Godavari Fertilisers and Chemicals Ltd.

YEAR                       EVENTS
 1981 - The Company was incorporated on 17th December as a Pvt. Ltd.,
        company and converted into a public limited company on 21st
 May
        1984.  The company was jointly promoted by Andhra Pradesh
        Government and the Indian Farmers Fertilisers Co-operatives
 Ltd.,
        (IFFCO).  The main objective of the company is to manufacture
        fertilisers and in particular di-ammonium phosphate (DAP).
 
 1985 - Allotted 21,84,000 shares to Andhra Pradesh Govt. and
 21,00,000
        shares to IFFCO at par.
 
 1986 - 2,77,16,000 shares issued at par out of which 60,96,000 shares
 to
        Andhra Pradesh Govt. and 58,70,000 shares to IFFCO were
 reserved
        and allotted.  
 
      - Out of the remaining 157,50,000 shares, the following shares
 were
        allotted on a preferential basis: 
 
      - (i) 1,40,300 shares to employees (including Indian working
        directors)/workers of the Company;
 
      - (ii) 4,28,500 shares to business associates of the Compay; 
 
      - (iii) 24,87,400 shares to farmers;
 
      - (iv) 6,24,200 shares to co-operative and 30,00,000 shares to
 NRIs
        on repatriation basis.  
 
      - The balance 90,69,600 shares were offered to the public in
 May.
 
 1987 - The Diamonium Phosphate (DAP) plant and off site of facilities
 at
        Visakhapatnam and storage and handling system of ammonia and
        phosphoric acid at Kakinada and Visakhapatnam were completed.
 
      - Steps were taken for procurement and installation of DG sets
 to
        augment power supply and to create additional storage
 facilities
        for ammonia and phosphoric acid at both Kakinada and
        Vishakhapatnam.  The Company's market seedling programme
 launched
        in kharif 1985 to popularise Godavari brand fertilizers gained
   
        momentum.
 
 1988 - The Company applied for a letter of intent for setting up an
        ammonia urea plant based on natural gas from the
 Krishna-Godavari
        basin.
 
 1989 - 12,500 forfeited shares reissued.
 
 1990 - As favourable terms were not available, the Company reduced
 its
        trading activity in urea.
 
 1991 - There was a strike by workmen from 30th August, to 26th
        September, pressing for settlement of their charter of
 demands. 
        A settlement was reached with the employees' Union in
 October,
        which was to be in force till 31st December, 1992.
 
      - With the improved availability of raw-materials, the Company
        decided to introduce the innovative pipe reactor technology
 in
        one of the two trains of the DAP plant.
 
      - During the year, the Company had set up a bio-fertiliser unit
 to
        manufacture rhizobium culture.  The Company proposed to set up
 a
        pesticides formulation unit & or manufacture of 600 KL of
        pesticide formulations and subsequently increase to 1,200 KL.
 
 1992 - Total sales declined to 4.61 lakh tonnes due to steep fall in
 the
        sales of phosphatic and potassic fertilisers and owing to
        non-availability of imported DAP and imported Urea from pool
 at
        Kakinada Port.
 
 1993 - Production of DAP declined to 2,22,813 tonnes mainly due to
        uncertainty and delay in the declaration of subsidy of Rs.
 1000
        per tonne by the Government of India and also shut down of
 the
        plant from 1st April to 13th June.
 
 1994 - The Company decided to retrofit one of the two trains in its
 DAP
        plant with pipe reactor which would increase the installed
        capacity from the present level of 3 lakh MTs to over 5 lakh
 MTs. 
 
 1995 - The Company's DAP marketed under the brand name Godavari DAP
        continues to be the farmers first preference in the State of
        Andhra Pradesh.
 
 1998 - Godavari Fertilisers and Chemicals Limited (GFCL), jointly
        promoted by the government of Andhra Pradesh and Indian
 Farmers
        Fertiliser Cooperative Ltd (IFFCO)
 
 1999 - Godavari Fertilisers is planning to set up a 300 tonne per
 day
        sulphuric acid plant with co-generation facilities.
 
      - The company set up storage capacity of 10,000 tonnes for
 ammonia
        and 24,000 tonnes for phosphoric acid.
 
 2000 - ICRA has assigned an A1 rating to the Rs. 25 crore Commercial
        Programme of the Company.
 
 2003
 
 -Coromandel Fertilisers, Kribhco, Zuari, Deepak Fertilisers, Spic
 group's Sical, Krebs Biochemicals, South Africa-based Fosker Ltd and
 a Tunisian company evince interest in buying government shares in the
 company.
 
 -Ferguson gives peak valuation of Rs.63.70 per share to the company.
 
 -Change in management structure:
 1. Shri V Ramachandra, Shri Padmanabhan Nigarajan, Ranvir Sain Nanda,
 Aurnachalam Vellayam co-opted as the Additional Directors on the Board
 of the company.
 2. Shri S Bhattacharya, IAS Director, Smt Preeti Sudan, IAS Director,
 Smt K R Kishore Managing ,Director, Dr Mohan Kanda, IAS Chairman
 submit their resignations.
 
 -Coromandel Fertilizers Ltd forges an alliance with IFFCO to jointly
 work for the development of the company.
 
 -Coromandel Fertilisers Ltd. acquires 47,82,249 shares amounting to
 14.94% of the total paid up capital of the Godavari Fertilisers &
 Chemicals Ltd. GFCL legally becomes the subsidiary of Coromandel
 Fertilisers Ltd.
 
 -Godavari Fertilisers & Chemicals members approves delisting of its
 shares from 4 Stock Exchanges
 
 2004
 
 -Foskor buys 5% stake in Godavari Fertilizers and Chemicals Ltd
 
 -Coromandel Fertilisers Limited (CFL), Secunderabad have sold
 16,00,000 equity shares constituting 5% of the Paid-up Capital of the
 Company to M/s Groupe Chimique Tunisia on March 29, 2004
 
 2006
 
 -Godavari Fertilisers & Chemicals Ltd has appointed Mr K
 Balasubramanian as a Director of the Company. Mr K Balasubramanian
 will be an Independent Director on the Board of the Company.
 
 2007
 
 - Godavari Fertilisers & Chemicals Ltd has appointed Mr. V
 Ravichandran as Managing Director of the Company for a period of 3
 years w.e.f. May 08, 2007 to May 07, 2010.