30th September. As per the Scheme of Amalgamation
2,75,472 No. of equity shares of Rs. 10 each of the Company
allotted as fully paid-up to the shareholders of erstwhile
in the proportion of one equity share of the company for every
equity shares held in APFL and 1 equity share of the company
every cumulative convertible preference share of Rs. 100 each
held in the company.
1993 - `Ginni Gold' refined sunflower oil, `Ginni' and `Banasari'
performed well and Merrigold the table margarine introduced
the previous year was extended rationally during the year.
- The production and sales of paper were 25,186 tonnes and
tonnes as against previous years 26,190 tonnes and 25,098
Recession in the paper industry led to lower offtake. The
company was able to establish its `Gagan' UHT dairy milk in
- Modernisation and upgradation of pulping process from single
stage to multistage was completed during the year.
- A pilot plant for chemical recovery from black liquor of agro
based pulping process was set up to recover caustic and
the same. The Research programme under the name of style
Tulsi Prasad Khaitan Oil Seeds Research Programme launched
research work on cultivation of tree engin oilseeds made
- 44,23,972 Rights equity shares issued (Prem. Rs. 4; Prop. 1:1
(all were taken up). 2,21,198 No. of equity shares offered
employees at a premium of Rs. 4 per share on equitable basis
were taken up).
Outcome of AGM
1. Delisting of shares from Delhi, Ahmedabad and Ludhiana Stock
2. Increase in Authorised Capital to Rs 250 million
3. Appointment of Shri J K Khaitan as Managing Director for a period
of 5 years w.e.f. September 29, 2003.
-Company de-registrated from BIFR
-Amrit Foods unveils 'Gagan' U.H.T milk in Mumbai
-Amrit Food rolls out premium diet milk
- Company name has been changed from Amrit Banaspati Company Ltd to
Amrit Corp. Ltd.
- Bunge Completes Acquisition of Amrit Banaspati's Edible Oils and
-Amrit Corp Ltd has recommended dividend @ Rs. 4.00 per Equity share
of Rs. 10/- each (i.e. 40%) for the year.
-Amrit Corp Ltd has ecommended dividend @ Rs. 5/- per Equity Share of
Rs. 10/- each (i.e. 50%) for the year ended.