History of Agro Tech Foods Ltd.
YEAR EVENTS 1986 - The Comp. was incorporated on 21st November, & the Certificate of Commencement of Business was obtained on 9th January. It was promoted by C.N. Balu.
- The Comp. established a modern continuous process edible oil refinery with an installed capacity of 100 tonnes per day at Mantralayam, Kurnool District, Andhra Pradesh.
- An agreement was entered into with ITC Ltd., for providing technical & marketing consultancy services to the Company.
1988 - 7 No. equity shares subscribed for by signatories to Memorandum. 10,00,000 No. equity shares issued at par to promoters, their associates, etc., as on 15th May.
1989 - The Comp. embarked upon an expansion programme which envisaged setting up of facilities for backward integration including a solvent extraction plant with an installed capacity of 300 tonnes per day & installation of additional facilities for dewaxing of sunflower oil to raise the installed capacity from 70 tonnes to 100 tonnes per day. Additional dewaxing facilities were installed during November 1990.
1990 - The Comp. entered into a technical collaboration agreement with Pacific Seeds of Australia, a division of Continental Grain Pvt. Ltd., for manufacture of hybrid seeds.
- The Comp. developed sunflower `Hybrid Seed' in concest with Pacific Seeds, Australia.
- 50,00,000 No. of equity shares issued at par of which 14,00,000 shares reserved & allotted to promoters, directors, etc. Out of remaining 36,00,000 shares, 15,50,000 shares reserved and allotted on preferential basis as follows: [is] 2,50,000 shares to employees [including working directorss]/workers of company & [iis] 13,00,000 shares to Commonwealth Development Corporation U.K. The balance of 20,50,000 shares offered for public subscription during March 1991. Additional 7,50,000 shares allotted to retain oversubscription in the following manner: [is] 2,10,000 shares to promoters, etc. [iis] 37,500 shares to employees & [iiis] 5,02,500 shares to Indian public.
1991 - With the Equity shares during March, the Comp. issued 9,00,000 -14% secured redemable non-convertible debentures of Rs 100 each. One detachable equity warrant was attached with each debenture entitling the holder thereof to exchange the warrant for one equity share of Rs 10 at the end of 12 months from the date of allotment of debentures on surrender of warrant along with the payment of Rs 10 per shares.
- The non-convertible debentures would be redeemed in full at premium of 5% in 3 equal instalments of Rs 30, Rs 35 & Rs 35 at the end of 7th, 8th & 9th year from the date of allotment respectively. Additional 1,00,000 debentures were allotted to retain oversubscription.
- The main objects of public issue of equity shares and debentures during March were to finance partly the expansion project, to meet the long term requirements of working capital & to get the securities of Comp. listed on the Stock Exchanges.
1992 - The product range of edible oils marketed through ITC Ltd., included `ITC Sundrop', `ITC-Crystal', `ITC-Real Gold' and `ITC-Sudham'.
- During December 1992-January 1993, the Comp. issued 38,92,507 Rights equity share of Rs 10 each for cash at a premium of Rs 90 per share as Rights basis in the proportion 1:2 [all were taken ups].
- Another 94,625 shares at a premium of Rs 90 per share were offered to the employees' on an equitable basis [only 91,750 shares taken-ups]. 1,00,000 No. of equity shares of Rs 10 each were offered at a premium of Rs 90 per share to financial institution on preferential basis [all were taken ups].
1995 - The Comp. suffered loss for fourth time, due to the poor capacity utilisation at the Mantralayam complex because of the inadequate availability of raw material. SUNDROP, continues to be the largest selling sunflower oil in the branded retail segment.
1996
-ITC Agro has launched Sundrop Canola a 94 per cent saturated fat-free cooking oil under its Sundrop brand.
1997
-Received the nod from the Foreign Investment Promotion Board for its proposal to give US-based foods Comp. ConAgra a majority stake in the company.
-Board approves the ITC Agro-Tech & ConAgra tie-up & cleared the decks for US partner to formally take charge of edible oil businesses.
1998
-Joint venture between ConAgra Inc USA & Tiger Oats ltd South Africa has completely disengaged itself from financial services businesses.
-ITC Agro-Tech performance in 1997-98 was hampered by lower seed availability leading to under utilisation of its capacity
-Notified the Calcutta Stock Exchange that it has received a demand notice of Rs 9.06 crore from the commercial tax authorities of state of Andhra Pradesh.
2000 - The shareholders of ITC Agro-Tech have unanimously approved the change of Comp. name to Agro Tech Foods Limited.
- The Comp. signed the deed of assignment for 'acquisition of Rath brand' on 1st June.
2001
-Subsidiary of ConAgra Inc of USA, has transferred all its 120 permanent employees working at the ITC integrated oil processing unit at Mantralayam in Andhra Pradesh following suspension of operations at the plant
2002
-Mr Thomas Manuel & Mr Hamish McBain have resigned from the Board of Directors of Comp. from the close of business hours of March 25, 2002. Their Alternate Directors Mr Ajay Bahl & Mr Raman Sharma have vacated office w e f the close of business hours of March 25, 2002.
-In the casual vacancy caused by resignation of Mr Thomas Manuel & Mr Hamish McBain the Board has appointed Mr Howard G Buffett & Lt Gen D B Singh as Directors of Company.
-Board has appointed two independent non-executive directors to its nine member board & have been inducted into their new audit committee.
2003
-Mr. Benedicto C Sison was appointed as Alternate Director for Mr. R V Smither for Board Meeting held on May 08, 2003.
-Board approves of Voluntary De-listing of equity shares from the Hyderabad & Kolkata Stock Exchanges
-Mr. Larry A Carter has resigned as Director and Chairman from the Board of Directors of Comp. & in his place Mr. Ian F Troop has been appointed as Director and Chairman of Comp. w.e.f. June 24, 2003.
- Mr. Michael John Sullivan has resigned as Director w.e.f. June 23, 2003.
-AFTL tie up with Apollo Hospitals for health awareness campaign.
-Received intimation from CDC Group Plc in respect of sale of 549312 [2.25%s] equity shares.
-ConAgra Food Integrated Comp. moves its indian subsidary part Agro Tech Foods Ltd [AFTLs] to ConAgra Foods Retail Products Company
-Enters into ready-to-eat-food segment by launching corn chips & potato puffs in Pune
-Enters into a marketing tie-up with Reliance India Mobile offering a special scheme for consumers of its Sundrop oil
2005
-Agro Tech ties up with Narayana Hrudayala to save hearts
2006
-Agro Tech ties up with SACH [Save A Child Hearts], an NGO promoted by Apollo Hospitals group.
2007
-Agro Tech Foods Limited has appointed Mr Sachin Gopal as Chief Operating Officer with effect from 2nd April, 2007.
-Agro Tech Foods Limited has informed that 'Mr. S Ramaswamy, Comp. Secretary is being relieved from the services of Comp. with effect from the closing hours of 15th October, 2007. Mr. K Subharaman assumes office as Comp. Secretary from the opening hours of 16th October, 2007'.
-Agro Tech Foods Limited has informed that 'Mr. Hemant Kumar Ruia has been appointed as Chief Financial Officer in our Comp. with effect from 10th December, 2007.
2008
-Agro Tech Foods has appointed Mr. Phani K Mangipudi as Acting Comp. Secretary & Compliance Officer effective January 11, 2008 approved by Board of Directors at their meeting held on January 23, 2008.
-Agro Tech Foods Ltd has has appointed Mr. Greg Estep & Mr. Alejandro Castro as Directors of Company.
2009
- Agro Tech Foods Ltd has informed BSE that at the meeting of Board of Directors of Comp. held on January 21, 2009, Mr. Satish Tandon has been inducted into the Board as an Additional Non-Executive Independent Director.
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