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Amrit Corp.

Amrit Corp.

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Sector: Refineries

Market Price

2,529.50

Market Cap(₹Cr.)

2,529.50

-90.00

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Overview

Amrit Corp, formerly known as Amrit Banaspati Company, is the flagship holding company of the Amrit Group. Amrit Corp. is a public limited company listed on the stock exchanges at Mumbai and Kanpur. Starting off in the year 1940, Amrit Corp. set up various businesses including edible oils, writing and printing paper, dairy milk and milk products, real estate and services to emerge as a diversified conglomerate. Amrit Corp. has come a long way since its incorporation in 1940.

Amrit Corp. undertook a major initiative to restructure its business portfolio. As a part of long term business plan and growth strategy, a restructuring scheme was formulated, which has been duly sanctioned by all concerned including the shareholders, creditors and the Honarable High Courts at Allahabad, Delhi and Chandigarh. The scheme came into force on 23rd June, 2007. In terms of the restructuring scheme, the paper business together with the assets and liabilities has been demerged into a separate Company, ABC Paper, while edible oils and FMCG commodities business together with the assets and liabilities has been demerged and consolidated with Amrit Enterprises (now renamed as Amrit Banaspati Company).

Milestones:

  • 2007 - Restructuring scheme approved by all concerned including shareholders, creditors and the High Courts at Allahabad, Delhi and Chandigarh and came into force on 23rd June, 2007 with retrospective effect i.e. 1st April, 2006. Major Expansion Plan - envisaging an outlay of Rs.157 crore initiated in ABC Paper.   
  • 2006 - Restructuring scheme envisaging demerger of the paper business of the company into ABC Paper and demerger of the edible oil business with Amrit Enterprises, approved by the Board of Directors subject to necessary consents/approvals of the regulating agencies, including the High Courts.  
  • 2005 - Installed a 9 MW captive power plant at the paper division developing gagan enclave township at Ghaziabad for residential plots   
  • 2001-03 - Scheme for financial restructuring sanctioned by BIFR and company de-registered from BIFR.   
  • 1998 - ABCL filed reference with BIFR consequent to erosion of its net worth as on 31.12.1997; Vanaspati plant at Ghaziabad dismantled and shifted to Rajpura. As a result, Vanaspati capacity at Rajpura rose to 155 TPD.   
  • 1991 - APFL amalgamated with ABCL with the sole objective to service the institutional debt of APFL as all the Soya milk projects came up at that time failed to take off primarily because of lack of consumer awareness of soya milk. It also ventured into dairy milk and milk products.   
  • 1987 - Paper division’s capacity enhanced to 26, 400 TPA• Modernisation of the Vanaspati and refining plants undertaken  
  • 1986 - ABCL promoted separate company, viz. Amrit Protein Food (APFL) to produce and market soya-milk and other soyamilk based beverages at Ghaziabad.  
  • 1985 - Separate facilities to produce refined oils were set up with a capacity of 20,000 TPA each at Ghaziabad and Rajpura. Physical refinery was set up at Ghaziabad. Solvent extraction plant capacity also added at Rajpura   
  • 1982 - The capacity of the Vanaspati plant raised to 125 TPD at both the locations. Soap plants of 4,000 TPA capacity also set up at Ghaziabad and Rajpura. Glycerine plant of 1 TPD set up at Ghaziabad.   
  • 1980 - ABCL set-up its paper division in Sailakhurd (Punjab) to produce 10,000 TPA of cultural varieties of papers from agricultural residues like rice straw, wheat straw, kana grass, bagasse etc.  
  • 1969 - ABCL set up second vanaspati plant at Rajpura (Punjab) to manufacture 100 TPD of vanaspati. The capacity of the Ghaziabad Vanaspati plant raised to 100 TPD.   
  • 1962 - Textile mill sold to Sayaji Mills.  
  • 1953 - The vanaspati factory at Bombay shifted to Ghaziabad.  
  • 1946 - ABCL purchased the entire shareholding of New Prahlad Mills, a composite textile mill having 1022 looms and 43,000 spindles. New Prahlad became a subsidiary of ABCL.  
  • 1943 - ABCL acquired Ahmad Oomarbhoy Mills, Bombay, having Oil Expeller, Vanaspati, Refinery and Hydrogenation plant.  
  • 1941 - ABCL got listed  
  • 1940 - Amrit Group promoted its first industrial venture, Amrit Banaspati Company (ABCL) by setting up a Vanaspati (hydrogenated vegetable oil) plant at Ghaziabad (UP) with an installed capacity of 25 TPD.

Division:

1. Amrit Food

Amrit Food is a division of Amrit Corp. It was established in the year 1991, and is recognized as one of the leading producers of UHT Milk, Premium range of flavoured Milks, Pasteurized Milk, UHT Toned Milk, Double Toned Milk and otherMilk Products. Our enviroment friendly plant is sprawled over an area of about 20,000sq mtrs.

2. Realestate division

Amrit Corp. has developed a modern and premium township called “Gagan Enclave” in the Ghaziabad City. The total area of this residential township is 77,649 sq.yds which is duly approved by the Government. of U.P. and the Ghaziabad Development Authority. The uniqueness of this township is its high quality internal infrastructure i.e. sewerage, water-supply and rain-water harvesting systems, wide roads, green parks, high rise boundary wall and security system. The internal infrastructure is complete.

Business areas of the company:

Amrit Corp. engages in the production and marketing of dairy milk and milk products in India. Its products include dairy milk, flavored milk, pasteurized milk, toned milk, dairy mixes, and other milk products. The company also involves in real estate business, which includes the development of residential townships, commercial spaces, and group housing complexes. In addition, it offers corporate and strategic advisory services comprising strategic consulting, fund raising and project financing, market intelligence and project feasibility, budgetary planning and appraisal, and performance reviews; and business process outsourcing services, such as legal and secretarial support, tax administration, accounting support, PF/gratuity fund support, and internal control review.

Brands Of Amrit Corp.

Brands Of Amrit Corp.

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