Dhunseri Ventures Ltd

Dhunseri Ventures Limited (Formerly known as Dhunseri Petrochem Limited) was incorporated on May 11, 1961. The Company is primarily engaged in Treasury Operations and trading of PET Resin. The S L Dhanuka Group took over the Management of the Company in 1955 from James Finlay & Company. In 1970, the Company got renamed 'Dhunseri Tea & Industries'. In 1980, the company acquired the Namsang and Dilli Gardens in Assam. It took over Bahadur Tea Company and amalgamated it with DTCL on 1 Apr.'91. In 1994, it acquired three more tea estates -- Santi tea estate, Khetojan tea estate and Khagorijan tea estate. Santi tea estate was amalgamated with DTCL on 1 Apr.'93. The company has 1248 hectares of plantation area in Assam.It came out with a public issue in Dec.'92 and a rights issue of NCDs with detachable warrants in Jul.'94. The funds from the rights issue were utilised to acquire the three tea estates mentioned above and to expand manufacturing facilities. In 1993, the company expanded the production capacity from 35 lac bottles pa (LBA) to 167 LBA. The company has set up packaging plants near its gardens, and markets them under the Lal Ghora and Kala Ghora brands. During 1998-99, the Company raised a sum of Rs. 8 Crores by issue of 15% Secured Non-convertible Debentures on private placement basis with financial institutions to augment long-term resources of the Company for working capital requirements. The company has promoted South Asian Petrochem Ltd., a 100% E.O.U. petrochemical project at Haldia, West Bengal, for manufacture of PET Resins under technical and financial collaboration with Lurgi Zimmer AG of Germany, during the 1999-2000. The 100% EOU petrochemical project viz South Asian Petrochem Ltd was completed ahead of schedule. The Technical and Financial collaboration was done by Zimmer AG,Germany. The trial run for the project is going on and once completed the commercial production will be commenced. During 2000-01, the company was allotted 69,99,400 Equity Shares of Rs.10/- each by South Asian Petrochem Ltd., and with this allotment,the total holding of the in South Asian Petrochem Ltd has gone upto about 70% of its issued share capital,thereby making it a subsidiary of Dhunseri Tea & Industries Limited. Pursuant to the Scheme of Arrangement between Dhunseri Tea & Industries Limited (DTIL), DI Marketing Limited (DIML), South Asian Petrochem Limited (SAPL) and Dhunseri Polycarbonate Limited (DPL) and their respective Shareholders for demerger of Jaipur Packet Factory and Investment Division (Demerged Undertaking) of DTIL to DIML and amalgamation of SAPL and DPL with DTIL, the Scheme was approved by the Hon'ble High Court at Calcutta, by an Order passed on 6th May 2010, which became effective from the Appointed date of the Scheme, 1st April, 2009. Consequently, name of the Company got changed from Dhunseri Tea & Industries Ltd. to Dhunseri Petrochem & Tea Ltd. Pursuant to demerger of Jaipur Packet Factory and Investment Division of the Company to DI Marketing Limited (DIML) from 1 April 2009 as part of the Scheme of Arrangement, the Company's investment in Madhuting Tea Private Ltd. was transferred to DIML, and since, Madhuting Tea Private Ltd is no longer an Associate Company. In 2011, the Company commissioned Thermax HTM Heater (coal based) which was operational from January 2011. It purchased 4 tea factories in Assam. It acquired 100% shares of Dowamara Tea Company Private Limited(DTCPL) in May, 2011 and consequently, DTCPL became a wholly-owned subsidiary of the Company. The Company commenced commercial production of PET resin Plant II at Haldia from November 15, 2012. In 2014, Company undertook restructuring initiatives for (i) demerger of Tea Division of the Company to Dhunseri Tea & Industries Ltd. (DTIL) and (ii) reorganisation of IT SEZ Division of Company by its transfer to Dhunseri Infrastructure Limited (DIL) under a Scheme of Arrangement as April 1, 2014, the Appointed Date of the Scheme. The 10MW Captive Power Plant (CPP) of the Company at Haldia was commissioned in May, 2014. During the year 2014, Company had sold its investment in Dowamara Tea Company Pvt. Ltd. (DTCPL), subsequent to which it had ceased to be a Wholly Owned Subsidiary (WOS) of Company. As per Scheme of Arrangement, during March 2014, the Company acquired 50,000 equity shares in both M/s Dhunseri Infrastructure Ltd. and M/s Dhunseri Tea & Industries Ltd. and consequently, M/s Dhunseri Infrastructure Ltd. and M/s Dhunseri Tea & Industries Ltd. became the Wholly Owned Subsidiaries of the Company. Pursuant to the Scheme of Arrangement sanctioned by the Hon'ble High Court at Calcutta vide Court Order dated August 7, 2014, the IT SEZ Division of the Company was re-organised to Dhunseri Infrastructure Limited (DIL) and became the wholly owned subsidiary (WOS) of the Company. Pursuant to the Scheme of Arrangement, investments in Dhunseri Petrochem & Tea Pte Limited (DPTPL), Makandi Tea and Coffee Estates Limited (MTCEL) and Kawalazi Estate Company Limited (KECL) were transferred to M/s Dhunseri Tea & Industries Limited and have ceased to be the subsidiary of the Company in 2015. The Company has undertaken initiatives for restructuring and opportunities for strategic investment by transferring the Polyethylene Terephthalate (PET resin) business of the Company in India (Transferred Business) to Dhunseri Petglobal Limited (DPGL) from April 1, 2016 (Appointed Date) under a Scheme of Arrangement approved by the Board at its meeting held on February 29, 2016. Pursuant to a Scheme of Arrangement between Company, Dhunseri Petglobal Ltd. and its respective shareholders, duly sanctioned by the Hon?ble High Court at Calcutta vide its Order dated July 27, 2016, the Polyethylene Terephthalate (PET) resin business of Company in India was transferred to Dhunseri Petglobal Limited w.e.f. April 1, 2016, the Appointed Date and became effective from August 11, 2016. Global Foods Pte. Ltd., subsidiary of the Company was amalgamated with Twelve Cupcakes Pte. Ltd. (stepdown subsidiary of Dhunseri Ventures Ltd.) with effect from December 30, 2019. For the implementation of the new project of manufacturing of Polyester Film (BOPET), the Company incorporated a new Wholly Owned Subsidiary, 'Dhunseri Poly Films Private Limited' with effect from November 28, 2020. Tastetaria Foods Pvt. Ltd. ceased to be Company's Associate Company w.e.f March 8, 2021 as the Company has divested its entire shareholding of 25% in Tastetaria Foods Pvt. Ltd. in favor of its existing JV partner Choicest Enterprises Limited (CEL) of Ambuja Neotia Group. Read More