ATUL LTD

Atul Limited, a diversified Indian company, a part of Lalbhai Group, is mainly engaged in the business of Life Science Chemicals and Performance and Other Chemicals meeting the needs of varied industries such as Adhesives, Agriculture, Animal Feed, Automobile, Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Foam and Furnishing, Flavour, Food, Footwear, Fragrance, Glass, Handicraft, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care, Pharmaceutical, Plastic, Rubber, Soap and Detergent, Sport and Leisure, Textile, Tyre and Wind Energy. The company has established subsidiary companies in the USA (1994), the UK (1996), China (2004), Brazil (2012) and the UAE (2015) to serve its customers and thus enhance breadth and depth of its business. Atul Ltd., a Lalbhai Group company, was formerly known as Atul Products. Promoted by Kasturbhai Lalbhai, the Company was incorporated on 05th September, 1947 and is presently engaged in the business of manufacturing dyes and dye intermediates, agro-chemicals, aromatic like para-Anisaldehyde, epoxy resins and pharma intermediates. Gujarat Aromatics was merged with Atul in 1988-89, And Atul promoted two manufacturing companies, namely Atic Industries in 1956, and Cibatul in 1960. Atic Industries which was promoted in collaboration with ICI, UK manufactures Vat and other active dyes and Sulphuric acid. While the Cibatul which was promoted in collaboration with Ciba-Geigy, manufactures sulphur drug intermediates, resins and auxiliaries. In 1985, the company transferred its investments in Atic and Cibatul to a wholly-owned subsidiary, Ameer Trading Corporation and later in 1995-96 this Atic Industries was integrated with Atul. In 1986, the company took over the management of Piramal Rasayan through its 100% subsidiary and subsequently changed the name of the company to Amal Rasayan. Atul has also promoted Gujarat Synthwood to manufacture PVC Foam Sheets. Atul's other two fully owned subsidiaries apart from Ameer Trading are Anusandan Investments and Sharik Investment Pvt Ltd. In 1995, the company commissioned para-cresidine and para anisicaldehyde manufacturing plants. In 1995-96, the company was implementing a project to manufacture non-benzidine dyestuffs with a capacity of 1700 tpa and the company has commissioned the project for manufacture of para cresol in 1997-98. In 1996-97, the company issued 50,000 14% cumulative redeemable preference shares of Rs 100/- each amounting to Rs 50 lacs. During the same year the agro chemicals and pharmaceuticals division obtained ISO 9002 certification for phenoxy and urea herbicides from TUV Bayern of Germany. In 2000-01, the company has initiated the plan of installation of third fluidisied boiler in order to become self reliant in captive power generation. In 2012-2013, the company set up a production facility for tissue culture raised date palms in Jodhpur, Rajasthan, the first of its kind in India. Also during the year, the company expanded para Cresol manufacturing facility. During the year, the company established a 22,000 sq ft research facility to build the business of APIs and API intermediates. In 2013-2014, the company cut liquid effluent in 41 products by 79% on an average. The company's Ankleshwar site was converted into a zero liquid effluent discharge' facility. During the year, the company developed 67 new products and formulations in R&D. Also during the year, the company developed a mobile application to send requisitions and receive quotations. In 2014-2015, the company implemented Atul mobSales' - open source integrated mobility solution for brand sales. The company implemented Atul i-Quote' - open source vendor portal to ensure better connect with vendors. It also implemented Saral' - open source human resource self-service multi-lingual kiosk system. During the year, Atul achieved zero liquid effluent discharge in one key product. In 2015-2016, the company achieved zero liquid discharge in the manufacture of one more key product. During the year, the company replaced mercury based caustic/chlorine plant with an environment-friendly, membrane based plant. During the year, the company introduced 65 new products and 19 formulations. Also during the year, the company's Dapsone manufacturing plant received USFDA approval. The company inaugurated the new registered office at Ahmedabad in January 2015. Atul inaugurated its second office in Mumbai at Goregaon in September 2015. The company inaugurated its office in Thane, near Mumbai in March 2017. On 15 May 2017, AkzoNobel and Atul formally agreed the joint venture partnership announced earlier for the production of monochloroacetic acid (MCA) in India. The companies will establish a new plant at Atul's facility in Gujarat by first quarter of 2019, with each partner holding a 50% stake in the joint venture, to be registered as 'ANAVEN'. MCA is an essential building block in the chemical industry and is used in a wide variety of chemicals. As well as building on AkzoNobel's leading position in the MCA market, the partnership will also enhance Atul's status as a key global supplier of the herbicide 2, 4-D, which uses MCA as a key raw material. In 2007-18, the company enhanced capacity by debottlenecking plants of key products. During the year, the company developed 34 new products/formulations and scaled up 28 thereof. During the year, the company improved the process of succession planning. During 2017-18, Aaranyak Urmi Ltd was incorporated as a wholly-owned subsidiary company, Amal Ltd became a subsidiary company and Anaven LLP, a 50:50 partnership with AkzoNobel BV, was incorporated. As on 31 March 2018, the Company had 12 non-material Indian unlisted subsidiary companies,i. 5 wholly-owned - Anchor Adhesives Pvt Ltd, Atul Bioscience Ltd, Atul Finserv Ltd, Atul Fin Resources Ltd and Atul Nivesh Ltd,ii. 1 joint venture - Atul Rajasthan Date Palms Ltd,iii. 6 others - Aaranyak Urmi Ltd, Aasthan Dates Ltd, Atul Biospace Ltd, Atul Infotech Pvt Ltd, Biyaban Agri Ltd and Raja Dates Ltd. As on 31 March 2018,the company had 20 subsidiaries and 14 associate companies under its roof. During the FY2018,the company Debottlenecked capacities in 24 products, executed 6 expansion projects and scaled up 28 new products. During April 2019, Atul Ireland Ltd was incorporated as a wholly-owned subsidiary company in Ireland. As on March 2019,the company had 21 subsidiaries and 14 associate companies under its roof. As on March 31, 2019, the Company had 13 non-material Indian subsidiary companies, i. 6 wholly-owned -Aaranyak Urmi Ltd, Anchor Adhesives Pvt Ltd, Atul Bioscience Ltd, Atul Finserv Ltd, Atul Fin Resources Ltd and Atul Nivesh Ltd,ii. 1 joint venture - Atul Rajasthan Date Palms Ltd,iii. 6 others - Amal Ltd, Aasthan Dates Ltd, Atul Biospace Ltd, Atul Infotech Pvt Ltd, Biyaban Agri Ltd and Raja Dates Ltd. During 2019-20, Amal Ltd ceased to be a subsidiary company of the Company under Section 2 (87) of the Act. In FY'19, the Company acquired a manufacturing site for ABL at Ambernath, Maharashtra. As on 31 March 2020,the company had 20 subsidiaries and 15 associate companies under its roof. As on 31 March 2020, the Company had 12 non-material Indian subsidiary companies, i. 6 wholly-owned -Aaranyak Urmi Ltd, Anchor Adhesives Pvt Ltd, Atul Bioscience Ltd, Atul Finserv Ltd, Atul Fin Resources Ltd and Atul Nivesh Ltd,ii. 1 joint venture - Atul Rajasthan Date Palms Ltd,iii. 5 others -Aasthan Dates Ltd, Atul Biospace Ltd, Atul Infotech Pvt Ltd, Biyaban Agri Ltd and Raja Dates Ltd. In FY'20, the Company formed a subsidiary company, Atul Products Ltd. During the FY2020,the company Debottlenecked 11 products, improved yield of seven products and executed three expansion projects. The company also developed 35 new products and formulations. The Manufacturing facilities of the Company in (Ankleshwar and Atul) Gujarat and (Tarapur) Maharashtra were closed on 24 March 2020 following countrywide lockdown due to COVID-19. The Company has since obtained required permissions and restarted its manufacturing facilities partially at Ankleshwar and Atul in the second fortnight of April 2020. The Board of Directors in its meeting held on 29 January 2021 has approved a proposal to buy-back fully paid -up equity shares of face value of Rs 10/- each of the Company, at a price not exceeding Rs 7,250/ per equity share (maximum buy-back price) and for an amount not exceeding Rs 50 crore (maximum buy-back size) from the open market through stock exchange mechanism. The buy-bock of equity shares through stock exchange commenced on 10 February 2021 and it was completed on 19 February 2021. The Company bought bock and extinguished a total of 74,682 equity shores at on overage buy-bock price of Rs 6,678.58/- per equity shore, comprising 0.25% of the pre buy-bock paid-up equity shore capital of the Company. During 2020-21, Atul Lifescience Ltd, Atul Natural Dyes Ltd, Atul Natural Foods Ltd, Atul Products Ltd and Atul Renewable Energy Ltd were incorporated as wholly-owned subsidiary companies of the Company and Amal Speciality Chemicals Ltd, was incorporated as its wholly-owned subsidiary by Amal Ltd, an associate company of the Company. During 2021-22, Atul Healthcare Ltd, Atul Paints Ltd and Sehat Foods Ltd were incorporated as wholly-owned subsidiary companies of the Company. Osia Infrastructure Ltd became a wholly-owned subsidiary of the Company. During 2022-23, Atul Healthcare Ltd, a wholly-owned subsidiary of the Company formed a joint venture entity by acquiring 50% stake of Valsad Institute of Medical Sciences Ltd through the Shareholders' Agreement. Atul Aarogya Ltd, Atul Ayurveda Ltd, Atul Clean Energy Ltd, Atul Consumer Products Ltd, Atul Crop Care Ltd, Atul Entertainment Ltd, Atul Hospitality Ltd, Atul (Retail) Brands Ltd, Atul Seeds Ltd, Jayati Infrastructure Ltd and Osia Dairy Ltd became wholly-owned subsidiary companies of the Company. The Company launched a novel and patented herbicide for sugarcane crop (brand name Sindica) in 2023-24. The Company's subsidiary, Atul Products commissioned a new manufacturing plant to manufacture 300 TPD caustic in December 2023.