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Incorporated on 18 Apr.'84, Andhra Petrochemicals was jointly promoted by Harish Chandra Prasad of Andhra Sugars and the Andhra Pradesh Industrial Development Corporation. With a capacity of 30,000 tpa, the Rs 150-cr project planned to manufacture oxo-alcohol, was set up with a licence from Davy McKee, London. The project went on stream in Oct.'93 with a cost overrun of Rs 45 cr. To finance this, the company came out with a rights issue in Jan.'93. 1994-95 was its first full year of operations. 2-ethyl hexanol of the family of oxo-alcohol, finds application in the manufacture of plasticisers which are used as additives to PVC, and also in stabilisers, acrylates, finishing compounds for printing inks, emulsion paints, tube additives and surfactants. N-Butanal of the family of oxo-alcohol is used in rubber, chemicals, printing inks, resins and urethane catalysts, adhesives and varnishes, pharmaceuticals and in dyes and pesticides. During the year 1996, major replacement was undertaken to improve plant performance. As per conversion of term loan into equity shares, the company has converted a sum Rs 13 cr out of loans into fully paid up equity shares at par on Mar'96. The Andhra Sugars Ltd. (Promoter Company) contributed Rs 13 cr under financial restructuring plan and 88,73,720 equity shares were issued at a premium of Rs 4.65 per share under preferential allotment on Jun'96. The installed capacity of Oxo Alcohols increased by 6000 MT during 2000-2001. |
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