Company History - Nagarjuna Fertilisers & Chemicals Ltd.(Old)
1976
- The Company was Incorporated on 28th January, at Hyderabad. It was promoted by Shah Wallace & Co. Ltd., Nagarjuna Fertilizers Ltd., another company promoted by Shah Wallace & Co. Ltd., was amalgamated with the Nagarjuna Fertilizers & Chemicals Ltd., with effect from 1st April, 1977.
- The Company entered into foreign collaboration agreements with Snamprogetti S.P.A., Italy for the urea process and with Haldor Topsoe A/S., Denmark for the ammonia process.
- The Company undertook to set up a project for the manufacture of 900 tonnes per day of ammonia and 1,500 tonnes per day of urea (2,97,000 tonnes of ammonia and 4,95,000 tonnes of urea per annum).
1989
- The Company allotted 13,00,000-10% CCPs of Rs 100 each at farmers, dealers of the Company and group shareholders.
1990
- 584,21,729 No. of equity shares and 13,00,000 CCPs subscribed for by the promoters, directors, their associates, etc. 12,25,00,000 No. of equity shares issued at par of which 145,00,000 shares allotted on preferential basis to Mutual Funds (50,00,000 shares to Canbank Mutual Fund; 50,00,000 shares to Indian Bank Mutual Fund; 40,00,000 shares to SBI Mutual Fund and 5,00,000 shares to LIC Mutual Fund).
- Out of the remaining 1080,00,000 No. of equity shares, 285,57,000 shares reserved for preferential allotment as follows:
- (i) 90,57,000 shares to employees/workers of the Company and the promoters companies (only 7,99,200 shares taken up);
- (ii) 100,00,000 shares to non-resident Indians (only 22,33,000 shares taken up) and
- (iii) 95,00,000 shares to Mutual Funds (all were taken up). The balance of 794,43,000 shares, together with the unsubscribed 160,24,800 shares belonging to the employees and non-resident' quota were offered to the public in January 1991.
1991
- The Company reserved and allotted 8,00,000-10% CCPs to non-resident Indians. Each CCPs is convertible into 10 equity shares of Rs 10 each between 3 years and 5 years from the date of allotment of the CCPs.
1992
- The Company issued 5,55,35,000-18% secured partly convertible debentures of Rs 40 each at par of which 3,32,88,260 debentures were offered on rights basis to the shareholders in the proportion of 3 debentures: 20 equity shares/2 cumulative convertible preference shares held. Only 170,20,884 debentures taken up. Of the remaining 222,46,740 debentures, 11,12,337 debentures were offered to employees (none were taken up) and 25,00,000 debentures were offered to NRIs (only 14,32,965 debentures taken up). The balance 186,34,403 debentures along with 184,46,748 debentures not taken by shareholders (right issue), employees and NRIs were
issued to the public. All were taken up.
- Each debenture of Rs 40 was divided into Part A and Part B of Rs 20 each.
- Rs 10 of Part A of each debenture was to be converted into one equity share of Rs 10 each at par on the date of allotment of debentures. The balance of Rs 10 of each debenture was to be redeemed in three installment of Rs 3, Rs 3 and Rs 4 at the end of 7th, 8th and 9th years from the date of allotment.
- Part B of Rs 20 will be converted at the option of the investor into one equity share of Rs 10 each at a premium of Rs 10 per share. The amount was to be redeemed in three installments of Rs 6, Rs. 6 and Rs 8 at the end of 7th, 8th and 9th year from the date of allotment of debentures.
- Jaiprakash Engineering and steel company Ltd and Pennar Refineries Ltd. are the subsidiaries of the company.
1993
- 210,00,000 shares allotted on conversion of `B' part of debentures.
1995
- With a view to bringing about improvement in farm management practices the Company set up a Agri-Output divisions.
- The Company proposed to set up a 2.2 million tpa export oriented integrated hot rolled coils steel plant at Mangalore.
1996
- The Company for the third consecutive year received the British Safety Council Award in recognition of company's excellence in the field of safety.
- The Company proposed to enter into a joint venture agreement with international majors in steel for setting up a project as a separate company.
- The Company signed a joint venture agreement with Haifa Chemicals Ltd., Israel, for production and marketing of water soluble speciality fertilizers.
1997
- In view of the synergy of operations the Company undertook to set up a refinery at Cuddalore in Tamil Nadu through Pennar refineries Ltd. along with Tamil Nadu Industrial Corporation.
- 18,33,333 shares allotted on amalgamation of Sri Ganesh Petrochemicals Ltd., with the Company in the proportion of 1:3 in 1996-97.
- NFCL had planned to set up a 2.2 million-tonne flat steel project in Mangalore, Karnataka, as part of its diversification move.
- The company is diversifying into steel and will set up a new company with a 30 percent equity stake.
- The company also intends to set up an export-oriented integrated hot-rolled coils steel plant under a separate company and is also scouting for foreign partners for the project.
- Nagarjuna Fertilizers and Chemicals Ltd. (NFCL) was awarded the prestigious Rajiv Gandhi Paarti Bhoomi Mitra Award.
- The Hyderabad-based Nagarjuna Fertilisers & Chemicals Ltd. (NFCL) has entered into an agreement with Haifa Chemicals of Israel to manufacture and market chemical fertilisers in the country.
- NFCL's project proposal was to set up an EOU at Nellore with foreign equity collaboration for the manufacture of liquefied petroleum gas, motor spirit and aviation turbine fuel or jet kerosene.
- Nagarjuna Fertilisers & Chemicals Ltd. (NFCL) to set up a refinery as a 100 per cent export-oriented unit at Nellore has received a setback with the Foreign Investment Promotion Board (FIPB) rejecting the project proposal.
- NFCL has an assured supply agreement with the Gas authority of India for 11 years and a captive power plant which meets 50 percent of its power requirement.
1998
- The refinery with a capacity of five million tonnes per annum will be set up at Cuddalore in Tamil Nadu.
- The Foreign Investment Promotion Board has cleared the Rs 1,660 crore LNG terminal to be set up by Nagarjuna Fertilisers along with the UK-based Hardy Oil and Hindustan Oil Exploration Company.
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