Kesar Enterprises Ltd

Kesar Enterprises Ltd

Kesar Enterprises (KEL) (formerly known as The Kesar Sugar Works) was incorporated in Aug.'33. It belongs to the Kilachand Devchand group. The Company deals in the production of Sugar Spirit Ethanol Bagasse based Power located at Baheri Uttar Pradesh. The Company is at present managed by Harsh R Kilachand chairman-cum-managing director. In Sep.'92 KEL came out with a rights issue (4:5) of 28.94 lac 13.5% FCDs of Rs 30 each aggregating Rs 8.68 cr to part-finance the modernisation and expansion of the company's distillery (cost : Rs 10.40 cr) to produce extra neutral alcohol (ENA) and Indian-made foreign liquor (IMFL).The company manufactures various products such as sugar industrial alcohol and country liquor. Apart from this it also has large storage installations for handling liquid bulk cargo. KEL has two subsidiaries Amber Distilleries and Kesar Marble & Granites with which it had set up a 100% EOU for processing and polishing granite. From 11th July2002 Kesar Marble & Granites ceased to be subsidiary of KEL.During 1999-2000 the company has entered into a Project Services Agreement with Mahindra Realty Infrastructure Developers Ltd (MRIDL) a wholly owned subsidiary of Mahindra & Mahindra Ltd for developing its land at Goregoan - Mumbai and construction for sale residential and commercial tenements. It has also got approval from the authorities to start construction activities.To improve the quality and quantity of alcohol the company has increased the license capacity from 13092 KL/year to 16365 KL/year and subsequently total production will be increased from the current financial year.In July 2006 the Company sold its entire investment of 140000 equity shares of ADL for a total consideration of Rs. 120 Lacs plus repayment of the interest free loan of Rs. 50 lacs given earlier by the Company to ADL. Hence with effect from 25 July 2006 ADL ceased to be a wholly owned Subsidiary of the Company.On 21. 1. 2008 Kesar Terminals & Infrastructure Ltd. (KTIL) was incorporated as a Wholly-Owned Subsidiary of the Company.The Hon'ble High Court of Bombay had passed an Order on 12 March 2010 sanctioning the Scheme of Arrangement by way of Demerger for transfer of the undertaking business activities and operations pertaining to the Storage Division / Undertaking of the Company into the erstwhile Wholly-owned Subsidiary Company viz. Kesar Terminals & Infrastructure Ltd. [KTIL] as a going concern with effect from the Appointed Date i.e. 1 January 2009. The Effective Date of the Scheme is 29 March 2010.Erection of the boiler in the distillery at Baheri was completed in August 2010 and commissioned in September 2010. As per the Hon'ble High Court sanctioned Scheme of Arrangement for Demerger on allotment of 4753113 Equity Shares of Rs.10/- each fully paid-up aggregating to Rs.47531130/- to the shareholders of the Company by Kesar Terminals and Infrastructure Limited (KTIL) on 1 June 2010.The post-allotment holding of the Company in KTIL reduced from 100% to 9.518% and therefore the Holding Subsidiary Relationship between the Company and KTIL has ceased with effect from 1 June 2010.The 44 mw Bagasse based Cogeneration Power Plant at Baheri U.P. was completed in July 2012 and the plant started commercial operations from 1 October 2012. With effect from 1 July 2013 the Company has merged its Agrotech Division into Seed Division in view ofsurrender of the farm lands by the Company in June 2013 which were declared as surplus.