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History of Andhra Petrochemicals Ltd.

The Andhra Petrochemicals Limited is a Comp. promoted by Shri Mullapudi Harischandra Prasad, Dr B.B. Ramaiah & Shri D.A. Somayajulu [among otherss] who happened to be Directors/Secretary of The Andhra Sugars Limited/Andhra Pradesh Industrial Development Corporation limited respectively to set up a 30,000 TPA Oxo-Alcohols project at Visakhapatnam, Andhra Pradesh, in technical collaboration with Davy Mckee [Londons] Ltd., U.K. The Project was promoted by The Andhra Sugars Ltd., in association with Andhra Pradesh Industrial Development Corpn.Ltd.

The Comp. was incorporated as a Public Limited Comp. on 18th April, 1984 & Certificate of Commencement of Business was obtained on 21st May, 1984.

PROMOTERS APIDC: Andhra Pradesh Industrial Development Corporation limited [APIDCs] is the apex industrial developmental & financial institution of Andhra Pradesh. APIDC objective is to promote new industries in the State of Andhra Pradesh thereby stepping up the pace of Industrialisation & creating employment opportunity. APIDC lays great emphasis in development of backward areas & has made immense contribution to the Industrial Development of State.

1996-97: The operations of Comp. received a setback during the period due to substantial increase in Propylene [feedstocks] price witnessed during December, 1996 to March, 1997 which couldn't be absorbed in the market. Also, following the general recession in the world economy which brought down international selling price levels during the year & further with the reduction in import duties, the average realisation of Comp. products came down significantly. The Comp. contributed nearly Rs. 1295 lakhs to the National Exchequer in terms of indirect taxes.

2002

-IDBI appoints Salil Kumar as Nominee Director of Andhra Petrochemicals

2004

-Shares of Comp. delisted from Hyderabad Stock Exchange w.e.f. March 4, 2004 & from Madras Stock Exchange w.e.f. March 3, 2004