Gujarat State Fertilizers & Chemicals Ltd Company History

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.

The first phase of plants consisting of ammonia, sulphuric acid,

phosphoric acid, urea, ammonium sulphate and diammonium phosphate units

were commissioned.

The Company set up its own development and research department.

The Caprolactam facility plant was commissioned on 25th March.

On 1st June, the Company completed and put into operation a

debottlenecking programme with a view to increase the production of

phosphoric acid.

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.

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.

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.

4 polymer blends and alloys of Nylon-6 and SAN were developed.

During the year, industrial licence for methacrylic acid (MAA) was

received.

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.

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.

(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.

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.

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.

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.

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 $100 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.

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

$100 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.

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.

All DCS systems, Electrical sub-station, Air separation unit and

Argon recovery units, TG set, Air & Nitrogen compressors were

commissioned.

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.

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.

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.

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.

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.

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

GSFC wins award from FAI

M/s Ghiya &Co has been appointed as Statutory auditors of the company.

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.

Shri Vishvesh V Vachhrajani has been appointed as Company Secretary & Compliance officer of the company.

The Company has recommended dividend of 45%.

The Company has recommended dividend of 45%.

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

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%).

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

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 GSFC’s initiative

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

GSFC’s e-Parivartan bags SKOCH’s ‘SMART TECHNOLOGY’ Awards for 2015

GSFC bags FAI Award for the Best Production Performance

GSFC - In-principle agreement with KRN to facilitate debt financing.

Gujarat State Fertilisers and Chemicals (GSFC) has entered into an in-principle agreement with Canadian firm Karnalyte Resources Inc.

GSFC has 19.98 per cent stake in KRN and an offtake agreement of 3.5 lakh tonnes of potash from Phase I production and further 2.5 lakh tonnes from the Phase II.

GSFC executes agreement with ROC to enhance agri growth.

GSFC inks licence pact with Mitsui Chemicals to set up plant.

GSFC - Merger Of Bhavnagar Energy Co. Ltd., With Gujarat State Electricity Corporation Ltd.

GSFC has been recognized as Top 50 Organizations with Innovative HR Practices (PSUs).

Gujarat State Fertilizers & Chemicals Limited (GSFC) received ‘Model Employer’ award .

GSFC has been recognized as Best in class for Training & Development (PSUs).

GSFC receives SKOCH Order of Merit Award.

GSFC wins 1st prize in Azadi Ka Amrit Mahotsav by Ministry of Environment, Forest and Climate Change.

GSFC wins National Award for Excellence in Cost Management.

GSFC - GSFC'S Sardar Brand Now In E-Commerce Business.

Gujarat State Fertilizers and Chemicals Limited has been awarded Excellence in Human Resource Management in the Chemical Industry by ICC.

Gujarat State Fertilizers and Chemicals Limited have decided to invest in the rights issue of M/s Karnalyte Resources Inc.