GULSHAN POLYOLS LIMITED

Gulshan Polyols Limited (GPL) was incorporated in 1981 as 'Gulshan Sugars & Chemicals Limited' with primary business of manufacturing Calcium Carbonate both Precipitated Calcium Carbonate (PCC) and Activated Calcium Carbonate (ACC) with an initial capacity of 2100 MTPA at Muzaffarnagar, U.P. In line with growth experienced over years, company has done regular expansions in Calcium Carbonate segment and raised its capacity to 1,05,000 MTPA. The Company's name was changed from Gulshan Sugars & Chemicals Limited to Gulshan Polyols Limited in 2007. GPL is a multi-location, multiproduct manufacturing company and has become a market leader in most of its products in India with global presence in 42 countries in Muzaffarnagar, Uttar Pradesh. Its business portfolio covers Starch, Starch Sugars, Calcium Carbonate, Alcohol & Ethanol business, Agro based Animal Feed & On-site PCC plants with production facilities at Muzaffarnagar in Uttar Pradesh, Bharuch in Gujarat, Dhaula Kuan in Himachal Pradesh, Abu Road in Rajasthan, Patiala in Punjab, Tribeni in West Bengal, Amlai & Borgaon in Madhya Pradesh and Goalpara in Assam. In 1996 it diversified into manufacturing corn based specialty chemical, Sorbitol, with a capacity of 45000 MTPA. Sorbitol is a starch derivative, sweet in taste, with a wide range of applications, the major being dentrifice, cosmetic, Pharma, Vitamin-C, food products etc. The company commissioned 10MW Co Gen power plants at its various locations. Further, it promoted environment-friendly technology and is compliant with various state and central pollution board norms. In 2000, the Sorbitol business was demerged into a separate entity in the name of Gulshan Polyols Ltd. Over the years, the management decided to reverse merge the two entities to derive cost benefits and improve the overall profitability. With effect from April 2007, Gulshan Sugar and Chemicals Ltd (GSCL) got merged with the Company. GPL is introducing Indus Spirits, at capacity of 60,000 Ltrs/day of Extra Neutral Alcohol plant with captive bottling facility at Industrial area, Dist. Chhindwara, M.P. (India). Bottling unit is expected to start production by June 2012. While distillery will commence production by 2014. The company set up the first of its kind On-site PCC (Precipitated calcium carbonate) manufacturing plant in the country in May 2009 with a capacity of 10000 MTPA, having a unique environment friendly technology. With a growth potential of 5 lakh MT of on-site PCC requirement in the paper industry, GPL as a sole player, see's a great growth opportunity in setting up more such plants in the near future. GPL is widening its product line of value added starch based products like MANNITOL which is a specialty polyol, currently being imported into the country, having a growth potential of 15-20% p.a. and Dextrose Monohydrate which is a specialty sugar having a huge domestic as well as export potential. GPL is undertaking a new green field project of maize grinding of 1000 tone per day with manufacture of starch, by products and high value added derivatives. GPL has been allotted an industrial land 4,05,587 Sqmtr (100 Acres) by Bihar Industrial Area Development Authority (B I A D A), Bihar, India. This location is well connected through road and rail and is easily accessible from Indian Capital New Delhi. The site is in the belt of heavy corn growing area and proximity to coal deposits. In March 2012, the Company set up a new plant for Grounded Calcium Carbonate at Abu Road, Rajasthan. In 2013, the Company set up the facilities for Onsite Precipitated Calcium Carbonate (Onsite PCC) Plant at Patiala (Punjab) for a Company in Paper Industry namely M/s DSG Papers Private Limited. The Company became a subsidiary company of Gulshan Holdings Private Limited (GHPL) through acquisition of 50% or more shareholding of the Company by GHPL in FY2013-14. During FY 2013-14, the Company commissioned and supply the desired quality for their Cigarette paper making plant. Commercial production of Indian Made Foreign Liquor (IMFL) also started at its bottling unit situated at Boregaon, Madhya Pradesh. The Company's commercial production for Grain based plant in manufacturing Dextrose Monohydrate (DMH), Maltodextrin Powder (MDP) and Liquid Glucose was started at Muzaffarnagar, Uttar Pradesh. It commissioned plant & equipment for updating the technology of Sorbitol manufacturing and enhanced capacity at Bharuch, Gujarat. It set up a Grain based distillery at Boregaon. During FY 2014-15, Company embarked on implementation of three major On-site PCC projects and other projects: As a milestone achievement, it set up an onsite PCC Plant for ITC Limited for their Cigarette Paper Making plant at Tribeni, West Bengal. It executed Onsite PCC and WGCC plant for Basundhara Multi Paper Industries Limited (BMPIL) and exported it to Bangladesh. It commissioned plant & equipment for enhancing production capacity for manufacturing Sorbitol at Bharuch, Gujarat. It upgraded the technology and made the production process environmental friendly. During FY 2015-16, the Company commissioned an onsite PCC Plant for Orient Paper Mills, a Birla Group Company for their Paper Making plant at Amlai, Madhya Pradesh. It set up a unit to produce Native Starch by using corn as raw material at the location of Muzaffarnagar (UP). It reached to its optimum capacity utilization of the plant, manufacturing Rice based starch derivative namely Liquid Glucose, DMH, MDP at Muzaffarnagar during the year. In Aug' 16, the Company started commercial production of Native Starch, by using Corn as raw material, with capacity to process 300 tons of corn per day. The commercial production of High Fructose Rice Syrup (HFRS) got commenced in Jan' 17. During 2017-18, it commenced commercial production of ENA and Rectified Spirit at the location of Borgaon industrial area in Chhindwara (M.P.) during Dec' 2017. During 2018-19, the Company commissioned its 7th on site Plant with a installed capacity of producing 18000 DMT PA of PCC at Silverton Paper Mills Ltd Muzaffarnagar U.P. The Company became subsidiary of Gulshan Holdings Private Limited consequent upon acquisition of 42,45,000 (9.05%) Equity Shares by way of lnter-se transfer from and amongst the Promoters and Promoter Group and 3,725 Equity Shares from the Public in Open Market dated February 12, 2020 through Exchange during FY 2019-20. In 2022-23, through Scheme of Amalgamation introduced between the Company, Gulshan Holdings Private Limited (Holding Company ), East Delhi Importers & Exporters Private Limited (Group Company) and their respective Shareholders and Creditors, the Holding Company got merged into the Company, effective from March 30, 2022. Further, the Company incorporated a wholly-owned Subsidiary namely 'GULSHAN OVERSEAS - FZCO' on September 8, 2021. The 500 KLPD Grain based Ethanol Processing Plant at Goalpara, Assam got operational in June, 2024, enhancing its producing capacity from 60 KLPD to 560 KLPD. The Company commissioned another 250 KLPD Ethanol Plant in Assam in 2025.