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History of Nahar Sugar and Allied Industries Ltd.

1993 - The Comp. was Incorporated on 26th February, at Jalandhar in Punjab & was promoted by Nahar Spinning Mills limited and its associate Companies of OWM Group & PSIDC.

- The Comp. undertook to set up a 2500 TCD capacity sugar plant expandable to 3500 TCD for manufacture of white crystal sugar with facilities for cogeneration of power upto 5 MW. Land admeasuring 94.78 crores was acquired at Salana Jeon Singh Wala Tehsil a notified backward area in Amloh district of Punjab. Sijcon Pvt. limited Ahmedabad were appointed as architects for the project. Also, the Comp. entered into a contract with M/s. Triveni Engineering Works Ltd., New Delhi for supply of 2500 TCD capacity sugar plant expandable upto 3500 TCD. The Company adopted the double sulphitation process.

1995 - The Comp. crushed 416,726 tonnes of sugar cane in 167 days as against 219037 of sugarcane crushed during 126 days. 37,084 tonnes produced in the previous year. Despite these turnover amounted to Rs 40.54 crores registering a lower level of profitability mainly due to reasons such as hike in input costs, lower sugar recovery & sustaintial fall in the realisable value of molasses.

- 700 Equity shares subscribed for Memorandum of Association. 176,00,000 Equity shares of Rs 10 each were issued at a premium of Rs 15 per share during January 1994. Of these 88,00,000 were reserved & allotted on a firm basis to Nahar Spinning Mills limited & its associate companies. Of the balance, the following were reserved for allotment on a preferential basis: [is] 8,00,000 shares to NRIs on repatriation basis: [iis] 4,00,000 shares to FIIs including Mutual Funds, [iiis] 8,00,000 shares to Indian Mutual Funds, [ivs] 8,00,000 shares to the shareholders of promoting companies [vs] 4,00,000 shares to employees [including Indian Working directorss]/workers of Company/promoting companies. Remaining 56,00,000 shares were issued to the public [all were taken ups].

1996 - The Comp. crushed 366,268 tonnes of sugar cane & produced 33,849 tonnes of sugar. Sugarcane crushing was lower due to lower availability to cane & breakdown of boiler. However, the average recovery of sugar was higher at 9.24% as against 9.06% in the previous year. Turnover rose marginally to Rs 42.99 crores. The Comp. exported 5400 MTs of sugar during the year.

2004

- Delists equity shares Delhi Stock Exchange [DSEs] with effect from September 2, 2004