History of Tamilnadu Petroproducts Ltd.
YEAR EVENTS 1984 - The Comp. was incorporated on 22nd June 1984. It was promoted by Tamil Nadu Industrial Development Corporation limited [TIDCOs]. In October 1984, TIDCO inducted Southern Petrochemical Industries Coporation limited [SPICs] as the joint sector associate in setting up a project for manufacture of 50,000 tonnes per annum of linear alkyl benzene [LABs]. The Comp. manufacture linear alkyl benzene & heavy normal paraffin.
1986 - The Government of India re-endorsed the industrial licence increasing the plant capacity of linear alkyl benzene [LABs] to 60,000 TPA from 50,000 TAP.
- The Comp. obtained the necessary clearances for import of capital goods from Germany, USA, Japan & Finland & also obtained the Government approval for engaging the services of foreign technicians from the said countries.
- 10 shares subscribed or by signatories to the Memorandum of Association. 3,89,99,990 shares then issued at par of which 101,39,995 shares to TIDCO & 98,60,000 to SPIC were reserved or allotment. [All shares were allotted except 9,99,995 shares formal allotment of which was awaiting Govt. approvals].
- Out of remaining 1,89,99,995 shares, the following shares were reserved for preferential allotment; [is] 10,00,000 shares to UTI [all were taken ups]; [iis] 3,79,995 shares to business associates of Comp. [all were taken ups]; [iiis] 19,50,000 shares to employees [including Indian working directorss]/workers of Comp. & promoter companies [only 1,54,800 shares taken ups]; [ivs] 36,00,000 shares to shareholders of SPIC & [vs] 50,00,000 shares to non-resident Indians on repatriation basis [all were taken ups]. The balance 70,70,000 shares along with the unsubscribed portion of 17,95,200 shares out of employees quota were offered for public subscription during September 1986.
- 97,50,000 additional shares allotted to retain oversubscription [15,56,000 shares to non-resident Indians, 27,16,500 shares to the public & 54,77,500 shares to promoters, etc.
1987 - The Ministry of Petrochemicals approved the supply of 3,80,000 TPA kero-feed stock by Madras Refineries limited It was proposed to market LAB under the trade name 'SUPERLAB'. The Company commissioned two D.G. sets of 3240 KWA. Efforts were made to increase the capacity of linear alkyl benzene [LABs] further to 75,000 TPA. Additional storage, loading & despatch facilities were also being set up for LAB.
- Contracts were entered into with UOP for supply of catalysts and sorbents.
- In July MOU was signed with UOP for improving the quality of LAB & also for provision of additional facilities to increase the capacity to 75,000 TPA.
- [18 monthss], specifications & drawings were received from UOP for heavy normal paraffin [HNPs] project which was expected to be commissioned during the third quarter of 1990.
- During the year, it was also proposed to set up a refining unit to improve the quality of LAB & the consumption norms which would help in converting the low value by-product viz., heavy alkylate to high value LAB. The unit was commissioned in October 1989.
- The Comp. undertook research & development activities. A pilot plant was set up at Trichy to demonstrate usage of LAB in detergent industry to suggest new formulations etc. Also laboratories with testing facilities were established at Ahmedabad & Trichy to serve customers.
- 37,500 shares forfeited out of which 36,600 shares reissued and forfeitures on the balance 1,100 shares annulled. 68,62,495 shares out of 69,99,995 shares awaiting Govt. approval were allotted [36,74,995 shares to TIDCO & 31,87,500 shares to SPICs].
1989 - During September, 1989, the Comp. entered into a joint venture agreement with M/s. Henkal W. Germany a detergent manufacturer for setting up a detergent project to be implemented by SPIC, Fine Chemicals, Ltd.
- The Comp. proposed to undertake debottlenecking for increasing the production of LAB by another 10,000 TPA. Government of India under the `policy of Minimum Economic Scales of Operations, proposed to endorse plant capacity from 60,000 TPA to 80,000 TPA in the industrial licence.
- The Comp. proposed to obtain the said endorsement. To improve efficiency safety & cost economics, the Comp. proposed to incorporate the Advanced process control system.
- M/s. UOP Desplains USA, M/s. Setpoint, Houston, USA, were commissioned by Comp. to undertake definition phase study to explore the possibility of incorporating the said system.
- During September, the Comp. entered into a joint venture agreement with M/s. Henkel, W. Germany a detergent manufacturer for setting up a detergent project to be implemented by SPIC.
- A Comp. under the name of SPIC Fine Chemicals, limited [SFCs] was incorporated for implementation of project.
- 1,37,500 No. of equity shares awaiting Government approval were allotted.
1991 - The Comp. decided to participate in the revival-cum-rehabilitation scheme of Standard Motor Products of India, limited [SMPLs], as per an approval obtained from BIFR.
1992 - A Letter of Intent was received for manufacture of 33,000 tonnes per annum of caustic soda at Uthamacholapuram in Nannilam Taluk, Nagapattinam, Quaid-E-Milleth District.
- Registration with Government was completed for a project for the manufacture of 10,000 tonnes per annum of epichlorohydrin a basic raw material used for epoxy resin.
- During October, detailed proposals were submitted to IDBI for seeking financial assistance for epichlorohydrin project to be set up at a cost of Rs 100 crores in Manali for which an agreement was signed with CONSER, Italy for supply of technical know-how.
- The Comp. signed a MOU with M/s. Total Lubricants International, France to establish a Joint Venture for the manufacture of Lubricants used in automotive industries. The High Court of Chennai on 4th October, 1996 ordered winding up of the Company.
- 49,10,859 No. of equity shares issued on conversion of loans from the Financial Institutions.
1993 - The Comp. received Export Award for 1990 from the Government of Tamil Nadu.
- In January, additional facilities for storage, loading and despatch of LAB has been commissioned. The Advanced Process Control System to improve the efficiency of operation as well as specific consumption of plant was to be commissioned by June.
- Applications were made for caustic soda project for pollution clearance & also appraisal of project by IDBI for financial assistance.
- Government also considered allotment of 5000 acres of land for development of salt pans at Vedaranyam which is the potential source of raw material.
- The Comp. implemented the project for manufacture of Epichlorhydrin at Manali, Chennai.
- Arrangements were made for training plant personnel in a similar existing project at M/s. Ham Young Chemicals Corporation Ltd., Korea.
- During December, the Comp. issued 134,15,300 rights equity shares of Rs 10 each for cash at a premium of Rs 15 per share in proportion 1:4 [only 134,15,010 shares taken ups]. 5,600 shares kept in abeyance. Another 37,00,000 shares issued exclusively to ensure allotment in market [only 12,50,218 shares taken up inclusive of 2,902 shares remaining unsubscribed in respect of rights issues].
- As at the same period the Comp. offered through a prospectus 182,20,000 shares at a premium of Rs 20 per shares in the following basis: [is] 33,28,500 shares to Indian mutual funds and financial institutions. [iis] 13,72,800 shares to FIIS etc. [iiis] 30,00,000 shares to NRJs on repatriation basis [ivs] 18,22,000 shares to SPIC on preferential basis. [vs] 1,20,700 shares to employees [only 1,05,200 shares taken up. Balance 85,76,000 shares along with unsubscribed portion of NRIs quota [9,57,000 sharess] and employees quota [15,500 sharess] & 33,28,500 shares from Mutual Funds & Financial Institutions were issued to the public. 32,885,228 shares were allotted including Rights & Public Issue.
1994 - Epichlorophydrin plant was commissioned. The Company commissioned a 3 MW capacity windfarm project in Palladam Taluk, Coimbatore District.
- The Comp. proposed to implement a 5 MGD Tertiary Treatment Plant/Reverse Osmosis Plant in association with other group companies of SPIC in Manali belt to augment the captive requirement of industrial water.
- 5,450 shares kept in abeyance.
1995 - The Comp. commissioned the second phase of 9MW capacity windfarm to augment the power requirement. During the year the Comp. was selected by Government of Tamil Nadu to implement the 500 MW thermal power project at Tuticorin at an estimated cost of Rs 2000 crores. A MOU was entered into with Tamil Nadu Electricity Board.
- The Comp. commissioned a storage facility with a capacity of 500 tonnes at Cuddalore port to handle propylene. The factory was being expanded to 1000 tonnes by August 1997.
- A letter of intent was received from the Tamil Nadu Government for setting up a 6 MTPA Refinery at Minpur, Chennai.
- Ciba Geigy, Switzerland evinced keen interest for association with the Comp. to set up a project for manufacture of 25,000 TPA of expoxy resin using Epichlorohydrin.
1996 - A MOU was entered into with Indian Oil Corporation limited on 24th January, for marketing of petroleum products from the proposed refinery.
- A MOU was signed on 24th January, to set up a joint venture Comp. adjacent to ECH plant at Manali to have the key raw material on pipeline for transfer, elimination of risks in handling the extra bulk & ensure savings in freight and storage.
- The Comp. proposed to expand the LAB plant capacity by adopting state-of-the-art technology. This expansion was to meet the requirement of Petro Aroldite Pvt. Ltd., a joint venture with Ciba Geigy.
- A separate joint venture Comp. was formed with Ciba-Geigy Ltd. on 10th December, to set up basic liquid resin plant at Manalis with a capacity of 25,000 tpa.
2000 - Tamil Nadu Petroproducts limited promoted by SPCI limited and state-owned Tidco, to set up a plant each in Saudi Arabia and Vietnam.
2002
-BOD withdraw the nomination of Dr.K Satyagopal , as Director representing TIDCO.
-BOD co-opted Thiru V K Jeyakodi as the Director of TIDCO.
-Shifts its Registered office to Manali Express Highway, Manali, Chennai - 600 068.
-Board in its meeting on Aug-02 approves the proposal to issue secured redeemable Non-convertible debentures aggregating Rs.100crs on private placement basis to financial institutions.
-Co-opts Thiru G M Ramamurthy as the Director representing IDBI.
2003
-Board members approve for delisting of Comp. equity shares of Comp. from Delhi & Ahmedabad Stock Exchanges.
-1.Thiru Arun Ramanathan, IAS is appointed as Chairman representing TIDCO
-2.Accepted the withdrawal of nomination of Thiru K Skandan, IAS as Director and Chairman by TIDCO limited
-3.Has accepted the resignation of Thiru M. Sundaram as Director & Chief Operating Officer [Whole-time Directors].
2004
- D Arunachalam, managing director & CEO of Tamilnadu Petroproducts [TPLs] has put in his papers. Confirming the development, sources in the Spic group said he wanted to resign on personal grounds. TPL is a joint venture between Spic & state-owned Tamilnadu Industrial Development Corporation[ Tidcos]
-MR R.M. Muthukaruppan, Chief Operating Officer, Tamilnadu Petroproducts Ltd, has been appointed its Managing Director & Chief Operating Officer.
-1. Accepted the request of early retirement of Thiru D Arunachalam as Director & Managing Director and CEO representing SPIC w.e.f. February 3, 2004. 2. Co-opted Thiru RM Muthukaruppan as Director & appointed as Managing Director and Chief Operating Officer representing SPIC w.e.f. February 4, 2004 in place of Thiru D Arunachalam. 3. Co-opted Thiru V Ramani as Director & appointed as Director and Chief Financial Officer representing SPIC w.e.f. February 4, 2004. 4. Accepted resignation of Thiru A C Chakrabortti as Independent Director. 5. Co-opted Thiru N R Krishnan as Director in place of Thiru A C Chakrabortti w.e.f. January 22, 2004. 6. Accepted resignation of Thiru M R B Punja as Independent Director. 7. Co-opted Dhananjay Narendra Mungale as Director in place of Thiru M R B Punja w.e.f. January 22, 2004. 8. Accepted the withdrawal of nomination of Thiru L Krishanan as Director representing TIDCO. 9. Co-opted Thiru Ashok Kumar Gupta as Director representing TIDCO w.e.f. January 22, 2004 in place of Thiru L Krishanan.
2004
-TPL forms alliance with Al Zamil for Saudi LAB project
2007
-Tamilnadu Petroproducts Ltd has informed that the Board of Directors of Comp. at its meeting held on October 26, 2007, has approved the following changes in the constitution of Board of Director[ss] of Company. Thiru Sunil Paliwal, IAS: Accepted the withdrawal of nomination of Thiru Sunil Paliwal, IAS, as Director representing Tamilnadu Industrial Development Corporation Ltd [TIDCOs].
