History of Jubilant Organosys Ltd.
YEAR EVENTS 1978 - The Comp. was incorporated on 21st June, in Uttar Pradesh. The Comp. manufacture Vinyl Acetate Monomer [VAMs]. The Company was promoted by A.B. Bofors [Swedish Multinationals], Hindustan Wires Ltd., & Mr. M.L. Bhartia.
- The Comp. entered into a technical collaboration agreement with Noble Chematur Division of A.B. Bofors, Sweden for supply of know-how & basic engineering for manufacture of vinyl acetate monomer.
1981 - 1,200 No. of equity shares subscribed for by signatories to the Memorandum of Association. 34,63,800 No. of equity and 38,500 Pref. shares issued through a prospectus during Mar./Apr. 1982, 19,250 Pref. shares each reserved & allotted to UPSIDC & PICUP. 6,08,370 No. of equity shares reserved & allotted to Indian private promoters & their associates, 6,55,430 No. of equity shares reserved & allotted to AB Brothers of Sweden and 22,00,000 No. of equity shares offered at par for public subscription. Pref. shares redeemable during 28.5.1993/96.
1982 - 6,93,000 Rights Equity shares issued at par in prop. 1:5 [only 5,52,043 shares taken ups]. The remaining 1,40,357 shares allotted on private placement basis [including 96,800 shares to non-residentss].
1983 - Another technical collaboration agreement was signed with Crown Decorative Products Ltd., U.K., & Reed International Company for manufacture of high pressure emulsions i.e., Polyvinyl Acetate Emulsions. This project was commissioned in 1985-86.
- During November, the Comp. promoted `India Glycols Ltd.' to take up the implementation of project to manufacture Mono Ethylene Glyco [MEGs] at Kashipur, U.P., in technical collaboration with Scientific Design Co. Int., U.S.A. Commercial production commenced on 1st January, 1990.
1984 - A technical collaboration agreement was signed with Technimont Spa of Italy for manufacture of polyvinyl alcohol with an installed capacity of 2,000 tonnes per annum. The unit was commissioned in July 1991, with an installed capacity of 650 MT per annum. During 1991, the capacity was doubled to 1,400 tonnes per annum. The Comp. proposed to enhance the capacity of 2,000 MT per annum by installing additional equipment.
1985 - Vam Leasing Ltd., & Vam Investments Ltd., were incorporated as wholly owned subsidiaries of Company.
1986 - 10,06,180 No. of equity shares issued at par to financial institutions on conversion of loans.
1987 - The Comp. decided to set up a plant to recover carbon dioxide in collaboration with Hydrogas Denmart a.s. of Denmark and manufacture to dry ice. The plant was commissioned in 1989. A biogas plant was also set up in collaboration with Biotim N.V. of Belgium as a part of energy conservation programme.
- The Comp. also promoted `Insilco Ltd.' jointly with Degussa AG of West Germany for manufacture of spray dried silica. The project was expected to go on stream by middle of 1991.
- Applications were also submitted to Government for increasing the production capacity of vinyl acetate monomer from 10,000 tonnes to 20,000 tonnes per annum.
- In order to part finance the vinyl acetate monomer project, during January, the Comp. privately placed with financial institutions, 15% non-convertible debentures worth Rs 1.00 crores. These debentures are redeemable at a premium of 5% in three equal annual instalments commencing on 27th April, 1993.
- The Comp. privately placed with financial institutions 14% non-convertible debentures worth Rs 1.50 crores. These debentures are redeemable in full at a premium of 5% on 29th December, 1994.
1989 - A synthetic wood adhesive 'Vamicol' was launched in January and liquid & dry carbon-di-oxide [dryices] were launched in March. The Comp. installed another new boiler of capacity 25 tonnes steam/hour based on the fluidised bed technology to eliminate air pollution.
- The Comp. privately placed with financial institutions 14% non-convertible debentures worth Rs 10 crores. These debentures are redeemable in full at a premium of 5% on 25th June, 1996.
1990 - The Comp. commissioned a plant with an installed capacity of 500 tonnes per annum for manufacture of pyridine and picoline.
- The Comp. undertook to expand the production capacities of vinyl acetate monomer & its intermediaries i.e., acetic anhydride & acetic acid. The expanded capacities were commissioned in October 1990.
- The Comp. privately placed 14% redeemable non-convertible debentures of Rs 100 each aggregating Rs 5.00 crores. These debentures are redeemable at a premium of 5% in three equal annual instalments commencing on 11th September, 1996.
- During the year, another 5,00,000-14% redeemable non-convertible debentures of Rs 100 each were privately placed with a provision to redeem at a premium of 5% in three equal instalments commencing on 29th March, 1997.
1992 - Ramganga Fertilizers limited [RFLs] was amalgamated with the company effective 1st April, as per BIFR Scheme. As per the scheme of amalgamation 2,56,522 No. of equity shares of Rs 10 each were issued at par to the shareholders of erstwhile RFL in the ratio of one equity share of Comp. for every 10.35 No. of equity share of Rs 10 each fully paid-up of erstwhile RFL.
1995 - A technical collaboration agreement was signed with Kemira Coatings Ltd., U.K., to manufacture wood finishes a polymer based product. Another agreement was also signed with M/s. Teutoburg, Germany to manufacture construction chemicals in its plant at Gajraula.
- The Comp. proposed to install an additional turbine generator with a capacity of 5.5 MW in view of high & frequently incidence of power failure & fluctuation. The Comp. also proposed to increase the installed capacity of Pyridine & Picolines by 4,000 tonnes per annum to meet the increasing demand for products.
- 2,56,522 No. of equity shares issued to the shareholders of erstwhile RFL on merger of said Comp. with company.
1996 - The Comp. proposed to open offices in Singapore to cater to the need of S.E. Asia and China and European markets. With a view to tackling the power failure & fluctuations, the Comp. proposed to instal a turbine generator with a capacity of 5.5 MW.
- The Comp. made a capital expenditure of Rs 26.40 crores for taking up projects such as Pyridene and Picolines, wood furnisher, construction chemicals with the intention of saving valuable foreign Exchange. It was also proposed to modernise its sulphuric acid plant. With a view to saving energy the company proposed to instal biogas fired boiler.
1997 - The Comp. faced a sharp decline in sales realisation of Acetic Acid & VAM, due to a combination of South East Asian financial debacle & the large capacity build up of Acetic Acid & VAM in South Korean & Singapore.
- The Comp. has embarked on a substantial capital expenditure programme to enhance capacities of existing products & also manufacture new products.
- Vam Organic Chemicals Ltd has registered a 8.97 per cent increase in net profit for year ended March 31, 1997 at Rs.23.07 crores as compared to Rs.21.17 crores in the previous year.
1998 - Vam Organics Chemicals has introduced a specialist adhesive Vam Bond 2001.
- The dry silica venture, jointly promoted by Vam Organics and Degussa AG of Germany with a 34 per cent stake each has not been doing too well.
- The company performance has been affected due to low international prices, steady increase in prices of major raw materials & sluggish growth in the overall market.
- VAM Organic Chemicals Ltd [VOCLs] proposes to merge group companies Anichem India Ltd [AILs] & Enpro Speciality Chemicals Ltd [ESCLs] with itself.
- A planned shut-down of fertiliser plant was undertaken for 72 days in the quarter for revamping. It also increased its installed capacity from 125 tonnes per day to 175 tonnes per day for sulphuric acid. A captive power plant of 12.45 MW was commissioned in July this year.
- VAM Organic Chemicals Ltd is exploring the possibility of entering into areas such as sugar, speciality chemicals and bulk drugs.
- The non-convertible debenture programme of Vam Organic Chemicals Ltd has been downgraded by ICRA to LA- LAA-. Vam was the largest player in the alcohol-based organic chemical industry with the largest capacities in the country for most of its products including acetic acid, acetic anhydride, etc.
1999 - VAM Organic Chemicals Ltd [VOCLs] has proposed to consolidate and improve its existing position in the chemical industry in the current fiscal.
- VOCL has also commissioned the units of Polychem Ltd, manufacturing alcohol-based chemicals in May.
- The Company 22,500 tonnes per annum formaldehyde plant has been commissioned, permitting it to export greater quantities of picolines & pyridines. It has also installed new boilers & increased the capacities of existing plants.
2003 -Trading symbol of Jubilant Organosys Limited is changed from 'VAMORGANIC ' to 'JUBILANT'
-Jubliant Securites Pvt. limited and Jubliant Capital Pvt. Ltd has acquired 4,38,068 [2.99% of total paid up capitals] equity shares.
-Mr. H K Khan [Retd. IASs] has been appointed as additional director with effect from November 05, 2003 on the Board.
2004
-Jubilant Organosys Limited has informed that the Board of Directors at their meeting held on January 9, 2004 have approved for voluntary delisting of equity shares of Comp. from The Delhi Stock Exchange Association Limited, The Calcutta Stock Exchange Association Limited, Kolkata & the Uttar Pradesh Stock Exchange Association Limited subject to the approval of shareholders by special resolution.
-Jubilant Organosys acquires generic pharma Companies in Europe
-Jubilant Organosys signs international contracts worth US$ 60 million in CRAMS for year 2007
2007
-Jubilant Organosys Ltd has acquired 100% equity stake in Hollister-Stier Laboratories LLC, USA, engaged in high growth Injectable contract manufacturing & well established & stable Allergy Immunotherapy businesses.
2008
- Uttar Pradesh-based pharma major Jubilant Organosys Ltd [JOLs] has secured new contracts worth $92 million [Rs.3.7 billions]. The contracts have been signed under Customs Research & Manufacturing Services [CRAMSs]. Besides marketing its products in the regulated markets of US, Europe & Japan, the Comp. has managed to make forays into China, said a statement of JOL.
- Mr. Rahul Yadav has been appointed as Additional Director on the Board of Directors of Comp. with effect from October 14, 2008. Further Mr. Vishal Marwaha has been appointed as Alternate Director to Mr. Rahul Yadav with effect from October 14, 2008.
