History of Gujarat Narmada Valley Fertilisers Comp. Ltd.
1976
- The Comp. was Incorporated on 10th May, in Bharuch, Gujarat. The Company was promoted by Government of Gujarat & Gujarat State Fertilisers Co., limited [GSFCs]. The Comp. Manufacture chemical fertilisers, particularly ammonia & urea & petrochemicals.
- Contracts were entered into by GSFC & were transferred in the name of the Company; [is] with Texaco Development Corporation, U.S.A. [Texacos] for synthesis gas generation process; [iis] with Haldor Topsoe, Denmark [Topsoes] for ammonia synthesis process; [iiis] with Linde Aktiengesellschaft, West Germany [Lindes] for Ractisol wash process and [ivs] with Snamprogetti, Italy for know-how & licence agreement with Linde which was subsequently transferred in the name of Company.
- GSFC entered into a supply & engineering contract with Linde which was subsequently transferred in the name of Company. Under this agreement, Linde was to supply all the imported equipments to the Company for its ammonia plant.
- GSFC entered into know-how agreement, supply agreement and engineering agreement with Snamprogetti, Italy for urea plant. These agreements were subsequently transferred in the name of the Company.
1981
- 2,530 shares subscribed for by signatories to the Memorandum of Association, 2,31,41,010 shares allotted to Gujarat Govt. [of which 3,010 shares held jointly in the name of directors & Gujarat Govt.s], 2,22,50,000 shares allotted to Gujarat State Fertilisers Co. Ltd., 1,50,00,000 shares reserved & allotted to NRIs & NRI investors from Oil Exporting Developing countries with repatriation rights and 50,00,000 shares reserved & allotted to agriculturists, co-operative societies, directors, employees of Comp. & business associates. 2,36,06,460 shares offered at par to the public in May 1981.
1983
- Technical collaboration agreements for supply of imported equipment, know-how, technical services, etc., were executed with Kemira of Finland & Leonard of U.S.A.
1984
- 38,025 shares forfeited.
1985
- A letter of intent was received for establishment of a nitrophosphate plant with a capacity of 1,42,500 tonnes per annum, a calcium ammonium nitrate plant with a capacity of 1,42,500 tonnes per annum & a concentrated nitric acid plant with a capacity of 33,000 tonnes per annum.
- The Comp. undertook a project to manufacture 30,000 sq. metres. per annum of printed circuit boards. For this purpose, a Memorandum of Understanding was signed with PCK technology division of Kollmorge, U.S.A.
- Forfeiture on 1,825 No. of Equity shares annualled.
1986
- Agreements were entered into with Toyo Engineering Corporation of Japan, for acquisition of technical know-how, basic engineering and imported equipments, etc for this expansion.
- A letter of intent was received for manufacture of 10,000 tonnes per year of formic acid.
- An EPABX project with a capacity to manufacture 20,000 lines of digital electronic automatic exchange with C-dot technology was commissioned at Roopnagar, Valia. The Comp. undertook to produce an enhanced model i.e. V - III system of EPABX.
- The Memorandum of Understanding for project was signed with Mozak International Inc., & a new Comp. in the name of `Emirates Narmada Industries p.l.c.' was registered in U.K.
1987
- Agreements were signed between M/s. Lurgi of W. Germany & the joint venture Comp. U. Emirates Narmada Industries PLC.
1989
- The overall financial performance of Comp. was adversely affected due to adverse changes in the Retention Price Scheme with respect to normative capacity utilisation & depreciation.
- GIIC was implementing through Gujarat Amino Chem Ltd., a project for the manufacture of methanol with a capacity of 20,000 tonnes per annum.
- The Comp. selected M/s. Linde of West Germany for supply of basic engineering & certain imported equipments. The Comp. also selected M/s. ICI for supply of process know-how & Tata Consulting Engineers of Mumbai for detailed engineering.
- The licensed capacity of methanol was re-endorsed from 20,000 tonnes to 1,00,000 tonnes per annum.
- GNAL was declared a `sick unit' by BIFR. A rehabilitation package was being prepared in consultation with financial institutions/banks.
- Forfeiture on 200 No. of equity shares annualled.
- The Comp. undertook to implement a captive power project of 50 MW in two phases.
- The Comp. undertook a project to manufacture 30,000 sq. meters. per annum of printed circuit boards. For this purpose, a Memorandum of Understanding was signed with PCK technology division of Kollmorge, U.S.A.
1990
- The Comp. received a letter of Intent for setting up a 50,000 TPA acetic & projects as a 100% Export Oriented Unit.
- 'Gujarat Narmada Electronics, Ltd., was incorporated for the implementation of TV Glass Shell Project. As shareholders agreement was entered into between the Comp. & Videocon International Ltd. [VILs], by which the promoters' equity was to be provided.
- The name Narmada Electronics Ltd., was changed to 'Videocon Narmada Electronics, Ltd.,' with effect from 30th June, 1992. The Comp. made a public issue of secured fully convertible debentures for an aggregate amount of Rs 240 crores.
1991
- 'Narmada Chematur Petrochemicals, Ltd.', was incorporated jointly with Chematur AB & IBI Chematur as equity partners, for the implementation of 10,000 TPA TDI & 20,000 TPA Aniline projects with Du-pont technology provided by Chematur AB.
- 28,350 forfeited share/re-issued.
1992
- The Comp. offered 296,66,667 - 15.5% non-convertible debentures of Rs 40 each with detachable warrants on Rights basis in the proportion 1 deb.: 3 equity shares held. Additional 44,50,000 debentures were allotted to retain oversubscription.
- Another 14,83,300 - 15%, debentures together with detachable warrants were offered to employees'. Only 8,98,350 debentures taken up. The balance of 5,84,950 debentures were allotted to Mutual Funds/Financial Institutions/Banks. The Debentures are redeemable in 3 equal annual instalments on the expiry of 7th, 8th & 9th year from the date of allotment.
1993
- `Gujarat Narmada Auto Ltd.' [GNALs] is a wholly owned subsidiary of the Comp. which is manufacturing two-wheelers three-whellers.
- As at 31st March, all the 51,55,207 No. of equity shares of Rs 10 each were held by holding company, i.e. Gujarat Narmada Valley Fertilizers Co., Ltd.
1994
- The Comp. offered 47,93,000 GDRs representing 239,65,000 No. of equity shares of Rs 10 each at a price of US $ 12.75 per GDR i.e. [1 GDR = 5 equity sharess].
- 333,24,492 No. of Equity shares issued against detachable warrants attached with 15.5% NCDs of Rs 40 each. 1,86,223 No. of equity shares of Rs 10 each [prem. Rs 25 per sharess] allotted on exercise of option attached to Detachable warrants.
1996
- The Comp. was planning to set up a 10,000 MTPA of polyhacetal project with an estimated investment of Rs. 240 crores.
- 499 No. of equity shares on exercise of warrants issued.
1997
- The Comp. undertook to expand the plant capacity by putting up a new plant of 100 million tonnes per day capacity with an investment of Rs 32 crores.
- The Comp. undertook to set up a third gasifier train to augment ammonia capacity by addition of 20,000 MTA of additional ammonia at a cost of Rs 50 crores.
- The Gujarat Narmada Valley Fertilisers Comp. [GNFCs] is seriously contemplating withdrawal from Videocon Narmada Electronics Limited, GNFC joint venture with the Videocon group.
- The Comp. has an installed capacity of 17 lakh glass shells for colour picture tubes. CRT displays & monitors & 2.5 lakh glass parts [panels & funnelss] & glass bulbs for black & white television picture tubes & monochrome monitor tubes.
- The joint venture between Videocon & GNFC manufactured only 2.9 lakh glass shells [panels & funnelss] for colour picture tubes during the last financial year [1994-95s] as against the installed capacity of 17 lakh shells & there was no production of glass parts [panels and funnelss] for black & white television picture tubes.
- Gujarat Narmada Valley Fertilisers Comp. Ltd [GNFCs], Bharuch, engaged in the manufacture of chemical fertilisers viz Narmada Urea, Phos & CAN, chemicals of like acetic acid, formic acid, methanol, nitric acid & electronics products such as printed circuit boards and digital switching systems, has reported encouraging performance for the year 1996-97.
- GNFC has signed an agreement with Plinke for technology & supply of equipment.
- Gujarat Narmada Valley Fertilizers Comp. [GNFCs] has entered into an agreement with Plinke of Germany to set up a 33,000 tpa concentrated nitric acid plant at its Bharuch complex in Gujarat. The total capacity will now be doubled to 66,000 tpa.
- The Bharuch-based Rs 1,200 crore Gujarat Narmada Valley Fertiliser Co Ltd [GNFCs], market leader in acetic acid, methanol & formic acid, is doubling its acetic acid production capacity from 50,000 to one lakh tonnes per annum [TPAs] in technical collaboration with B P Chemicals of the UK.
- Its subsidiary company, Narmada Chematur Petrochemicals Ltd [NCPLs], has successfully commissioned 20,000 million tonnes per annum [mtpas] aniline plant operating at more than 100 per cent capacity.
1998
- The Comp. undertook to enhance the capacity of weak nitric acid plant capacity from 630 MTD to 750 MTD.
- Gujarat Narmada Valley Fertilizers Comp. Ltd has signed a pact with Uhde of Germany for undertaking engineering & construction of its nitric acid expansion plans at Bharuch.
- GNFC is doubling its capacity of concentrated nitric acid [CNAs] by 33,000 tpa for which technical knowhow will be provided by Plinke of Germany. GNFC is also expanding the capacity of weak nitric acid [WNAs] by 24,750 tpa this year.
- Gujarat Narmada Valley Fertilizers Co Ltd [GNFCs] plans to double total urea capacity, by setting up 2,330 mtd urea & 1,350 mtd ammonia plant at an investment facility at Bharuch in Gujarat.
- GNFC also proposes to set up a world class 400 tpd pet project based on PTA & MEG as principal raw material.
- GNFC recently entered into an agreement with GAIL to increase the supply of natural gas for three years.
1999
- The proposed fertiliser unit will have an installed capacity to produce 1,350 tonnes per day [tpds] of ammonia & 2,330 tpd of urea. The new plant is also slated within the existing premises of GNFC.
- Gujarat Pipavav LNG Comp. Ltd [GPLCLs] has signed a memorandum of understanding [MoUs] with Gujarat Narmada Fertiliser Corporation [GNFCs], Indian Farms, Fertiliser Co-operative [IFFCOs] & Gujarat Gas Company Ltd [GGCLs] for supply of regassified liquefied natural gas [LNGs].
- Gujarat Narmada Valley Fertilisers Comp. [GNFCs] is considering a proposal to market products of BP Chemicals, UK through its vast marketing & distribution network.
- Gujarat Narmada Valley Fertilizers Co Ltd [GNVFCs], will offer about four per cent of equity to foreign companies & non-resident Indians [NRIss] in its existing Comp. for very small aperture terminals [Vsats] business.
2000
- Ideal Data Electronic Applications has signed a Memorandum of Understanding with Gujarat Narmada Valley Fertiliser Comp. for the purpose of setting up a 100 per cent Export Oriented Unit at the GNFC Infortower.
- The Comp. has entered into a business alliance with Hyderabad-based global software & systems integration major Cybermate Infotek limited to set up digital certificate based system & security management.
- AD Desai has been appointed as the MD of Broach-based Gujarat Narmada Valley Fertilisers Comp. Ltd.
- The Comp. proposed to double the capacity of acetic acid plant to 1,00,000 tonnes per annum, commission the third gasifier plant and install the wet scrubbing system all by December 2001.
- Mr. Sudhir Mankad has been appointed as Director on the board effective from October 24.
- The Comp. has commissioned its international private leased circuit [IPLCs] at its GNFC Infotower in Ahmedabad.
2002
- Gujarat Narmada Valley Fertilizer Comp. Ltd [GNFCs] has informed that Shri R C Sharma has ceased to be a Director of Comp. wef January 16, 2002 vide his resignation.
-Gujarat Narmada Valley Fertilizers Comp. Ltd has informed that consequent upon the retirement of Shri A D Desai from the services of Government of Gujarat [GOGs] upon attaining the age of superannuation, GOG has withdrawn his nomination from the Board of company. As such he ceased to be the Director & Managing Director of company. Shri Balwant Singh, Director of Comp. has assumed the additional charge of Managing Director with effect from October 31, 2002. He will be formally appointed Managing Director of Comp. in due course.
-Gujarat Narmada Valley Fertilizers Ltd has informed that consequent upon the withdrawal of Nomination by Government of Gujarat, Shri Pradipsinh Jadeja ceased to be a Non-rotational Director as also the Chairman of Comp. with effect from November 21, 2002. Further, Shri G Subbarao has been nominated by Government of Gujarat as Non-rotational Director on the Board of Comp. with effect from November 22, 2002.
2003
- Gujarat Narmada Valley Fertilizers Comp. Ltd has informed BSE that consequent upon the withdrawal of Nomination by Govt of Gujarat Shri G Subba Rao ceased to be a Director as also the Chairman of company. Shri P K Laheri has been nominated by Govt of Gujarat as Director on the Board of company.
-Shri Shrirish Bengali has ceased to be the Non-Rotational Director of company.
-Shri Koshi has been appointed as the director on the board of Comp. in the casual vacancy.
-Government has withdrawn the nomination of Shri Subba Rao, ceased to the director as also the chairman of Comp. & Shri P K Laheri has been nominated by the government on the board of company.
-GNFC has witnessed a turnover of 1464 cr & profit before tax of Rs.136.39cr, which has been increased over the years.
-GNFC has announced the closure of PCB plant operations of Comp. since it did not reach up to the desired expectation of company.
-GNFC has informed that Shri Manu Shroff, ceased to be the director of company.
-4 persons were killed & 26 were injured in a major blast at the nitrogen phosphorus ammonia plant of Gujarat Narmada Valley Fertilisers Corporation Limited in Bharuch District.
2004
-Delists the equity shares from Ahmedabad and Delhi stock exchanges
-Gujarat Narmada Valley Fertilizers Comp. Ltd has informed that Dr. Manjula Subramaniam has resigned as a director of Comp. with effect from August 5, 2004
2006
-Gujarat Narmada Valley Fertilizers Comp. Ltd [GNFCs] has informed that Shri. PK Taneja, IAS has been appointed as Additional Director on the Board of Comp. w.e.f. November 27, 2006.
2007
- Gujarat Narmada Valley Fertilizers Comp. Ltd [GNFCs] has appointed Shri. V L Joshi, IAS as Additional Director on the Board of Comp. w.e.f. May 19, 2007.
2008
-Gujarat Narmada Valley Fertilizers Comp. Ltd [GNFCs] has appointed Shri. T Natarajan as Director of Comp. w.e.f. August 28, 2008.
2009
- Gujarat Narmada Valley Fertilizers Comp. Ltd [GNFCs] has informed BSE about the change taken place in the Company Directorate: - Name of Director : Shri. D Rajagopalan, IAS - Date of Appointment or Change : January 21, 2009 - Brief Particulars of change : Ceased to be a Director vide resignation.
