Company History - Indo Rama Synthetics (India)
1986 - The Company was incorporated on 28th April, and obtained
Certificate of Commencement of Business on 24th November.
It was promoted by Shri M. L. Lohia & Shri. A. P. Lohia. The
Company manufacture synthetic yarn.
- The Company undertook to set up a spinning mill with a
of 21,120 spindles to manufacture synthetic yarn. Latest
technology and machineries such as autoconers 238 fitted with
electronic computer centres were imported from M/s. W.
Schlafhorst & Co., West Germany. Other plant and machineries
were procured indigenously from Lakshmi Machine Works Ltd.,
Trumac Engg. Co. Ltd.
1989 - Necessary approvals were received for enhancing the existing
capacity to 41,184 spindles for synthetic blended yarn and
looms for making synthetic fabrics in the existing unit.
Necessary steps were taken for procuring machines and other
equipments for the said expansion programme which was
- The Company proposed to further expand its capacity by 25,000
spindles to manufacture cotton and synthetic blended yarn.
- The Company proposed to set up a 100% Export Oriented Unit
with a capacity of 24,960 spindles at Pithampur Industrial
- The Company proposed to set up an industrial undertaking in
for manufacture of 2.5 million number of automobile tyres and
million numbers of automobile tubes.
- 7 No. of equity shares subscribed for by the signatories to
Memorandum of Association. 89,39,993 No. of equity shares
issued at par of which the following shares were reserved and
allotted: (i) 49,19,993 shares to promoters/directors
NRIs on repatriation basis) and (ii) 4,20,000 shares to
Of the balance 36,00,000 shares, the following were reserved
allotment: (i) 3,00,000 shares to UTI (Firm), (ii) 3,00,000
shares to SBI Capital Markets Ltd. (Firm) and (iii) 4,47,000
shares to the employees (including Indian working directors)
the Company (only 1,42,300 shares taken up). The remaining
25,53,000 shares, along with 3,04,700 shares not taken up by
employees were offered to the public during June 1989 (all
taken up). Additional 10,16,250 shares were allotted to
oversubscription (5,40,000 to public and 4,76,250 to
their friends, etc.)
1991 - The Company commissioned 17,280 spindles.
- The Company embarked on a backward integration project at
to manufacture 63,000 tpa of Polyester Oriented Yarn (POY -
38,000 tpa, Polyester Staple Fibre and Polyester Chips (PSF &
- 25,000 tpa). Also a spinning unit with 59,184 spindles was
being set up alongside the plant.
- The state-of-the-art plant will use technology from the world
leaders Chemtex International Inc./Du Pont of USA for
polymerisation and POY and Toyobo of Japan for PSF.
- During April, the Company offered 10,45,410-14% secured
redeemable partly convertible debentures of Rs 200 each for
at par as follows: (i) 9,95,630 debentures were offered on
basis in the proportion 10:100 No. of equity shares held (all
were taken up). Additional, 1,49,345 debentures were
to retain oversubscription. (ii) 49,780 debentures were
to employees (including Indian working directors)/workers of
Company on an equitable basis (all were taken up).
7,467 debentures were allotted to retain over-subscription.
- Part A of Rs 50 of each debenture would be automatically
converted into 5 No. of equity shares of Rs 10 each at par
the end of six months from the date of allotment of
Accordingly 60,11,105 No. of equity shares were allotted.
- The company had converted 11,87,340 debentures (Part-B) of Rs
each into 23,74,680 No. of equity shares of Rs 10 each at a
premium of Rs 15 per share after received positive consent.
remaining 14,881 debentures were redeemed in the absence of
receipt of positive consent.
- The non-convertible portion - Part C - of Rs 100 of each
debenture would be redeemed at par in three annual instalments
the end of 7th, 8th and 9th year from the date of allotment
1992 - The company commissioned 8,160 spindles in Unit II at
The Company proposed to further add 21,984 spindles at
unit of which 4,704 spindles were expected to be commissioned
September 1993 and balance 17,280 spindles by December 1995.
1993 - During September/October, the Company offered 1,11,36,000
Interest Fully Convertible Debentures of Rs 240 each on right
basis to the existing shareholders in the ratio of one FCD: 2
equity shares held. Out of which 1,14,982 FCDs were offered
the employees. Only 2,775 debentures were taken up.
- Part `A' of Rs 60 of debenture was converted into one equity
share at a premium of Rs 50 per share after 6 months from the
date of allotment. Accordingly 11023,793 shares allotted.
`B' of Rs 180 was converted into 2.2 equity share of each
Accordingly 242,52,344 No. of equity shares were allotted on
1994 - The Company commissioned 44,208 spindles and the balance
spindles were expected to be installed shortly.
- In Draw Texturising Yarn plant 14 machines were commissioned
the balance two machines were to be installed by end of July
- The Company successfully implemented backward integration
of 67,000 MTPA at Nagpur. Also undertook further expansion
capacity from 67,000 MTPA to 2,35,000 MTPA which was being
implemented as per schedule.
1995 - In view of captive consumption of PTA of 2,00,000 tonnes per
annum the company proposed to put up a PTA plant with an
installed capacity of 3,50,000 tonnes per annum.
- The Company issued 43,975,380 Global Depositary Receipts at a
price of US $ 11.37 per GDR underlying same number of equity
shares of Rs 10 each.
1996 - The Company raised its polymer capacity from 69,300 tonnes to
238000 tonnes per annum, to become the second largest producer
polyester products in the country.
- The Company finalised a technology tie-up with MFTSUI
Petrochemical Industries Ltd. of Japan for the PTA project.
- The Company proposed to integrate forward with the setting up
a weaving and processing unit at an estimated investment of
- 28,659,086 bonus shares allotted in the ratio 1:2, 43,975,380
shares allotted against equal number of GDRs.
1997 - The Company undertook to set up a PTA plant as a backward
integration with a capacity of 3,50,000 tonnes per annum at
estimated cost of US $ 340 million.
- The Company entered into a joint venture with Mitsui
Inc., Japan for technology transfer of PTA. The company
a joint venture Co. in the name of Indo Rama Petrochemicals
- The company is the second largest producer of polyester in
and holds a marketshare of 20 per cent.
- Indo Rama Synthetics has shut down one of its three poly
condensation units at Butibori. The unit had been shut for
maintenance and operational purposes. The company had
stocks and supplies were not affected. Indo Rama had shut
line because of a stock pile up.
- Indo-Rama Synthetics has signed a $ 175 million syndicate
facility in Singapore, which will be used for refinancing
existing loans as well as general corporate purposes.
- Indo Rama Synthetics (I) Ltd (IRSIL) has won the Federation
Indian Export Organisation's `Niryat Shree' award for
in export performance.
- Indo Rama Synthetics, the country's largest polyester
has won the Commerce Ministry's coveted National Export Award
its improved export performance for 1995-96.
- The 3,50,000 tpa PTA plant will be a joint venture between
Rama and the Japanese companies Itochu Corporation and Mitsui
- Indo Rama Synthetics, a key producer of polyester, has
a tie up with global trading technology giants, Itochu
Corporation and Mitsui Petrochemicals Corporation, both of
for setting up a Rs 1,200 crore PTA plant with a licensed
capacity of 3.50 lakh tonnes annually.
- Indo Rama Synthetics India Ltd (IRSIL) is tying up with
of Japan to set up a Rs.550 crore textile manufacturing unit
- Labour problems have forced Indo Rama Synthetics to close its
spun-yarn division at Butibori in Nagpur.
- It has set up a Rs 555 crore plant at Butliboi near Nagpur
production of synthetics yarn, polyester staple fibre and
partially oriented yarn.
- The Union Commerce Minister, presented the Synthetic & Rayon
Textiles Export Promotion Council award for the best overall
export performance during 1996-97 to Indo Rama Synthetics Ltd
- The company has proposed to open more marketing
outlets/representative offices in interior Tamil Nadu,
particularly in areas where clusters of textile spinning
- A memorandum of understanding (MoU) for a joint venture
was signed between Indo Rama and Itochu Corporation and
Petrochemicals for the first phase with a 3.5 lakh tonne per
- 25,793,177 rights shares of Rs.10 each (prem. Rs. 30 per
issued in prop. 3:10.
1998 - Indo Rama will sign a shareholders agreement for its PTA
which will be financed by equity worth Rs.420 crore, while
balance Rs.940 crore would be tied up by debt.
- Indo Rama Synthetics, the second largest polyester producer,
announced plans to increase capacity of its Butibori plant
through de-bottlenecking of the existing lines.
- INDO RAMA Synthetics (India) Ltd is to set up a PTA and
unit near Mangalore.
- Indo Rama Synthetics the O P Lohia controlled petrochemicals
company-has proposed a restructuring plan, to implemented
- Indo Rama has also changed the method of accounting interest
delayed payments/amount due from customers for the current
from cash basis to accrual basis.
- Indo Rama has entered into a long term agreement for supply
raw materials - PTA and MEG - anticipating a rise in their
1999 - INDO Rama Synthetics (I) Ltd has shut down two of its three
polyester lines at its plant in Maharashtra, following
among the workforce.
- The company is one of the leading players with a 16 per cent
market share in the polyester industry. The plant in
has a total capacity of around 2.50 lakh tonnes of polyester,
including staple fibre and partially-oriented yarn.
- The company has shut down its third polycondensation line as
over the past few days, thus rendering the entire plant
- The two lines of polyester were shut on July 30, following
violence between two rival factions at the plant, company
officials said. Indo Rama has a 2,000-strong workforce.
- The company is one of the leading players with a 16 per cent
market share in the polyester industry. The plant in
Maharashtra has a total capacity of around 2.50 lakh tonnes
polyester, including staple fibre and partially-oriented
2000 - The Company has allotted to IFCI 2.5 lacs equity shares of
10/- each by way of conversion of Loan into equity
IFCI exercising its option for such conversion.
- Indo Rama has appointed Mr B Anantharaman as President
and Chief Financial
Officer of the company.
2001 - Indo Rama Synthetics (I) Ltd. has bagged the `Best Overall
Export Performance' award
of the Synthetic & Rayon Textiles Export Promotion
Council for the year 1999-2000.
- The Board of Indo Rama Synthetic Ltd. has allotted 1.027
crore equity shares of Rs 10
each at par, aggregating Rs 10.27 crore, to IFCI by way
of conversion of loan into equity.
- Indo Rama Synthetics has appointed Accenture, a leading
management and consultancy firm for implementation of
customer relationship management (CRM) and information technology
-Indo Rama Synthetics signs a contract with Zimmer AG of Germany for
the installation of polyester staple fibre (PSF) and textile grade
chips production unit with a 500 tonne per day continuous
polycondensation facility with an estimated cost of the project
around 490 crore.
-Mr Shailendar Tandon is appointed as the Chief Financial Officer of
Indo Rama Synthetic.
-Indo Rama Synthetic signs a contract with Zimmer AG of Germany for
the installation of
Polyester staple fibre and textile grade chip production unit.
-Indo Rama appoints Mr.Rajiv Agarwal as the President and Chief
Executive Officer of
the Spinning Business.
-Indo Rama increases its production capacity in several product
-Indo Rama gets SRTECP Special Award for Exemplary Export Performance
second highest overall export performance in India.
-Indo Rama enters into an agreement with Pegasus Global Limited of
Thailand to set up
-Indo Rama appoints Mr.Udayan G Dravid as the senior Vice-president
of the Marketing Segment.
-IRSL gets Mr. Shantanu Banerjee as the new Vice-President, Corporate
of Indo Rama Synthetics.
-Indo Rama Synthetics Ltd secures the National Safety Award for
-Indo Rama signs tech pact with Zimmer AG for expansion
-Indo Rama Synthetics signs Share Purchase Agreement with Indo Pet
-Delist from Ahmedabad Stock Exchange with effect from October 15,
-Delist equity shares from Madhya Pradesh Stock Exchange (MPSE)
w.e.f. February 15, 2005.
- Delist equity shares from the Calcutta Stock Exchange Association
Ltd (CSE) w.e.f. April 25, 2005.
- Indo Rama Synthetics India Ltd has appointed Dr. Arvind Pandalal as
an Additional Director on the Board of Directors of the Company with
effect from July 20, 2009.
-The Company has appointed Mr. Jayant Sood as Asst. Vice President &
Company Secretary who will be acting as Compliance Officer of the
-Indo Rama Synthetics has recommended a final dividend of Re. 1 per
share (10%) on equity shares.
-Indo Rama Synthetics (India) signs MoU with Indorama Ventures to
build PTA-PET-PSF Plant in India with an investment of US $700
million Single largest Thai investment in India
-The Company has appointed Mr. Ashok J Gupta as Executive Director
and CEO of the Company.
-Indo Rama Synthetics (India) Ltd. Bestowed with National Energy
-Indo Rama Synthetics has recommended dividend of Re. 1/- per share
(10%) on equity shares.
-Indo Rama has inked an agreement with Tata Power Renewable Energy
Limited, to dispose off 30 MW Wind Farm in Maharashtra.