History of Gulf Oil Corporation Ltd.
YEAR EVENTS 1961 - The Comp. was Incorporated on 26th April, at Hyderabad. The Company main objects is to manufacture detonators, detonating fuse, explosives, accessories, safety fuse, blasting equipment, exploders & other accessories & equipment required for blasting.
1962 - All shares subscribed for by directors, promoters, etc.
1963 - In December, 1962, 5,000 rights shares offered at par in prop.1:2 In June, 15,000 shares offered at par to the public.
1965 - 15,000 right equity shares issued at par in prop. 1:2.
1967 - The scheme of Amalgamation of Sapeic India Ltd., with the Company was approved by shareholders of both the companies in the meetings held on 8th May & was subsequently approved by High Court.
- On 24th June 1967, 45,000 No. of equity shares issued at par to M/s. Atlas Chemical Industries in USA against payment in U.S. Dollars.
1968 - 5,000 No. of equity shares issued to members of M/s. Sapeic India limited upon its amalgamation with the Comp. & 5,000 No. of equity shares issued to Atlas Chemical Industries Inc., so as to maintain their equity holding of 50%.
1969 - The Comp. acquired controlling interest in the Mysore Industrial and Testing Laboratories Ltd., Bangalore [MITLs] & held 68.76% of paid up capital of Comp. as on 30th June 1972. The subsidiary was amalgamated with the Comp. with effect from 1st July, 1973. 1970 - Petn project [Rourkelas] unit was commissioned for production in February.
- In Feb. shares sub-divided. 5,00,000 bonus shares then issued in prop. 1:2.
1972 - Mysore Industrial and Testing Laboratories limited [MIT Laboratoriess] was amalgamated with the Comp. with effect from 1st July. As a result, the range of pharmaceutical products manufacture by MIT Laboratories Ltd., was added to the Company business.
- Dow Chemical Co., U.S.A purchased 40% equity capital in the Comp. from ACI America Inc. The Comp. entered into a general collaboration agreement & an explosive licence & technical collaboration agreement with Dow Chemicals Co.
- 43,005 shares issued to members of MIT Laboratories Ltd., without payment in cash on its merger.
1973 - The Comp. decided to enter into the field of agro chemicals. These activities were to be pursued through a small Comp. viz., Pacific Chemicals Hindustan Ltd., sponsored by DOW Chemical Co., which became a 100% subsidiary of Company. A plant was set up at Sahidabad near Delhi for manufacture of DOW patented pesticides formulations viz., Dalapon, Dowpon etc. The formulation of these products from imported intermediates commenced during 1974.
1974 - The Comp. received the consent of Controller of Capital Issues for allotting to these collaborators 28,670 additional equity shares of Rs.10 each at a prem. of Rs.10.75 per share for maintaining their 40% equity participation in the paid up capital of Comp. consequent upon the amalgamation of MIT Laboratories Ltd., with the company.
- The name of Comp. was changed from IDL Chemicals Ltd., with effect from 14th May.
1975 - The name of Pacific Chemicals Hindustan Ltd., a subsidiary was changed to IDL Agro Chemicals Ltd., with effect from 28th June.
- Subsequently, the Comp. ceased its manufacturing & trading activities. The leased land & its buildings were taken over by the parent company, ie., IDL Chemicals Ltd., for bitumen emulsion project.
- Dow Chemicals Co. Inc. U.S.A., decided to divert their interest in the field of explosives. Consequently, the Comp. entered into a collaboration agreement with Nitro Nobel AB, Sweden who acquired 40% equity participation [6,28,670 No. of equity shares] in the Comp. from Dow Chemical Co. Inc., U.S.A.
- 28,670 shares issued to Dow Chemical Co. USA, to maintain their holding at 40%.
1976 - 15,71,675 Bonus shares issued in prop. 1:1 in Oct. 1976. 1978 - In Metal Cladding division necessary facilities were created in Hyderabad for new business of explosive cladding.
- The Comp. received a letter of intent for manufacture of 30 million metres of detonating fuse & 1,440 tonnes of PETN in Bhiwandi near Mumbai on the Company land. Subsequently, the project for 30 million metres of detonating fuse was not considered feasible in view of insistence of Government for an export guarantee.
- A new Comp. named Rajasthan Explosives & Chemicals Ltd., was formed as a joint venture for manufacture of explosives and accessories. The equity participation in this new Comp. by Rajasthan State Industrial & Mineral Development Corporation limited [RIMDCs], the Comp. & its employees was to be 50:48:2.
1979 - Similar facilities within the Rourkela factory were established.
- 31,43,350 bonus shares issued in prop. 1:1.
1980 - There was an accident in Rourkela plant. As a result, the modernisation work could only be completed after some delay. The plant was commissioned again during the last quarter of year.
1981 - MIT Laboratories Ltd., division was transferred to ASTRA-IDL Ltd. Bangalore from the close of business on 19th October.
- Industrial licence for PETN project was received.
1984 - Another joint venture was promoted under the name Eastern Explosives and chemicals Ltd., in association with West Bengal Industrial Development Corporation Ltd., for manufacture of explosives. This project successfully completed trial production. - ASTRA-IDL Ltd., is a joint venture Comp. in Bangalore for manufacture of pharmaceuticals.
1985 - Commercial production was delayed due to non-availability of nitric acid from the only source in the country.
- The Comp. received necessary approval from Govt. for setting up a bitumen emulsions plant at Sahibabad in Ghaziabad district of U.P.
- The R&D wing developed technology for sodium azide, vanillin and for new types of process in delay element manufacture. - The Comp. privately placed with UTI 3,00,000 - 15% non-convertible debentures of Rs.100 each. The debenutres are redeemable at a prem. of 5% at the end of 7 years from 23rd April 1986.
1987 - The bitumen emulsions plant was commissioned in the later half. The Comp. proposed to put up a second unit in the southern parts of country. Major portion of sale was DGS&D rate contract to Govt. organisation in road industry.
- With a motive to diversify into gypsum products for building industry, the Comp. associated itself with Coromandel Gypsum limited [CGLs], by contributing Rs.35,000 to the equity capital of CGL. The Comp. ie., CGL has technical collaboration with Salzgitter of West Germany. The project was being implemented at Visakhapatnam in Andhra Pradesh.
1988 - The first mixed bulk explosives unit set up at Singrauli in Madhya Pradesh was commissioned in February with a capacity 4,500 tonnes per annum.
- The Comp. received a letter of intent for 150 tonnes of Vanillin & 50 tonnes of Ethyl Vanillin. Meanwhile, Govt. permitted the Comp. to sell products manufactured in a pilot plant upto 9 tonnes.
- In January, a new Comp. under the name PFW-IDL Arom Ltd., was incorporated as a joint venture with PFW [Hollands] BV to manufacture food flavour chemicals.
1989 - A pilot plant was set up. But the process at pilot plant was found to be uneconomical for commercial scale. Meanwhile, Govt. permitted the Comp. to sell products manufactured in a pilot plant upto 9 tonnes.
- The synthetic organic chemicals group developed several products in oil field & aroma chemicals.
- Consequent upon the acquisition of M/s. Atlas Chemical Industries Inc., U.S.A, the Company collaborators by Imperial Chemical Industries Ltd., U.K., the Comp. had to seek new foreign collaboration. The Company, therefore, finalised a collaboration agreement with M/s. Dow Chemical Co., Midland, Michigan, U.S.A. The Govt. of India aproved this agreement subject to Dow Chemical Co., acquiring 40% equity [6,00,000 equity shares of Rs.10 eachs] in the Comp. out of 50% held by existing collaborators. The balance 10% were to be offered to the UTI. The Company, however, proposed to offer the balance 10% equity to the employees of Company.
1990 - The Comp. suspended the operations of Bitumen Unit as the DGS&D rates were not remunerative. The operations continued suspension till 1991 as no favourable price was granted to the Company product by DGS&D.
- The joint venture Comp. received a letter of intent, for 250 tonnes of liquid flavours, 350 tonnes of encapsulated/dry flavours & 750 tonnes of aroma chemicals, to be implemented in Medak district of AP. Foreign collaboration agreements were being finalised.
- The Comp. privately placed 14% non-convertible debentures with Army Group Insurance Fund & financial institutions aggregating Rs.3 crores. Debentures of Army Group are to be redeemed at a prem. of 5% at the end of 7 years from the date of allotment. Debentures of financial institutions are to be redeemed in five equal annual instalments beginning at the expiry of 5th year from the date of allotment.
1991 - Turnover of this division declined to Rs.25 lakhs mainly due to resource constraints faced by public sector units in the first half of year.
- Research & Development efforts were on to make the project cost effective.
- The name of Coromandel Gypsum Ltd., was changed to IDL-Salzbau [Indias] Ltd.
- The Comp. received a letter of intent for oil field chemicals project in Thane district of Maharashtra.
- Due to certain structural changes in the organisation of proposed technical collaborators of Company, a further delay was anticipated in the implementation of project.
- The Comp. privately placed with LIC Mutual Fund 14% non-convertible debentures aggregating Rs.150 lakhs. These debenture would be redeemed at the end of 7 years from the date of allotment at a prem. of 5%.
1992 - The Comp. transferred all its holdings in Rajasthan Explosives and Chemicals Ltd., to an entrepreneur.
1993 - Subject to necessary approvals being obtained. Gulf Oil India limited is to set up a joint venture Comp. with Sipal Avexons SPA, for manufacture of care can products. IDL Chemicals Ltd., is to invest upto 25% in the said joint venture to be named on 'Gulf Casex India Ltd.'.
1994 - The Comp. started the floriculture project in about 4 hectares of land in Yelahanka with the cultivation of Rose plants for export of cut Roses.
- 14,11,300 No. of equity shares of Rs.10 each for cash at a prem. of Rs.34 per share were allotted to [NNIBVs], Netherlands to increase their shareholders from 40% to 50%.
1995 - Effective 31st October, the name of Comp. was again changed from IDL Chemicals limited to IDL Industries Ltd.
- On 23rd April, the Comp. has redeemed the debentures which were issued in 1986, aggregating to an amount of Rs.240 lakhs held by Unit Trust of India in the Company.
- The Comp. has started the Floriculture Project in about 4 hectares of land in Yelahanka with the cultivation of Rose Plants for export of cut Roses.
1996 - The Company name has been changed to IDL INDUSTRIES LIMITED from the existing name IDL Chemicals Limited with effect from 31st October, 1995.
1997 - 93,005 shares are allotted as fully paid up pursuant to a contract without payment being received in cash. 52,15,025 shares are allotted as fully paid up bonus shares by capitalisation of Reserves.
- 16.5% Non-Convertible Debentures privately placed with LIC Mutual Fund amounting to Rs. 150 lakhs is secured by an equitable mortgage of immovable properties of Company. These debentures are to be redeemed in full at a premium of Rs. 5, i.e., Rs.105 per debenture at the end of 7th year from the date of allotment made viz. 14th June, 1991.
- During the year, the Comp. gave an inter-corporate deposit of Rs.50 lakhs which was not repaid by party on due date.
1998 - During the year the Wind Mill Division has generated 97733 Units though it was off season.
- The Board of Directors has appointed Mr. Subhas S. Pramanik as Whole Time Director & designated him as Dy. Managing Director of Company, subject to approval of Shareholders of Comp. at the 37th Annual General Meeting.
1999 - In terms of final BIFR Order No.191/97[IIs] Dated 8th November, 1999, IDL Salzbau [Indias] Limited [ISILs], a Comp. promoted by the Comp. in 1992 was merged in the Comp. with effect from 31st March, 1999.
- IDL Industries Limited would issue one share of Rs. 10/- for every 25 shares of Rs. 10/- each held by shareholders of IDL-Salzbau [Indias] Limited as of date stipulated for exchange of the said shares.
- The appointment of Mr Subhas S Pramanik as Managing Director with effect from 8th July, 1999, is subject to approval of shareholders of Company.
2000
-Two key promoters of Astra-IDL Hindujas-owned IDL Industries & Anglo-Swedish drug major AstraZeneca agreed to AstraZeneca acquisition of IDL 25.75 per cent in the company.
2001
-It signed, sealed & delivered. IDL Industries has completed the transfer of its 25.75 per cent equity in pharma Comp. Astra-IDL to Anglo-Swedish multinational AstraZeneca years after the two companies first began talking about parting ways
2002
-IDL Industries Ltd has approved in principle a proposal for merger of Gulf Oil India Ltd with the company.
- The board of Gulf Oil Limited & IDL Industries Limited have approved 2:1 ratio for merger of both the companies.The merger ratio approved by companies involves issue of one equity share of IDL for every two shares of Gulf Oil.
- High Courts of Andhra Pradesh & Bombay have approved the merger & the detailed orders for filing with the Registrar of Companies of states of Andhra Pradesh & Maharashtra are expected shortly.
2003
-Gulf Oil Corporation Ltd [GOCs], together with Oil Bangladesh Ltd [OBLs] has set up a joint venture [JVs] company, called Gulf Oil Bangladesh Ltd [GOBLs]
-Signed an agreement on July 3, 2003, with Oil Bangladesh Ltd for forming a joint venture at Bangladesh.
-Entered into an agreement to sell & develop the land located at Malleswaram through a Joint venture with M/s Abhishek Developers, a part of Marnti Group, at Bangalore
-Flagship of Hinduja group has set up a joint venture with Tarapur Grease Industries Pvt Ltd & PT Tawang Swasti Rawikara of Indonesia to manufacture as well as to sell its slew of lubricants & greases in the Indonesian market.
-Unveiled a new range of car care products which includes dashboard polish, glass & crystal cleaner, multi-functional fluid, multi-purpose grease for rotating surfaces, a/c cleaner, inflates and repair,and deoxidiser.
- A powerful blast at IDL Ltd, a part of Gulf Oil Corporation, killed seven workers & wrecked damage on some of plant facilities in Kukatpally area on Nov 25.
-Appointed Mr Justice A. Gopal Rao, retired High Court Judge, as a one-member commission of inquiry into the recent blast in one of units of Gulf Oil Corporation Ltd.
2004
-Gulf Oil Corporation has appointed RB Ananth, a mechanical engineer, as vice-president [VPs] of its operations.
- Gulf Oil Corporation Ltd [GOCLs] acquires manufacturing facility of bulk drug unit at Hyderabad for producing active pharmaceutical ingredients [APISs] & speciality chemicals.
2005
-Gulf Oil receives Capexil export award for '04-05
2007
- The Comp. has splits its face value from Rs10/- to Rs2/-.
