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Gujarat State Fertilizers & Chemicals > Company History > Fertilisers > Company History of Gujarat State Fertilizers & Chemicals - BSE: 500690, NSE: GSFC
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Gujarat State Fertilizers & Chemicals

BSE: 500690|NSE: GSFC|ISIN: INE026A01025|SECTOR: Fertilisers
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Company History - Gujarat State Fertilizers & Chemicals
1962 
 
 - The Company was Incorporated on 15th February, in Gujarat.  The
 Company manufacture chemical fertilisers, petrochemicals and other
 allied products such as urea, ammonium sulphate, diammonium
 phosphate,
 ammonia, sulphuric acid, caprolactam, argon gas, etc., and
 nylon-chips
 and melamine.
 
 - 1,47,000 Pref. and 4,41,000 No. of equity shares taken up by
 Gujarat
 Government.  7,663 Pref. and 25,975 No. of equity shares taken up by
 directors, etc.  25,737 Pref. and 77,625 No. of equity shares issued
 to
 the employees of the Company, farmers, Co-operative sector, etc.
 1,19,600 Pref. and 3,55,400 No. of equity shares offered to the
 public.
 
 1967 
 
 - The first phase of plants consisting of ammonia, sulphuric acid,
 phosphoric acid, urea, ammonium sulphate and diammonium phosphate
 units
 were commissioned.
 
 1972
 
 - The Company set up its own development and research department.
 
 1974
 
 - The Caprolactam facility plant was commissioned on 25th March.
 
 1979 
 
 - On 1st June, the Company completed and put into operation a
 debottlenecking programme with a view to increase the production of
 phosphoric acid.
 
 1981 
 
 - During December, the Company commissioned another sulphuric acid
 plant for manufacture of 1,32,000 TPA of sulphuric acid.  A contract
 was signed with Simon Carves India, Ltd., for establishing sulphuric
 acid plant in 1978.
 
 - During the 3rd week of December, the demonstration plant for the
 manufacture of 300 TPA of Styrene Acrylonitrile (SAN) was
 commissioned.
 
 1982
 
 - During November, the Company commissioned a 5,000 tonnes per annum
 of
 melamine and fluorine recovery plant.
 
 - During July, the Company commissioned a factory for conversion of
 methane into oxosyngas for Indu Nissan Oxo Chemical Industries Ltd.,
 who had set up a plant for oxo-alcohols near the Company's complex.
 
 - The Company undertook to set up its second DAP complex with a
 capacity of 4,50,000 tonnes of phosphorous pentoxide (P2O5) per
 annum
 on the Saurashtra coast.
 
 - The Company and Gujarat Maritime Board jointly formed a technical
 committee in order to speedily set up a jetty with infrastructural
 facilities for the development of Sikka port for handling imports
 for
 the DAP complex.  The main process plant was commissioned in
 December
 1986.
 
 1983 
 
 - Polymers Corporation of Gujarat Ltd., was amalgamated with the
 Company with effect from 1st January as per approval of Gujarat High
 Court dated 16th January, 1985.
 
 - In terms of the Scheme of Amalgamation one equity share of Rs 100
 each of the Company was issued in exchange of 85 equity shares of Rs
 10
 each of Polymers Corporation of Gujarat Ltd., and 35,000 -11%
 cumulative redeemable preference shares of Rs 100 each of the
 Company
 were issued in exchange of 35,000-11% cumulative redeemable
 preference
 shares of Rs 100 each of Polymers Corporation of Gujarat Ltd., with
 no
 right of arrears of dividend for the period prior to 1st January,
 1983.
 
 - The Company was required to issue and allot without payment in
 cash
 58,824 No. of equity shares of Rs 100 each and 35,000-11% cumulative
 redeemable preference shares of Rs 100 each to the members of
 Polymers
 Corporation of Gujarat Ltd., upon its merger with the Company.  This
 Scheme of Amalgamation was under Section 72-A of the Income-Tax Act,
 1961.
 
 - In addition, 14,706 bonus equity shares of Rs 100 each of the
 Company
 were also to be allotted on the 58,824 No. of Equity shares of the
 Company to be allotted to members of Polymers Corporation of Gujarat
 Ltd., in respect of the Company's bonus issue of 1984 in proportion
 1:4.
 
 1985 
 
 - 4 polymer blends and alloys of Nylon-6 and SAN were developed.
 During the year, industrial licence for methacrylic acid (MAA) was
 received.
 
 1986 
 
 - Equity shares subdivided in June.  260 No. of equity shares of Rs
 10
 each allotted to non-resident and 30 bonus equity shares of Rs 10
 each
 were also allotted.  30 No. of equity shares of Rs 10 each
 forfeited.
 
 1987
 
 - The Company's multipurpose fertiliser pilot plant to be set up in
 collaboration with International Fertilizer Development Centre
 (IFCD),
 USA, received Government approval in the year.  The pilot plant for
 xylitol from bagasse was commissioned.  The Company in collaboration
 with ATIRA, Ahmedabad developed an acrylic based synthetic
 thickener.
 
 - The Company issued 14% non-convertible debentures worth Rs 45
 crores
 to UTI, LIC, BOI, Army Group Insurance Fund, SBI, Indian Bank and
 Central Bank of India on private placement basis.
 
 - 6,218,337 bonus equity shares issued in prop. 3:10.  4,430 No. of
 equity shares allotted to non-resident shareholders.
 
 1988 
 
 - (15 months), agreements with foreign collaborators and Indian
 engineering construction companies were completed for the
 establishment
 of the Caprolactam facility plant.
 
 - The R&D Department was in the process of setting up a multipurpose
 fertiliser pilot plants for manufacture of solid and fluid
 fertilisers.
 
 - Gujarat Industries Power Co., Ltd., was set up through the joint
 efforts of Gujarat State Fertiliser Co. Ltd., (GSFC), Gujarat
 Narmada
 Valley Fertilisers Co. Ltd. (GNFC), Gujarat Alkalies and Chemicals
 Ltd.
 (GACL), Petrofils, Heavy Water project collaboration with GEB and
 Government of Gujarat, for establishing a joint captive power plant
 IX
 120 MV capacity.
 
 - (15 months), the Company proposed to undertake a project in
 collaboration with a leading US biotechnology Company under PACT
 scheme
 and ICICI for development of biopesticides for control of pests in
 groundnut, tobacco, etc.
 
 - During December 1988-January 1989, the Company offered
 166,66,666-14%
 secured redeemable partly convertible debentures of Rs 90 each on
 rights basis in the proportion 8 debentures: 13 equity shares held
 (all
 were taken up).
 
 - The Company also issued 8,33,333-14% debentures to
 employees/working
 directors of the Company on an equitable basis (only 7,95,735
 debentures taken up).  The unsubscribed portion of 37,598 debentures
 was allowed to lapse.
 
 - Rs 60 of the face value of each debenture was converted into one
 equity shares of Rs 10 each at a premium of Rs 50 per share (As per
 this conversion, 174,62,401 No. of Equity shares were allotted on
 11.8.1989).
 
 - Rs 30 of the face value being the non-convertible portion of each
 debenture was to be redeemed in 3 equal annual instalments on the
 expiry of 7th, 8th and 9th year from the date of allotment of
 debentures.
 
 1989 
 
 - The DAP production at Sikka was hampered due to non-availability
 of
 imported/canalised raw materials like phosphoric acid and ammonia. 
 As
 a result, the Sikka plant remained closed for a period of 193 days.
 
 - Requisite permissions were received to import 1,500 tonnes of
 melamine.  It was proposed to increase the melamine capacity from
 the
 present 5,000 TPA to 15,000 TPA and the project was under
 implementation.  Necessary technical know-how the licence for the
 expansion project was proposed to be obtained from Chemic Linz.
 
 - The Company decided to set up one more sulphuric acid plant with a
 capacity of 1000 TPD at a cost of about Rs 55 crores.  A turnkey
 contract was awarded to Dharamsi Morarjee Chemicals Co., Ltd.
 Mumbai,
 who have the tie up in the M/s. Tim J. Browder & Co.  USA.
 
 1990 
 
 - The Company proposed to set up a 1350 MTPD ammonia plant at
 Fertilizernagar.  Linde AG West Germany were selected as the
 contractor
 for the project.
 
 - The Company set up a project for the production of argon gas
 required
 for industrial purposes and also for saving of naphtha and gas
 consumption in the manufacture of ammonia.
 
 - Another plant was set up for recovery of methane synthesis gas and
 argon gas in 1980.
  
 - Effective from 1st April, Gujarat Nylons Ltd. (GNL) a subsidiary
 was
 amalgamated with the Company.  The shareholders of GNL were to be
 allotted 1 equity share of Rs 10 each in GSFC for every 8 equity
 shares
 held in GNL.  Accordingly 18,58,125 No. of equity shares were to be
 allotted to the shareholders of erstwhile GNL.
 
 - 1,33,22,558 Bonus Equity share issued in prop. 3:10.
 
 1991 
 
 - A three bed modified design contact furnace with improved material
 of
 construction was installed in the melamine plant.
 
 - At the instance of Gujarat Maritime Board (GMB), the Company
 decided
 to take over the ownership of the Sikka Jetty from GMB right from
 the
 day of the start up of construction of the jetty.
 
 - 525 No. of equity shares, representing 4,200 partly paid equity
 shares of GNL were forfeited for non-payment of allotment money and
 the
 balance 18,57,600 No. of equity shares were allotted to the
 shareholders of the erstwhile GNL.  The shareholders of GNL were
 also
 allotted 5,57,280 bonus shares on receipt of a fresh consent from
 the
 Controller of Capital Issues.
 
 - 27,414,880 No. of equity shares allotted pursuant a scheme of
 amalgamation.
 
 1992
 
 - The Company offered during October/November, 64,28,571 partly
 convertible debentures of Rs 350 each aggregating to Rs 225 crores.
 Out of the total issue, 61,22,449 debentures were offered to the
 equity
 sharesholders 61,15,291 debentures taken up 3779 debentures of the
 Company on rights basis in the ratio of 1 debenture for 10 equity
 share
 held and the balance 3,06,122 debentures were offered to the
 employees
 of the Company only 2,54,160 debentures allotted.
 
 - A portion of Rs 200 (Part-B) of each debenture compulsorily
 converted
 into 1 equity share of the Company at premium of Rs 190 per share
 within 6 months from the date of allotment of the debentures.
 Accordingly 63,69,451 shares allotted.  The non-convertible portion
 of
 Rs 150 (Part-A) would be redeemed in three equal instlaments of Rs
 50
 each on the expiry of the 7th, 8th and 9th years from the date of
 allotment of the debentures.
 
 - The company proposed to issue Euro Convertible Bonds of the order
 of
 US 0 million.
 
 - The 35,000-11% cumulative preference shares were due for
 redemption
 in 19th January.
 
 - 63,77,124 No. of equity shares, 832 shares & 197 shares allotted
 on
 1.6.1993 & 17.6.1993.
 
 1995
 
 - Additional equipment facilities were installed and necessary
 modifications were carried out in Gas Turbine to use liquid fuels
 like
 Naphtha/HSD or mixture of Natural gas and Naphtha to overcome the
 difficulties in getting continuous supply for required quantity of
 Natural gas.
 
 - With a view to take care of the investments in new schemes and
 small
 projects, the Company promoted a new company GSFC Investment &
 Leasing
 Co., Ltd. (GILC).
 
 - The issue capital or GILC comprising 95,000 No. of equity shares
 of
 Rs 10 each and 50,000 preference shares of Rs 100 each are held by
 the
 Company.
 
 - In order to part finance the 1350 MTPD New Ammonia Project at
 Fertilizernagar, the Company made a rights issue of 13301,290 No. 
 of
 equity shares of Rs 10 each for cash at a prem. of Rs 90 per share
 in
 the ratio of 1 share for every 5 shares held.
 
 - The Company proposed to issue Equity shares/Convertible Bonds upto
 US
 0 million.  The Company made arrangements with some of the
 financial
 institutions for issue of secured Redeemable Non-Convertible
 Debentures
 aggregating Rs 80 crores on private placement basis.
 
 1996 
 
 - The Company signed two separate contracts with M/s. 
 ENCO/Poleservice
 for the supply of licence, know-how, basic engineering and for
 supply
 of imported/proprietary items.
 
 - Effective from 1st October the name of the company was changed
 from
 Gujarat State Fertilizers Co. Ltd. to Gujarat State Fertilizers &
 Chemicals Ltd.
 
 - 132,90,847 right shares (prem. Rs 90 per share) issued in prop. 
 1:5.
 
 1997 
 
 - All DCS systems, Electrical sub-station, Air separation unit and
 Argon recovery units, TG set, Air & Nitrogen compressors were
 commissioned.
 
 1998 
 
 - With a view to enhancing the production of Cyclohexanone, the
 Company
 undertook to set up a debottlenecking project.
 
 - The GSFC acquisition would be part of its figure prospects of
 modernising the plant and setting up a phosphoric acid plant.
 
 - Gujarat government has issued a letter of intent (LOI) for the
 land
 to petronet for setting up the LNG terminal at Dahej.
 
 - GSFC and Ecomat would explore the possibility of R&D collaboration
 for development of building materials from industrial wastes such as
 chalk, fly-ash and agro waste to cater to the Indian market.
 
 - Gujarat State Fertilisers and Chemicals signed a memorandum of
 understanding with International Inc. Florida, USA, for development
 of
 phosphochalk-based wood and other building materials through
 innovative
 technologies.
 
 - 33,00,000-17.5% Pref. shares issued to be redeemed after 3 years
 i.e.
 from 9.2.2002.
 
 1999 
 
 - Gujarat State Fertilizers and Chemicals (GSFC), a State Government
 undertaking, has signed a memorandum of understanding with the
 U.S.-based Planetary Design Corporation (PDC) to set up a coastal
 agro
 industrial project in the State.
 
 - The Reserve Bank of India (RBI) has withdrawn the in principle
 clearance granted to the Gujarat State Fertiliser Company Limited
 (GSFC) to set up a private bank.
 
 - Fertiliser major Gujarat State Fertilisers and Chemicals Ltd
 (GSFC)
 has taken an in-principle decision to sign a joint venture (JV)
 agreement with engineering and infrastructure major Larsen and
 Toubro
 Ltd. (L&T) for the construction of buildings at its Rs 200 crore
 Infocity project.
 
 - The company has entered the agro service sector with the launch of
 various plant breeding, biofertilisers and tissue culture products.
 
 - The company has signed the tripartite agreement with CDSL and MCS
 Ltd. on November 12.
 
 2000 
 
 - Mr Sudhir Mankad was appointed as Direct of the Company in place
 of
 the casual vacancy caused by the resignation of Mr K. V. Bhanujan
 with
 effect from 20th October.
 
 2001
 
 - ICRA has downgraded the long-term rating assigned to the
 non-convertible debenture (NCD) and bond programme of the company
 from
 `LAA', indicating high safety, to `LA+', indicating adequate safety.
 
 2002
 
 -Appoints Dr Manjula Subramaniam as the Rotational Director of the
 company.
 
 -Changes in the directorship:
 Mr Vipin Malik ceased to be the Director, Mr Narasimha Raghunath
 Krishnan apointed as Nominee Director of UTI,  Mr Sudhir Mankad
 appointed as Additional Director,  Mr Subashchandra Ramrao Vengsarkar
 appointed as Additional Director.
 
 -Considers two option to salvage the loss making fertilizer:
 1. Weighs the option of a merger of Gujarat Narmadavalley Fertilizers
 with GSFC 
 2. Disinvestment of GSFC.
 
 -Rationalises the plant load of Urea-I  and Melamine-I & II plants.
 
 -Seeks relief from the Union Ministry of Chemicals and Fertilizers
 for the capital expenditure incurred by the company on its 1350 MTPD
 ammonia plant.
 
 -Completes DAP Expansion project Train C of the capacity of 3,96,000
 tonnes per annum at Sikka Unit.
 
 -Government of Gujarat declares GSFC as Relief Undertaking.
 
 -Changes in the BOD:
 Shri Arvind Dhirubhai Desai and Dr Kesichainula Kameswara Rao, 
 ceased to be the Director  of the company and Shri Radhey Shyam
 Agarwal appointed as the Nominee Director of IDBI.
 
 2003
 
 -Dr Kesichainula Kameswara Rao is ceased to be the Director by
 resignation.
 
 -Appoints Mr Ashok Narayan as the Chairman of the company.
 
 -Appoints Mr C K Koshi as the Director on the Board of the company.
 
 -Files a special suit in the civil court of justice, seeking interim
 injuction on any sale or transfer of its mortgaged shares.
 
 -Members approve for the delisting of equity shares of the company
 from Ahmedabad, Calcutta, Delhi and Madras Stock Exchanges.
 
 - Equity shares of  Gujarat State Fertilizers & Chemicals Ltd
 voluntary delisted from the Madras Stock Exchange w.e.f. March 12,
 2004, Delhi Stock Exchange w.e.f. March 31, 2004 and Ahmedabad Stock
 Exchange w.e.f. March 31, 2004
 
 -GSFC wins award from FAI
 
 2004
 
 -GSFC wins award from FAI
 
 2005
 
 -M/s Ghiya &Co has been appointed as Statutory auditors of the
 company.
 
 2006
 
 -GSFC has entered into agreement to supply fertilisers to Moroco and
 South Africa for 10 yrs.
 
 -GSFC had incorporated Joint Venture with a company in Tunisia.
 
 2007
 
 -Shri Vishvesh V Vachhrajani has been appointed as Company Secretary
 & Compliance officer of the company.
 
 2008
 
 -The Company has recommended dividend of 45%.
 
 2009
 
 --The Company has recommended dividend of 45%.
 
 2010
 
 -GSFC  has recommended a dividend of Rs 4.50 per Equity Share of Rs
 10/- each (45%).
 
 -GSFC has ppointed M/s. Prakash Chandra Jain & Co., Chartered
 Accountants, Vadodara as Statutory Auditors of the Company 
 
 2011
 
 -GSFC ventures for expansion of Nylon-6 Project.
 
 -GSFC  has recommended a dividend of Rs. 7.00 per Equity Share of Rs.
 10/- each (70%).
 
 2012
 
 -Dr. Varesh Sinha, lAS has been appointed as Rotational Director of
 the Company 
 
 -GSFC  has recommended a dividend of Rs. 7.50 per Equity Share of Rs.
 10/- each (75%).
 
 -Company has splits its Face value of Shares from Rs 10 to Rs 2
 
 
 2013
 
 -GSFC - Execution of various Agreements with M/s Karnalyte Resources
 Inc (Wynard Carnallite Project), in Canada
 
 -A New Trainees Hostel inaugurated by Dr. Varesh Sinha, IAS , Chief
 Secretary, Government of Gujarat.
 
 -Hon. CM Of Guj. Sh Narendra Modi released a book  Soil Fertility
 Atlas of Gujarat GSFCs initiative
 
 
 2014
 
 -Neem Coated Urea launched by GSFC
 
 -GSFC Receives crop productivity award.
 
 -Premier of Saskatchewan, Canada, met Dr. SK Nanda IAS, CMD- GSFC to
 enhance business relations.
 
 -GSFC bags FAI Environment Protection Award for 3rd time in a row.
 
 -GSFC bags coveted Golden Peacock Award - 2014
 
 2015
 - GSFCs e-Parivartan bags SKOCHs SMART TECHNOLOGY Awards for
 2015
 - GSFC bags FAI Award for the Best Production Performance 
 
 
 
 
 
 
 
Source : Dion Global Solutions Limited
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