इंडियन पेट्रोकेमिकल्स कॉर्पोरेशन > कंपनी इतिहास > Petrochemicals > कंपनी इतिहास का इंडियन पेट्रोकेमिकल्स कॉर्पोरेशन - बीएसई: 500105, NSE: IPCL

इंडियन पेट्रोकेमिकल्स कॉर्पोरेशन

बीएसई: 500105  |  NSE: IPCL  |  ISIN: INE006A01019  |  Petrochemicals

कंपनी इतिहास - इंडियन पेट्रोकेमिकल्स कॉर्पोरेशन
 - The Corporation was incorporated on 22nd March, to manufacture
 and distribute synthetic organic chemicals, plastics, fibre and
 fibre intermediates from petroleum feedstock.  It is the
 country's first petrochemical complex in the pubic sector.  The
 corporation was converted into a public limited company on 21st
 March, 1986.
 - Low Density Polyethylene Plant was commissioned in May, the
 product is marketed under the brand name `INDOTHENE' and is
 available in 16 standard grades.  Other products include Linear
 Low Density Polyethylene (LLDPE) for caps, closures, etc., and
 copolymer sheets for blow moulded containrs and automobile
 bumper compounds.
 - Polypropylene Plant was Commissioned in May, for manufacture
 of Polypropylene under the brand name `Koylene'.
 - Polybutadiene Rubber Plant was Commissioned in August, to
 produce high cis-polybutadiene rubber in 3 grades under brand
 name `CISAMER', `CIXON' was introduced in 1988-89 to supplement
 the requirements of rubber, adhesive and solvent industry.
 - Acrylic Fibre Plant was Commissioned in March, the acrylic
 fibre is the only man-made substitute for wool, for making
 fabrics, upholstery, etc.  `Supracry' is another dry spun
 acrylic fibre developed for shawls, hosiery etc.
 - One of the Company's products, acrylic fibre, was being
 marketed under the brand name CASHMILON.  Consequent upon the
 expiry of the agreement with the collaborators, Asahi Industries
 Co., Ltd., Japan, the use of this brand name was terminated with
 effect from 1st February, and the brand name was replaced by
 `Indacrylon', an original and new brand name for the
 - This Plasticulture Centre undertakes trials of drip irrigation
 in addition to development of LLDE grade with antioxidant for
 extrusion coating, UV stabilised grade for green house
 - Schemes for debottlenecking of LDPP, linear alkyl benzene,
 etc., were drawn up in addition to process design work to revamp
 the benzene unit of the olefins plant to recover toluene.  Also
 a new and highly selective catalyst acquired for the
 isomerization unit in the xylenes plant was commissioned.
 - In order to meet a part of the capital expenditure for the
 Maharashtra gas cracker complex, the Corporation issued to the
 Indian public 4,00,000 - 14% secured redeemable non-convertible
 bonds of Rs 1,000 each at par.  Holders of these bonds would be
 elibigle to interest income deduction under Section 80L of the
 Income Tax Act.  These bonds would also be exempt from wealth
 tax without any limit.  Another 5,60,342 bonds were allotted to
 retain oversubcscription and these were retained by the
 Corporation itself.  The bonds are redeemable at par on the
 expiry of 7 years from the date of allotment i.e. on 18th
 - The company issued 4,00,000 - 15% secured redeemable
 non-convertible debentures (1990-93) of Rs 100 each.  These
 debentures are redeemable at a premium of 5% on the face value
 between the 5th and 8th years from the date of issue of the
 bonds i.e. 27.12.1985.
 - 60,00,000 - 15% secured redeemable non-convertible debentures
 (1991-95) of Rs 100 each were issued on private placement basis
 with LIC, UTI, GIC and Army Group, Insurance Directorate.  The
 debentures are redeemable at a premium of 5% of the face value
 between the 5th and 9th year, from the date of issue.
 - With the acquisition of catalyst manufacturing plant of ACC,
 the company proposed to produce a variety of catalysts and
 adsorbents.  Some of the processes developed were (i) Extraction
 of benzene and toluene from spent sulfolane (ii) Removal of
 unsaturates in the petroleum raffinate and (iii) a bimetallic
 Catalyst for Catalyst reforming.
 - 364 bonds were taken up by the employees and the remaining
 bonds were issued to SBI capital Market under offer for sale.
 - The Company issued 61,25,000 - 14% secured redeemable
 non-convertible debentures of Rs 100 each on private placement
 basis with LIC, UTI and Army Group and Insurance Directorate.
 These debentures are redeemable at a premium of Rs 5 per
 debenture between the 5th and 9th year from the date of issue.
 During the year, the Company proposed to set up a subsidiary
 IPCC Videsh Ltd., to focus on external contracts for training
 plant operations and project management.
 - The acrylic fibre expansion project (with 12,000 TPA capacity)
 was commissioned in March.  The project would cater to the
 production of both mono and bicomponent dry spun acrylic fibre.
 The project envisaging expansion of capacity of orthoxylene unit
 from 21,000 to 45,400 TPA and paraxylene unit from 17,000 to
 48,600 TPA was mechanically completed.
 - The research unit developed mono-metallic and bimetallic
 catalyst for reforming process.  In June, the Company received
 Government approval for the setting up of a carbon fibre pilot
 plant with associated product application development centre at
 an estimated cost of Rs 31 crores.
 - An agreement was signed with the Department of Biotechnology
 and Institute Merieux, Lyon, France for setting up a joint
 venture company for manufacture of viral vaccines at Gurgoan,
 Haryana.  A formal joint venture agreement was signed on
 3.6.1991, with General Electric Plastics, Holland, on receipt of
 Government approval for manufacture of advanced engineering
 thermoplastic products in the country.
 - The Company issued 7,77,158 - 13% secured redeemable
 non-convertible bonds of Rs 1000 each on private placement basis
 to UTI, LIC and SBI Capital Markets.  These are redeemable at
 par in June 1995.
 - Government approval was received to set up an integrated gas
 based petrochemical complex at Gandhar in the Bharuch district
 of Gujarat.
 - Market development activities related to LLDPE as heat seal
 layer in multi-layer laminater, PP paint containers with
 parallel sides, modular furniture and folding chairs from
 polypropylene copolymer and multi-layer laminates for seeds
 packaging, were carried out.
 - Three new projects, viz., butadiene revamp, polypropylene
 grass-root and polybutadiene rubber plant expansion with a total
 investment of Rs 300 crores was undertaken.  Also, a feasibility
 report for a 75,000 TPA polypropylene plant at an estimated cost
 of Rs 156.85 crores with a foreign exchange component of Rs 53
 crores.  In addition, another draft feasibility report was made
 for a 30,000 TPA polybutadiene rubber plant at an estimated cost
 of Rs 114.5 crores with a foreign exchange component of Rs 32
 - During the year, the Company proposed to set up a subsidiary
 `IPCL Videsh Ltd.' to focus on external contracts for training,
 plant operations and project management.
 - The Nagothane coplex commenced commercial operation of low
 density polyethylene (September 1991), ethylene oxide/glycol
 (November, 1991), and butane-1 (March, 1992) plants and produced
 38,483 tonnes of major saleable products during the year.
 - During the year the Company proposed to expand the capacity of
 ethylene, by setting up a new 75,000 MTA high density plant and
 by completed second phase of wire and cable compounding plant.
 These projects and the capital expenditure on renewals and
 replacements of Nagothane plants will involve investments to the
 tune of Rs 534 crores.
 - Technology transfer agreements for all the three projects was
 signed and detailed engineering agencies were finalised.
 Government clearances for all the three projects were received.
 - A non-metallic reforming catalyst for producing benzene and
 toluene, a bi-metallic gasoline reforming catalyst and improved
 version of molecular sieves for cracked gas were commercialised.
 A novel process for the purification and recovery of sulfolane
 was developed.  A process for the production of food grade
 hexane was developed jointly with Indian Oil Corporation Ltd.
 and Engineers India Ltd. and commercial plant was being set up
 by IOC at Gujarat Refinery.
 - The joint venture company was incorporated in India.
 Organisational manning was completed and work on the compounding
 unit at Baroda has commended.  A joint venture company was being
 set up to handle chemical cargo imported for and exported from
 the chemicals, petrochemicals and fertilizers plants situated in
 South Gujarat area by the Company with the combined efforts of
 Gujarat area by the Company with the combined efforts of Gujarat
 Industrial Investment Corporation Ltd., GSFC, Gujarat Alkalies &
 Chemicals Ltd., GNFC, Gujarat Maritime Board and foreign partner
 was expected to be added.
 - Government approval was secured for expansion project at
 Nagothane complex in respect of ethylene production from 3 lakh
 TPA to 4 lakh TPA.
 - The Company undertook under phase I chlor-alkali, VCM/PVC
 plants; jetty and captive power plants and associate utilities.
 In the second phase the Company proposed to undertake gas
 cracker of 3 lakh TPA of ethylene and 2,70,000 TPA of
 Polyolefins, Monoethylene glycol and ethylene oxide.
 - The Company issued 10,50,000 equity shares of Rs 10 each at a
 premium of Rs 150 per share on firm basis to employees of the
 Company (only 7,74,390 shares taken up).  Another 200,00,000
 equity shares of Rs 10 each at a premium of Rs 150 per share
 were offered to the public through prospectus of which 2,20,000
 equity shares are reserved for allotment on preferential basis
 to the persons whose lands were acquired for the Gandhar project
 with a provision to add back the unsubscribed portion, if any,
 to the public issue of 197,80,000 shares.  (1,99,99,949 shares
 were allotted.)
 - The Company issued 250,80,000 - 16% secured redeemable partly
 convertible debentures of Rs 80 each on rights basis in
 proportion 1 debenture: 20 equity shares held.  250,26,402
 debentures were allotted.
 - Part A of Rs 20 of each debenture was converted into 1 equity
 share of Rs 10 at a premium of Rs 10 per share.  250,26,402
 shares allotted on 1st July 1994.
 - Part B of Rs 60 was to be redeemed in three equal installments
 of Rs 20 each at the end of 6th, 7th, 8th year from the date of
 allotment of debentures.
 - The state-of-the-art application development centre at Gurgaon
 was inaugurated in March, and was operational with processing,
 testing proto-typing and CAED facilities for provision of
 technical support to the industry.
 - Indian Vaccines Corporation Ltd., has been promoted by the
 Government of India, PMSU France and the Company.
 - Gujarat Chemical Port Terminal Company Ltd., is a joint
 venture and is designed to handle 1.5 million tonnes p.a. of
 liquid chemicals and would also facilitate import of chemicals
 from overseas markets.
 - During December the Company issued 61,26,126 GDRs representing
 - Key sections of new grass-root polypropylene plant of 75000
 TPA such as bagging sections, cooling water system etc. were
 commissioned apart from commissioning of finishing section of
 polybutadiene rubber plant of 3000 TPA.
 - The Corporation undertook to expand the gas cracker and high
 density polyethylene low density polyethylene plants at the
 - Production of polybutadiene rubber was low due to hook-up
 activities taken up for butadiene expansion project and
 diversion of propylene from the napha cracker to the new
 polypropylene plant.  The Nagothane complex received a capacity
 utilisation of 93% as compared to 97% in the previous year due
 to forced plant shutdown by virtue of non-availability of feed
 - The year, the Corporation commissioned 1,50,000 tpa polyvinyl
 chloride plant based on the state-of-the-art technology licensed
 from B.F. Goodrich of U.S.A., at Gandhar.  The first consignment
 of Indovin (PVC) produced by the mega complex at Dahej in
 Bharuch district entered the market and the Company became a
 major supplier in the Indian market.
 - The Corporation commissioned the 75,000 TPA polypropylene
 plant, the 30,000 TPA polybutadiene rubber plant and the
 - An infrastructure project UT3 Gujarat Chemical Pvt. Terminal
 Company Ltd., a unique chemical port was being set up at Dahej
 in the Gulf of Khambhat in Gujarat.
 - Another joint venture was entered into with M/s. Vivima
 Petrochemical Ltd., a part of the Vinman Group USA for
 establishing a joint venture company in the name of Indian
 Petrovin Ltd. for setting up a plant for manufacture of
 methylmethacrylate (MMA)/polymethyl-methacrylate PMMA) adjacent
 to the acrylonitrite plant at Gandhar Complex.
 - The Company also proposed to set up joint venture projects in
 the fields of oil refinery, power generation, fibre/yarn
 production and export oriented units.
 - The Company is setting up a 3 lakh tpa naptha Cracker plant; a
 downstream unit for Polyethylene, High Rubber Graft facility of
 20,000 tpa and a plant for manufacture of Butene and Isobutylene
 at Vadodara.
 - At Nagothane company is increasing the capacity of ethylene to
 5.5 lakh metric tonnes per annum by sourcing additional
 feed-stock from ONGC's Usar gas separation complex; 10,000
 metric tonnes per annum alpha Olefin and derivatives plant and
 increasing the capacity of LLDPE Plant from 80,000 to 1,40,000
 - At Gandhar, company is increasing the ethylene plant capacity
 from existing 3 lakh to 4 lakh tpa.  Company is also setting up
 a 1.5 tpa capacity PVC plant, 1 lakh tpa ABS plant, 1 lakh tpa
 Acrylonitrile (ACN) plant and single buoy mooring to facilitate
 import and export trade.
 - IPCL has an existing joint venture company with General
 Electric International (Benelux) BV, Holland, to manufacture
 engineering plastics under GE Plastics (India) Ltd.
 - IPCL is privately placing non-convertible debentures worth Rs
 450 crore to part-finance its expansion project.
 - IPCL had commissioned a 30,000-TPA poly-butadiene rubber plant
 and a 75,000-TPA poly-propylene plant at its Baroda complex.  It
 had also commissioned a captive jetty at Jageshwar, adjacent to
 its Gandhar complex in Broach district.
 - IPCL has entered into a joint venture with Vinmar
 Petrochemicals - a part of the US-based Vinmar group to set up a
 methylmethacrylate (MMA)/-polymethyl-methacrylate (PMMA)
 - IPCL will also float a joint venture with Malwa Cotton Mills
 and GSL India Ltd.
 - The Indian Petrochemicals Corporation (IPCL) signed a
 memorandum of understanding with the ministry of chemicals and
 fertilisers where the production target has been fixed 20 per
 cent over last year's production.
 - The London-based International Financing Review (IFR), has
 selected the 175 million equity linked issue of IPCL as the best
 equity linked issue for the year 1997.  IPCL has become the
 first ever Indian corporate entity to win the prestigious IFR
 - The Corporation will sign a memorandum of understanding (MoU)
 with the foreign company for supply of gas over a period of 10
 - The IPCL has also tied up its requirement of propane to the
 extent of 6,000-7,000 tonnes with suppliers in West Asia.  The
 propane will be used as feedstock in the corporation's Nagothane
 - IPCL has received mandatory clearance from the ministry of
 chemicals and fertilisers for a joint venture with
 Ludhiana-based Malwa Cotton, thereby breaking the deadlock that
 had arisen due to the non-constitution of the Navaratna board.
 - IPCL has forged an alliance with the Essar group for sourcing
 propylene for its Gandhar and Nagothane plants.
 - IPCL has bagged the prestigious British Safety Council award
 for excellent safety performance during 1997.
 - Indian Petrochemical Corporation Ltd (IPCL) has entered into a
 tie-up with QAP-CO, the state-owned company of Qatar, for
 sourcing 30,000-40,000 tonnes of ethylene.
 - Indian Petrochemicals Corporation Limited (IPCL) has
 commissioned 160,000 tpa of high density Polyethylene plant
 (hdPE) based on process license from Hoechst AG of Germany on
 March 26 at Dahej, without any cost or time overrun.
 - Petrochemical major Indian Petrochemicals Corporation Limited
 (IPCL) join hands with Nirma Limited for the marketing of Linear
 Alkyl Benzene (LAB).
 - The Govt. has set up a high-power inter-ministerial committee
 to oversee the disinvestment of petrochemical major Indian
 Petrochemicals Corporation Limited (IPCL).
 - The Company has won British Safety Council's safety award for
 the year 1999-2000 for recording the lowest number of accidents.
 - Indian Petrochemicals Corporation Ltd (IPCL) has entered into
 a long term agreement with Oil and Natural Gas Corporation
 (ONGC) Ltd for the supply of nearly 5,70,000 tonnes per year of
 feedstock for its 4,00,000 tonne ethylene cracker at Nagothane.
 - IPCL has been awarded `excellent performance certificate' by
 the Ministry of Heavy Industries and Public Enterprises for
 achieveing competitive targets for the year 2000-2001.
 - Operations at State-run Indian Petrochemicals Corporation
 Ltd.'s plant in Baroda were partly affected after a minor fire
 broke out near one of its units.  A minor fire broke out in an
 electrical sub-station near the Vinyl Chloride Monomer plant on
 20th of November.
 - Indian Petrochemical Corporation Ltd. said it will sell its
 Vadodara plant to Indian oil Corporation by next month.
 - Indian Petrochemicals Corporation has signed memorandum of
 understanding with the Government of India, department of
 chemicals and petrochemicals for fiscal 2001-02.
 - Indian Petrochemical Corporation has registered a 70 per cent
 increase in export turnover in fiscal 2000-01. The export
 turnover was Rs 291 crore against Rs 171 crore in the previous
 fiscal. The combined capacity utilisation of all operating
 plants of IPCL located at Baroda, Gandhar and Nagothane was over
 98 per cent.
 -RIL acquired 26% stake and management control in its major rival
  IPCL which created a monopoly in the domestic market and also a
  major force in the petro industry.
 -IPCL appoints Manjula Subramaniam as part time official director
  to the board.
 -GOI to divest 26% equity in IPCL to the strategic partner by
 -IPCL signs long term wage revision agreement with labour unions 
 in its petrochemical complexes and chalks out wage hike package.
 -IPCL redeemed FCCB of US 6m, which is one of the highest 
 redemption in US dollars at a stroke for any foreign currency issue
  by an indian corporate.
 - ONGC refuses to supply gas to IPCL  as per existing contact after
 its sell-off.
 -CRISIL upgrades IPCL's Rs. 1200Cr NCD issued to AA from  AA- 
 and Rs.203 cr NCD issue to  AA  from AA-  and fixed deposit
  to FAA+ from FAA.
 -Net profit of the company increased by 90% due to the cut in
 interest cost.
 -IPCL sacks 167 employees at Vadodara plant.
 -Company has registered 18% growth in the production in its first
  under Reliance group.
 -Company announced one time Voluntary Retirement Scheme 
 to all its employees on medical ground, which cost the 
 company over Rs.150cr.
 -IPCL and RIL mandated SBI and ANZ for raising 0m loan 
 through ECB route and succeeded in baging the loan
  for a term of 5 years.
 -Shri Ashok Chawla has ceased to be director representing Government
 of India on the BoD of the company and in his place, Shri G S Sandhu
 has been appointed as the director representing Government of India.
 Shri A Parthasarthy Naidu has ceased to be Company Secretary.
 -Govt. of India disinvests 71,850,056 equity shares of Rs 10 each
 amounting to 28.945% of the total share capital of the Company
 through IPO. The shareholding of the govt. after sale is 1,24,11,282
 shares amounting to 5% of the total share capital of the Company
 -Delists Shares from Vadodara Stock Exchange
 -The Government of India on April 5, 2004, has offered 1.24-crore
 equity shares of Indian Petrochemicals Corporation Ltd (IPCL) to its
 employees at a price of Rs 57 per share which is one-third of Rs 170
 per share at which the government has offered under its offer for
 sale to the public.
 - Indian Petrochemicals Corporation Ltd (IPCL) has appointed Anil
 Ambani as vice-chairman of the company with effect from April 27,
 - Shri Anil D Ambani has January 03, 2005, addressed a letter to Shri
 Mukesh D Ambani, Chairman of the Company, tendering his resignation as
 Vice Chairman and Director of the Company with a request to accept his
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