I G PETROCHEMICALS LTD
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BSE Code:
500199
NSE Code:
IGPL
Business Profile
Business Profile
IG Petrochemicals (IGPETRO) was incorporated in the year 1988 as 100% Export Oriented Unit (EOU). IGPETRO is engaged in the manufacture and sale of organic chemicals in India. It produces Phthalic Anhydride, which is used in the manufacture of phthalate plasticizers, alkyd resins, dyes and pigments, and unsaturated polyester resins. Its plant is in Taloja, Maharashtra and has a capacity of 120,000 metric tons per annum.
IGPETRO has world class manufacturing facilities for PAN and is one of the largest producers in the world. It has come out of its troubles caused by a steep fall in PAN prices and implemented a restructuring plan. In April 2006, the company received an investment from Spinnaker Capital, UK.
The company`s registered office is in Panaji, Goa and M. M. Dhanuka is its chairman.
Financials
IG Petrochemicals registered a 27.12% growth in net profits to Rs 117.15 million for the quarter ended September 2007 from a profit of Rs 92.16 million for the quarter ended September 2006.
Net Sales decreased 12.89 to Rs 1,512.36 million for the quarter ended September 2007 from Rs 1,736.17 million for the quarter ended September 2006.
Total income dipped 12.57% to Rs 1520.26 million for the quarter ended September 2007 from Rs 1738.87 million for the quarter ended September 2006.
The earnings per share (EPS) of the company stood at Rs 4.41 for the quarter ended September 2007.
Recent Developments
10-MAR-08
The board of directors of IG Petrochemicals at its meeting held on Mar. 05, 2008 approved formation of a 100% subsidiary company at Jebel Ali Free Zone, Dubai, UAE viz. `I G Petrochemicals FZE`.
13-DEC-07
The board of directors of IG Petrochemicals at its meeting held on Dec. 12, 2007 approved issue of 1500,000 share warrants on preferential basis to Financierings Maatschappij voor Ontwikkelingslanden N V (FMO), a Netherlands based Developmental Financial Institution, at a price of Rs 77.50 per warrant.
22-NOV-07
IG Petrochemicals has raised a Rupee Term loan of Rs 650 million from Bank of America as a refinance facility to repay the Debentures of Spinnaker Group. With this the Company has made the full payment of outstanding Debentures of Rs 624.40 million due to the Spinnaker Group.
Future Plans
IGPETRO has plans to increase its capacity on a mega scale and product diversification into petrochemicals.