Styrenix Performance Materials Ltd

Styrenix Performance Materials Ltd

Styrenix Performance Materials Ltd. (Formerly known INEOS ABS (India) Limited) is a leading global styrenics supplier with a focus on styrene monomer polystyrene ABS Standard and styrenics specialties. With world-class production facilities Styrenix helps customers succeed by offering the best possible solution designed to give them a competitive edge in the markets. The Company provides styrenic applications for many everyday products across a broad range of industries including automotive electronics household construction healthcare packaging and toys sports & leisure. Its products includes ABSOLAN ABSOLAC General Purpose Poly Styrene and High Impact Poly Styrene.The Company incorporated in 1973 commenced production in 1978. The company was promoted by R S Agarwal a chemical engineer from the US and J J Mehta who has over fifty years of experience in the petrochemical and engineering industries. Its works is situated in Nandesari and Katol in Gujarat. Its R & D Centre is also in Moxi Gujarat. It manufactures 37388 tonnes of ABS (acrylonitrile butadiene styrene) polymer a versatile engineering plastic accepted as a substitute for conventional materials. The mechanical and thermal properties of ABS are comparable to metals.The company also manufactures 32361 tonnes of SAN (styrene acrylonitrile) a plastic giving a 95% transparent finish. The major applications of ABS are in refrigerator liners automobile components telecommunications consumer electronics household appliances computer cabinets cameras etc. It has a technical collaboration with Japan Synthetic Rubber Company Japan.During 1996-97 Bayer Industries subsidiary of Bayer AG Germany acquired a controlling stake of 50.97 % of equity shares by way of preferential issue of shares and acquisition of existing shares through the open offer. It becamed a subsidiary of Bayer Industries.In 1999-2000 the company has started aggressive marketing of Makrolon (Polycarbonate) by importing and selling in the country and is now the market leader for this product. The company has been awarded ISO 9001 Certification for its quality systems.The company has executed two global projects that was undertaken in the year 2000 (PC+SAN and Nylon+Polyethylene blends). It also manufactures 6000 tonnes of SAN (Styrene acrylonitrile) a plastic giving a 95% transparent finish.In 2003-2004 the company has increased its production capacity of Poly-Butadiene from 6000 tpa to 9000 tpa which lead to an increase of 6000 MT production capacity in ABS Resins. Consequent of this expansionthe total capacity of ABS Resins has risen to 44000 MT. During 2004-2005 Lanxess India Pvt Ltd has acquired 50.97% equity in the company. Subsequently the company became a subsidary of Lanxess India Pvt Ltd.LANXESS India Private Ltd.( LIPL) 100% subsidiary of LANXESS AG Germany acquired 8963564 equity shares of Rs.10/- each of erstwhile Bayer ABS Limited which constitutes 50.97% of paid-up capital. Effective 29th April 2005 the company was renamed as LANXESS ABS Limited (LABS) Thus LIPL became holding company of LABS. LANXESS AG Germany is the ultimate holding Company. The expanded capacity of the SAN plant reaching 60000 tpa was available for increasing the capacity of ABS resins during 2005. On 13th March 2008 LANXESS India Pvt. Ltd. and Rakesh Agrawal and Associates the erstwhile Promoters executed an agreement involving sale of Equity Shares (comprising 70% equity) and transferred the same to INEOS ABS (Jersey) Ltd. from UK. As a result Company's name changed to INEOS ABS (India) Limited effective from June 17 2008. The Company attained the ABS Plant capacity to 80000 MTs in 2009.The Styrenics business was bought together consequent upon the formation of 50:50 Global joint venture between INEOS and BASF made effective from October 1 2011. M/s. Styrolution (Jersey) Limited the acquirer along with persons acting in concert made a Public Offer to Shareholders of the Company through Offer document dated January 5 2012 which stated one fully paid up Equity Share of Rs. 10 each to acquire maximum of 2931920 Equity Shares representing balance 16.67% of the total Equity Share Capital of the Company and the said transaction was completed effective on February 6 2012. Consequently 703075 nos. of Equity Shares forming 4% of the Equity Share capital of the Company was received unto transfer favouring Styrolution (Jersey) Ltd. Thereafter Styrolution (Jersey) Limited was holding 15356780 no. of Equity Shares constituting 87.33 % of the total Equity Share capital of the Company effective from 1 March 2012. With this the name of Company also got changed from INEOS ABS (India) Ltd. to Styrolution ABS (India) Limited effective from the aforementioned date.Styrolution (Jersey) Limited had transferred its entire holding of 13189218 (75%) Equity Shares to Styrolution South East Asia Pte Ltd Singapore. Accordingly Styrolution South East Asia Pte Ltd Singapore was made the Holding Company of the Company effective from 28 January 2014.The Company acquired 100% Equity Shares in Styrolution India Private Limited (SIN) and resultant SIN was made the Wholly-owned subsidiary effective from March 01 2014. On 30 June 2014 INEOS signed an agreement with BASF to buy out the BASF's 50% stake in Styrolution. This resulted into an indirect acquisition of control in Company and effective on 17 November 2014 INEOS purchased BASF's 50% share in Styrolution and since then the Styrolution Group of Companies became the Wholly-owned subsidiary by INEOS.The Hon'ble High Court of Gujarat vide its order dated 26 February 2016 had sanctioned the Scheme of Amalgamation between Styrolution India Pvt. Ltd (SIN) and the Company effective from 1 April 2015 Appointed Date. The said Amalgamation completed on 31 March 2016 and effective said Date the name of Company got changed to 'INEOS Styrolution India Limited' effective from 18 March 2016.