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History of Consolidated Fibres And Chemicals Ltd.

YEAR EVENTS 1987 - The Comp. was incorporated on 15th June, as a Public Limited Comp. in the State of West Bengal & obtained the Certificate of Commencement of Business on 30th November, from the Registrar of Companies, West Bengal at Calcutta.

- It was promoted by West Bengal Industrial Development Corporation [WBIDCs] & Bakelite Hylam Ltd., Hyderabad [BHLs] as a nominee of Gouri Prasad Goenka. The main object of Comp. is to Manufacture acrylic fibres.

- The Comp. undertook to set up a project for manufacture of 12,000 TPA of acrylic fibre. Land admeasuring 45.74 acres was acquired from Calcutta Port Trust, at Industrial Zone [Zone Easts] a notified backward area in Haldia, district Midnapore, West Bengal.

- Plant & Machinery were imported through their collaborators Marubeni Corporation with the assistance of Kawasaki Heavy Industries, limited It is to incorporate the Wet-Spinning technology of Japan Exlan Comp. limited The product finds application in a hand/machine-knitting yarn & in the manufacture of knitwear, hosiery shawls, carpets etc.

1992 - 8 equity shares of Rs. 10 each subscribed for by signatories to the Memorandum of Association. 54,29,992 No. of equity shares of Rs. 10 each issued at par of which the following were reserved for allotment:

- [is] 77,46,900 shares to BHL;

- [iis] 73,53,092 shares to Indian Directors, their friends, etc.,

- [iiis] 80,60,000 shares to WBIDC.

- Of the remaining, the following reserved or allotment on a preferential basis:

- [is] 62,00,000 shares to Commonwealth Development Corporation;

- [iis] 12,66,500 shares to employees including those of promoter companies [only 5,66,300 shares taken-ups].

- Balance 178,63,500 shares along with 7,00,200 shares not taken up by employees were issued to the public [all were taken ups].

- Additional 81,40,500 shares allotted to retain over subscription [6,00,000 shares to BHLs]. 39,400 shares to Indian Promoters and remaining to the public.

- [ivs] 57,80,000 shares to Approved Mutual Funds [20,00,000 shares each to SBI Mutual Fund and Canbank Mutual Fund & 17,80,000 shares to PNB Mutual Funds.

1993 - The performance of Comp. was not satisfactory due to various factors like depressed fibre prices throughout the year & lower realisation as well as the substantial outgo in financial charges.

1994 - During the year, the Comp. considered setting up of down stream project for manufacture of value added items like yarn and acrylic based finished products.

- The Comp. entered into an agreement with Marubeni Corporation, Japan, for technology, equipment & the supervisory services. In return for services, the collaborators were to be paid a know-how fee of J. Yen 210 million.

- The Comp. also entered into an agreement with Davy Powergas India [Pvt.s] Ltd., for detailed engineering services, project management, procurement of indigenous equipment etc.

2007

-Consolidated Fibres and Chemicals Ltd has appointed Shri. P K Chatterjee as Director with effect from January 31, 2007.