Company History - GSFCPrint

1962

- The Company was Incorporated on 15th February, in Gujarat. The Company manufacture chemical fertilisers,
petrochemicals and other allied products such as urea, ammonium sulphate, diammonium phosphate, ammonia,
sulphuric acid, caprolactam, argon gas, etc., and nylon-chips and melamine.

- 1,47,000 Pref. and 4,41,000 No. of equity shares taken up by Gujarat Government. 7,663 Pref. and 25,975 No. of
equity shares taken up by directors, etc. 25,737 Pref. and 77,625 No. of equity shares issued to the employees of the
Company, farmers, Co-operative sector, etc. 1,19,600 Pref. and 3,55,400 No. of equity shares offered to the public.

1967

- The first phase of plants consisting of ammonia, sulphuric acid, phosphoric acid, urea, ammonium sulphate and
diammonium phosphate units were commissioned.

1972

- The Company set up its own development and research department.

1974

- The Caprolactam facility plant was commissioned on 25th March.

1979

- On 1st June, the Company completed and put into operation a debottlenecking programme with a view to increase
the production of phosphoric acid.

1981

- During December, the Company commissioned another sulphuric acid plant for manufacture of 1,32,000 TPA of
sulphuric acid. A contract was signed with Simon Carves India, Ltd., for establishing sulphuric acid plant in 1978.

- During the 3rd week of December, the demonstration plant for the manufacture of 300 TPA of Styrene Acrylonitrile
(SAN) was commissioned.

1982

- During November, the Company commissioned a 5,000 tonnes per annum of melamine and fluorine recovery plant.

- During July, the Company commissioned a factory for conversion of methane into oxosyngas for Indu Nissan Oxo
Chemical Industries Ltd., who had set up a plant for oxo-alcohols near the Company's complex.

- The Company undertook to set up its second DAP complex with a capacity of 4,50,000 tonnes of phosphorous
pentoxide (P2O5) per annum on the Saurashtra coast.

- The Company and Gujarat Maritime Board jointly formed a technical committee in order to speedily set up a jetty
with infrastructural facilities for the development of Sikka port for handling imports for the DAP complex. The main
process plant was commissioned in December 1986.

1983
- Polymers Corporation of Gujarat Ltd., was amalgamated with the Company with effect from 1st January as per
approval of Gujarat High Court dated 16th January, 1985.

- In terms of the Scheme of Amalgamation one equity share of Rs 100 each of the Company was issued in exchange
of 85 equity shares of Rs 10 each of Polymers Corporation of Gujarat Ltd., and 35,000 -11% cumulative redeemable
preference shares of Rs 100 each of the Company were issued in exchange of 35,000-11% cumulative redeemable
preference shares of Rs 100 each of Polymers Corporation of Gujarat Ltd., with no right of arrears of dividend for the
period prior to 1st January, 1983.

- The Company was required to issue and allot without payment in cash 58,824 No. of equity shares of Rs 100 each
and 35,000-11% cumulative redeemable preference shares of Rs 100 each to the members of Polymers Corporation
of Gujarat Ltd., upon its merger with the Company. This Scheme of Amalgamation was under Section 72-A of the
Income-Tax Act, 1961.

- In addition, 14,706 bonus equity shares of Rs 100 each of the Company were also to be allotted on the 58,824 No.
of Equity shares of the Company to be allotted to members of Polymers Corporation of Gujarat Ltd., in respect of the
Company's bonus issue of 1984 in proportion 1:4.

1985

- 4 polymer blends and alloys of Nylon-6 and SAN were developed. During the year, industrial licence for methacrylic
acid (MAA) was received.

1986

- Equity shares subdivided in June. 260 No. of equity shares of Rs 10 each allotted to non-resident and 30 bonus
equity shares of Rs 10 each were also allotted. 30 No. of equity shares of Rs 10 each forfeited.

1987

- The Company's multipurpose fertiliser pilot plant to be set up in collaboration with International Fertilizer
Development Centre (IFCD), USA, received Government approval in the year. The pilot plant for xylitol from bagasse
was commissioned. The Company in collaboration with ATIRA, Ahmedabad developed an acrylic based synthetic
thickener.

- The Company issued 14% non-convertible debentures worth Rs 45 crores to UTI, LIC, BOI, Army Group Insurance
Fund, SBI, Indian Bank and Central Bank of India on private placement basis.

- 6,218,337 bonus equity shares issued in prop. 3:10. 4,430 No. of equity shares allotted to non-resident
shareholders.

1988

- (15 months), agreements with foreign collaborators and Indian engineering construction companies were completed
for the establishment of the Caprolactam facility plant.

- The R&D Department was in the process of setting up a multipurpose fertiliser pilot plants for manufacture of solid
and fluid fertilisers.

- Gujarat Industries Power Co., Ltd., was set up through the joint efforts of Gujarat State Fertiliser Co. Ltd., (GSFC),
Gujarat Narmada Valley Fertilisers Co. Ltd. (GNFC), Gujarat Alkalies and Chemicals Ltd. (GACL), Petrofils, Heavy
Water project collaboration with GEB and Government of Gujarat, for establishing a joint captive power plant IX 120
MV capacity.
- (15 months), the Company proposed to undertake a project in collaboration with a leading US biotechnology
Company under PACT scheme and ICICI for development of biopesticides for control of pests in groundnut, tobacco,
etc.

- During December 1988-January 1989, the Company offered 166,66,666-14% secured redeemable partly
convertible debentures of Rs 90 each on rights basis in the proportion 8 debentures: 13 equity shares held (all were
taken up).

- The Company also issued 8,33,333-14% debentures to employees/working directors of the Company on an
equitable basis (only 7,95,735 debentures taken up). The unsubscribed portion of 37,598 debentures was allowed to
lapse.

- Rs 60 of the face value of each debenture was converted into one equity shares of Rs 10 each at a premium of Rs
50 per share (As per this conversion, 174,62,401 No. of Equity shares were allotted on 11.8.1989).

- Rs 30 of the face value being the non-convertible portion of each debenture was to be redeemed in 3 equal annual
instalments on the expiry of 7th, 8th and 9th year from the date of allotment of debentures.

1989

- The DAP production at Sikka was hampered due to non-availability of imported/canalised raw materials like
phosphoric acid and ammonia. As a result, the Sikka plant remained closed for a period of 193 days.

- Requisite permissions were received to import 1,500 tonnes of melamine. It was proposed to increase the melamine
capacity from the present 5,000 TPA to 15,000 TPA and the project was under implementation. Necessary technical
know-how the licence for the expansion project was proposed to be obtained from Chemic Linz.

- The Company decided to set up one more sulphuric acid plant with a capacity of 1000 TPD at a cost of about Rs 55
crores. A turnkey contract was awarded to Dharamsi Morarjee Chemicals Co., Ltd. Mumbai, who have the tie up in
the M/s. Tim J. Browder & Co. USA.

1990

- The Company proposed to set up a 1350 MTPD ammonia plant at Fertilizernagar. Linde AG West Germany were
selected as the contractor for the project.

- The Company set up a project for the production of argon gas required for industrial purposes and also for saving of
naphtha and gas consumption in the manufacture of ammonia.

- Another plant was set up for recovery of methane synthesis gas and argon gas in 1980. - Effective from 1st April,
Gujarat Nylons Ltd. (GNL) a subsidiary was amalgamated with the Company. The shareholders of GNL were to be
allotted 1 equity share of Rs 10 each in GSFC for every 8 equity shares held in GNL. Accordingly 18,58,125 No. of
equity shares were to be allotted to the shareholders of erstwhile GNL.

- 1,33,22,558 Bonus Equity share issued in prop. 3:10.

1991

- A three bed modified design contact furnace with improved material of construction was installed in the melamine
plant.

- At the instance of Gujarat Maritime Board (GMB), the Company decided to take over the ownership of the Sikka
Jetty from GMB right from the day of the start up of construction of the jetty.
- 525 No. of equity shares, representing 4,200 partly paid equity shares of GNL were forfeited for non-payment of
allotment money and the balance 18,57,600 No. of equity shares were allotted to the shareholders of the erstwhile
GNL. The shareholders of GNL were also allotted 5,57,280 bonus shares on receipt of a fresh consent from the
Controller of Capital Issues.

- 27,414,880 No. of equity shares allotted pursuant a scheme of amalgamation.

1992

- The Company offered during October/November, 64,28,571 partly convertible debentures of Rs 350 each
aggregating to Rs 225 crores. Out of the total issue, 61,22,449 debentures were offered to the equity sharesholders
61,15,291 debentures taken up 3779 debentures of the Company on rights basis in the ratio of 1 debenture for 10
equity share held and the balance 3,06,122 debentures were offered to the employees of the Company only 2,54,160
debentures allotted.

- A portion of Rs 200 (Part-B) of each debenture compulsorily converted into 1 equity share of the Company at
premium of Rs 190 per share within 6 months from the date of allotment of the debentures. Accordingly 63,69,451
shares allotted. The non-convertible portion of Rs 150 (Part-A) would be redeemed in three equal instlaments of Rs
50 each on the expiry of the 7th, 8th and 9th years from the date of allotment of the debentures.

- The company proposed to issue Euro Convertible Bonds of the order of US $100 million.

- The 35,000-11% cumulative preference shares were due for redemption in 19th January.

- 63,77,124 No. of equity shares, 832 shares & 197 shares allotted on 1.6.1993 & 17.6.1993.

1995

- Additional equipment facilities were installed and necessary modifications were carried out in Gas Turbine to use
liquid fuels like Naphtha/HSD or mixture of Natural gas and Naphtha to overcome the difficulties in getting continuous
supply for required quantity of Natural gas.

- With a view to take care of the investments in new schemes and small projects, the Company promoted a new
company "GSFC Investment & Leasing Co., Ltd." (GILC).

- The issue capital or GILC comprising 95,000 No. of equity shares of Rs 10 each and 50,000 preference shares of
Rs 100 each are held by the Company.

- In order to part finance the 1350 MTPD New Ammonia Project at Fertilizernagar, the Company made a rights issue
of 13301,290 No. of equity shares of Rs 10 each for cash at a prem. of Rs 90 per share in the ratio of 1 share for
every 5 shares held.

- The Company proposed to issue Equity shares/Convertible Bonds upto US $100 million. The Company made
arrangements with some of the financial institutions for issue of secured Redeemable Non-Convertible Debentures
aggregating Rs 80 crores on private placement basis.

1996

- The Company signed two separate contracts with M/s. ENCO/Poleservice for the supply of licence, know-how,
basic engineering and for supply of imported/proprietary items.

- Effective from 1st October the name of the company was changed from Gujarat State Fertilizers Co. Ltd. to Gujarat
State Fertilizers & Chemicals Ltd.
- 132,90,847 right shares (prem. Rs 90 per share) issued in prop. 1:5.

1997

- All DCS systems, Electrical sub-station, Air separation unit and Argon recovery units, TG set, Air & Nitrogen
compressors were commissioned.

1998

- With a view to enhancing the production of Cyclohexanone, the Company undertook to set up a debottlenecking
project.

- The GSFC acquisition would be part of its figure prospects of modernising the plant and setting up a phosphoric
acid plant.

- Gujarat government has issued a letter of intent (LOI) for the land to petronet for setting up the LNG terminal at
Dahej.

- GSFC and Ecomat would explore the possibility of R&D collaboration for development of building materials from
industrial wastes such as chalk, fly-ash and agro waste to cater to the Indian market.

- Gujarat State Fertilisers and Chemicals signed a memorandum of understanding with International Inc. Florida,
USA, for development of phosphochalk-based wood and other building materials through innovative technologies.

- 33,00,000-17.5% Pref. shares issued to be redeemed after 3 years i.e. from 9.2.2002.

1999

- Gujarat State Fertilizers and Chemicals (GSFC), a State Government undertaking, has signed a memorandum of
understanding with the U.S.-based Planetary Design Corporation (PDC) to set up a coastal agro industrial project in
the State.

- The Reserve Bank of India (RBI) has withdrawn the in principle clearance granted to the Gujarat State Fertiliser
Company Limited (GSFC) to set up a private bank.

- Fertiliser major Gujarat State Fertilisers and Chemicals Ltd (GSFC) has taken an in-principle decision to sign a joint
venture (JV) agreement with engineering and infrastructure major Larsen and Toubro Ltd. (L&T) for the construction
of buildings at its Rs 200 crore Infocity project.

- The company has entered the agro service sector with the launch of various plant breeding, biofertilisers and tissue
culture products.

- The company has signed the tripartite agreement with CDSL and MCS Ltd. on November 12.

2000

- Mr Sudhir Mankad was appointed as Direct of the Company in place of the casual vacancy caused by the
resignation of Mr K. V. Bhanujan with effect from 20th October.

2001

- ICRA has downgraded the long-term rating assigned to the non-convertible debenture (NCD) and bond programme
of the company from `LAA', indicating high safety, to `LA+', indicating adequate safety.
2002

-Appoints Dr Manjula Subramaniam as the Rotational Director of the company.

-Changes in the directorship: Mr Vipin Malik ceased to be the Director, Mr Narasimha Raghunath Krishnan apointed
as Nominee Director of UTI, Mr Sudhir Mankad appointed as Additional Director, Mr Subashchandra Ramrao
Vengsarkar appointed as Additional Director.

-Considers two option to salvage the loss making fertilizer: 1. Weighs the option of a merger of Gujarat
Narmadavalley Fertilizers with GSFC 2. Disinvestment of GSFC.

-Rationalises the plant load of Urea-I and Melamine-I & II plants.

-Seeks relief from the Union Ministry of Chemicals and Fertilizers for the capital expenditure incurred by the company
on its 1350 MTPD ammonia plant.

-Completes DAP Expansion project Train "C" of the capacity of 3,96,000 tonnes per annum at Sikka Unit.

-Government of Gujarat declares GSFC as Relief Undertaking.

-Changes in the BOD: Shri Arvind Dhirubhai Desai and Dr Kesichainula Kameswara Rao, ceased to be the Director
of the company and Shri Radhey Shyam Agarwal appointed as the Nominee Director of IDBI.

2003

-Dr Kesichainula Kameswara Rao is ceased to be the Director by resignation.

-Appoints Mr Ashok Narayan as the Chairman of the company.

-Appoints Mr C K Koshi as the Director on the Board of the company.

-Files a special suit in the civil court of justice, seeking interim injuction on any sale or transfer of its mortgaged
shares.

-Members approve for the delisting of equity shares of the company from Ahmedabad, Calcutta, Delhi and Madras
Stock Exchanges.

- Equity shares of Gujarat State Fertilizers & Chemicals Ltd voluntary delisted from the Madras Stock Exchange w.e.f.
March 12, 2004, Delhi Stock Exchange w.e.f. March 31, 2004 and Ahmedabad Stock Exchange w.e.f. March 31,
2004

-GSFC wins award from FAI