History of Ambuja Cements Ltd.
1981
- The Comp. was Incorporated on 20th October, as Ambuja Cements Pvt. limited It was jointly promoted by Gujarat Industrial Investment Corporation limited [GIICs] & N.S. Sekhsaria & his associates, Vinod K. Neotia & Suresh Mulani, for setting up a cement project in the joint sector. The Comp. was converted into a public limited Comp. on 19th March, 1983 & its name was changed to Gujarat Ambuja Cements, Ltd., on 19th May, 1983.
- The Company object is to manufacture cement.
- The Comp. adopted the latest dry process precalcination technology incorporating five stage preheater for main pyro processing system of the cement plant. For grinding the raw material, the Company undertook to instal the latest air swept roller mills of polysius design which were extremely energy efficient.
- A computerised process control system with field instruments supplied by Larsen and Tourbo was also being installed to give consistently high quality cement with maximum productivity.
- In addition, electronic packing machines were being obtained from Haver and Boecker, West Germany, & reverse air baghouse equipment from Zurn Industries, USA.
- The Comp. entered into an agreement with Krupp Polysius AG, [KPs] West Germany, for supply of plant, equipment & service for the project, KP agreed to supply raw material & coal grinding vertical roller mills, homogenising & kiln feed, burning, cooling & coal firing equipment & pneumatic transport pumps.
- KP have a collaboration agreement with Buckau Wolf India, limited who are supplying the balance items of main plant as per KP design. The scope of agreement with KP provides for complete engineering of the plant, technical documentation & information & supervision of erection & commissioning of project.
1983
- All shares subscribed for by signatories to the Memorandum of Association, promoters, etc.
1985
- A letter of intent was received to increase the installed capacity from 7,00,000 tonnes to 14,00,000 tonnes per annum.
- 146,44,500 No. of equity shares issued at par out of which the following shares were reserved for firm allotment: 38,24,448 shares to GIIC; 21,20,000 shares to overseas companies of non-resident Indian promoters on repatriation basis & 15,50,052 shares to N.S. Sekhsaria, Vinod K. Neotia & their associates.
- Out of balance 71,50,000 shares, 28,60,000 shares to non-resident Indians with repatriation rights & 8,75,500 shares to employees [including Indian working directorss]/workers & business associates of the Comp. were reserved for preferential allotment. The remaining 34,14,500 shares were offered for public subscription during November. Out of oversubscription, 33,50,000 shares were retained and allotted to the public.
1986
- 20,00,000 No. of equity shares issued at par of which 2,00,000 shares allotted to private promoters & their associates & the balance of 18,00,000 shares offered & allotted to the equity shareholders as rights in prop. 1:1.
1988
- Production declined marginally to 8,02,301 tonnes due to heavy rains in July-August 1989 coupled with flash floods on 16th July.
1989
- The 12.6 MW diesel generating sets which were imported during 1988-89 were commissioned during the year.
1990
- Necessary approvals were received for setting up another cement plant with 1 million tonne capacity per annum at village Suli, Tehsil Arki, District Solan of Himachal Pradesh.
1991
- In order to meet long-term working capital requirements, the Company issued 10,00,000 - 17.5% secured redeemable non-convertible debentures on private placement basis. These debentures would be redeemed in three equal annual instalments commencing at the end of 6th year from the date of issue of debentures, at a prem. of 5% of face value of debentures.
- In order to part finance its expansion projects, the Comp. proposed to issue 52,62,500 No. of equity shares of Rs.10 each at a prem. of Rs.190 per share. Out of total issue, 50,00,000 shares were to be offered to the existing equity shareholders of Comp. as rights in the prop. of 1:4 & the balance of 2,62,500 shares were to be offered to the employees, directors & the business associates of company.
- In order to part finance its expansion projects, the Comp. also proposed to issue 52,62,500 - 17.5% secured redeemable non-convertible debentures aggregating to Rs.210.50 crores. Out of total issue, 50,00,000 debentures were to be offered to the equity shareholders of the Comp. on rights basis in the prop. of 1 debenture for every 4 equity shares held & the balance of 2,62,500 debentures were to be offered to the employees, directors & business associates of the Company.
- Each non-convertible debenture would be attached with a detachable warrant & the holder of one such warrant would be entitled to apply for & be allotted one equity share of Comp. at a price of Rs.300 per equity share [Rs.10 towards face value & Rs.290 as prem.s].
- The warrant holders at the time of exercising their right/option to subscribe for their equity shares entitlement would have further option either to pay a price of Rs.300 per share of Comp. or to surrender the equivalent number of debentures as subscription for allotment of equity shares.
- GACL Finance Ltd., Concrete Investments, Ltd., & Indo Nippon Special Cements, limited are the subsidiaries of company.
1992
- The Comp. undertook bulk cement transportation, by sea, to the major markets of Mumbai, Surat & other deficit zones on the West Coast. Transportation was to be carried out by three specially designed ships. The units bulk terminal at Kodinar & one at New Mumbai was completed & work on the third terminal near Surat began.
1993
- 51,60,165 rights equity shares allotted at a prem. of Rs.190 per share [49,66,815 shares, prop. 1:4; 90,850 shares to employees and 1,02,500 shares to Associatess]; 1,10,281 shares of Rs.10 each allotted at a prem. of Rs.215 per share on exercise of warrants by warrant holders.
1994
- The Company muller location 1.5 million tonne cement project with clinkeriation facility at site in H.P & grinding facility both at Suli and Ropar in Punjab was commissioned. Land was acquired at Sahranpur to serve as another site for grinding cement.
- The Comp. also undertook to set up a new unit, `Gajambuja Cement' with an installed capacity of 9.4 lakh tonnes, at the existing premises. The kiln was fired on 1st March 1993 & the unit produced its first batch of clinker on 4th March, 1993.
- The Comp. undertook to set up the third 1 million tonne cement plant at Ambujanagar. Orders for plant & machinery were placed and the plant was expected to be commissioned by December 1996. This will increase the company total cement capacity to 4.5 million tonnes.
- 45,65,044 shares allotted on conversion of warrants. 12,21,994 allotted on conversion of aurobonds. 375 rights shares kept in abeyance allotted. 3,02,19,749 bonus shares issued in prop. 1:1 10,00,000 shares allotted to IFC Washington. 4,404 rights shares kept in abeyance allotted.
1995
- The Comp. proposed to install one more cement mill at Himachal plant.
- 11,251,829 shares allotted on optional conversion of FCCBs. 7,724 Rights shares kept in abeyance allotted. 7,350 shares allotted on conversion of tradeable warrants.
1996
- Two more ships `Ambuja Keerti' & `Ambuja Shakti' were added to the Fleet. The Comp. has submitted a proposal to revive Modi Cements limited to IDBI during the year.
- Another 19724 No. of equity shares allotted on conversion of warrants.
1997
- 100,000,000-10% non-convertible redeemable pref. shares of Rs. 10 each allotted & 30,000,000-12.75% non-convertible redeemable pref. shares of Rs. 10 each redeemed.
- Gujarat Ambuja Cements Ltd [GACLs] Kodinar plant is set to commence commercial production with an enhanced capacity by mid-April.
- Gujarat Ambuja Cement limited has offered to set up a multi-crore cement plant in Jammu & Kashmir.
- Gujarat Ambuja Cement limited [GACLs] was set up in 1981 as a joint sector company, promoted by Narottam Sekhsaria & Gujarat Industrial Investment Comp. [GIICs]. Its cement plant which was commissioned in 1985 was set up in technical collaboration with Krupp Polysius, Germany, Bakau Wolf & Fuller KCP.
- Gujarat Ambuja Cement limited [GACLs] is setting up two new units with a capacity of 1.5 m.t. each through its subsidiaries.
- The Comp. has signed a memorandum of understanding [MoUs], with the promoters of Modi Cement to take control of sick Comp. & has prepared a revival proposal to be submitted to the Board for Industrial and Financial Reconstruction [BIFRs].
1998
- Gujarat Ambuja Cements to set up a $20 million clinker Grinding unit in Sri Lanka.
1999
- Gujarat Ambuja is proposing to set up a greenfield cement plant with a six million tonne capacity in phases in Andhra Pradesh.
- Gujarat Ambuja is setting up a 0.50 MT bulk terminal & a packaging facility at Tuticorin for Rs 16 crore to increase its presence in the south, especially Tamil Nadu.
- Maratha Cements Ltd, a wholly-owned subsidiary of Gujarat Ambuja Cements is to be amalgamated with the latter.
- The Comp. has proposed a bonus shares in the ratio of 1:1.
2000
- Cement giants Larsen and Tubro [L&Ts] & Gujarat Ambuja Cements have entered a unique agreement to reduce transportation costs in despatching bulk cement in Gujarat.
- The Comp. has entered the fray for setting up a slag cement unit near the integrated steel complex of Jindal Vijayanagar Steel limited in Karnataka.
- The Comp. has entered into a contract with a Soinhalese firm, Mahaveli Marine Cement, to supply around 2.5 lakh tonnes of cement annually.
- Eastern Ambuja Cement, a 92-per cent subsidiary of Gujarat Ambuja Cement, is in talks with Orissa-based Shiva Cement for a possible joint venture.
- The Comp. has kickstarted its operations in Sri Lanka with the setting up of cement terminal in the port of Galle, in the south of the island country.
- Ambuja Cement Eastern, a subsidiary of Gujarat Ambuja Cements is making a preferential allotment of equity to its promoters to mop up Rs 30 crore to part-finance its Rs 130-crore expansion project.
- ICRA has downgraded the non-convertible debenture [NCDs] programmes of the company.
- Fitch India has assigned a rating of Ind AAA to the Rs 50 crore NCD programme of company.
2001
- The Comp. has completed the issue of FCCBs of about $100 million issued in the international markets.
- Gujarat Ambuja Cements Ltd., the fourth largest cement maker in the country, has closed its issue of secured non-convertible debentures after raising the targeted Rs 200 crore.
- Gujarat Ambuja Cements Ltd is planning to issue fresh equity shares on a prefrential basis to non-promoter groups.
- Gujarat Ambuja Cements Ltd [GACLs] has received Rs 200 crore from foreign equity investor, Warburg Pincus, as part of its proposed Rs 360-crore investment in the form of equity shares & convertible ants.
- The Comp. will buyback shares worth Rs 50 crore at a maximum share price of Rs 170 per share through the open market route, it said. Gujarat Ambuja Cements has clocked a 112 per cent rise in net profit at Rs 53.23 crore during the first quarter of financial year 2001-02.
2002
-Commercial production commences at Gujarat Ambuja Cements Maratha Cement Works plant
-Board approves merger of Ambuja Cement Rajasthan with the company
-Mops up Rs 50 cr by issuing non Convertible Debentures [NCDs]
-Allots 80 lacs warrants to Affinity Investments, an Affiliate of Warburg Pincus Equity Partners L.P
-Securities Appellate Tribunal [SATs] directs Sebi to examine Guj Ambuja deal for ACC stake
2003
-SEBI finds no violation of Regulation 12 of SEBI [Substantial Acquisition of Shares & Takeoverss] Regulation, 1997 by Gujarat Ambuja Cements limited with regard to the ACC deal
-Raises $80 million through External Commercial Borrowings [ECBs]
2004
-BIFR sanctions the rehabilitation scheme for merger of Ambuja Cement Rajasthan with Gujarat Ambuja Cements Ltd.
-Gujarat Ambuja Cements Ltd has informed that Shri NP Ghuwalewala has been appointed as the Wholetime Director of Comp. at the Board meeting held today on June 28, 2004
2007
- Comp. name has been changed from Gujarat Ambuja Cements Ltd to Ambuja Cements Ltd.
2008
-Ambuja Cements Ltd has appointed Mr. Naresh Chandra as an additional director.
