GFL Ltd

Gujarat Fluorochemicals Limited (GFL), a subsidiary of Inox Leasing and Finance Limited has evolved as the largest producer of chloromethanes, refrigerants and Polytetrafluoroethylene (PTFE) in India. The Company is a part of the Inox Group, which is diversified across the industrial gases, engineering plastics, refrigerants, chemicals, cryogenic engineering, renewable energy and entertainment sectors. GFL was incorporated in 1987 after it set up India's largest refrigerant plant in Ranjitnagar, Gujarat. The Company primarily supplied CFC and HCFC to more than 75 countries across the globe. As CFC and HCFC were eventually phased out under the Montreal Protocol, in 2007 the Company forward integrated into PTFE (Poly Tetra Fluoro Ethylene) by commissioning one of the world's most integrated and technologically advanced PTFE facility in Dahej, Gujarat. GFL is fully focused on and diversified within fluorine chemistry, making refrigerant gases, Fluoro-intermediates and a host of fluoropolymers. Fluorine chemistry is the most interesting molecule today due to its increasing use in life saving pharma molecules, dose efficient and ecofriendly crop protection chemicals a host of fluoropolymers meeting increasing demands from automotive, semis, mobile telephony, oil & gas, and high speed LAN cables GFL owns and operates an entertainment business through INOX Leisure Limited. GFL has presence in the wide energy business through its subsidiary INOX Wind. Inox Wind is a fully integrated player in the wind energy market. The company entered into a technical collaboration with Stauffer Chemicals, Pennwalt Corporation and Stearns Catalytic Corporation, USA and commissioned a plant near Vadodara. In October 1988, the company came out with a public issue of 39.20 lakh shares at par, aggregating Rs 3.92 crore. The amount is utilized for setting up a plant to manufacture chloro-fluorocarbon refrigerant gases and hydrofluoric acid in Panchmahal, Gujarat. In the year 1998-99, the company diversified in Entertainment business by setting up a national chain of multiplexes, with the help of Mckinsey & Co Inc, a leading international management consultancy organisation specializing in corporate strategy. In the year 2000-01, the company entered into IT-enabled services business, by setting up a 150 seat call centre / remote transaction facility. During the year 2004-05, the company installed a new unit for manufacturing anhydrous hydrochloric acid with a capacity of 5000 MT. In October 2005, the company sub-divided their equity share face value from Rs.10/- per share to Rs.2/- per share. In February 2006, the company implemented a Clean Development Mechanism Project, which involves reduction of green house gas emissions by the thermal oxidation of HFC23, a waste product generated at their refrigerant gas plant at Ranjitnagar in Gujarat. In the process, the company was issued Carbon Credits by the UNFCCC, which they trade in the international markets. In April 2007, the company set up a new wind farm project at a capacity of 23.1 MW at Panchgini in Maharashtra, at a total cost of approximately Rs 1.60 billion. During the year 2007-08, the company set up a chemical complex at an industrial plot allotted to them at Dahej in Gujarat. The chemical complex comprises of a 30 MW captive power plant, a 54,000 tpa caustic soda and chlorine plant, a 41,630 tpa chloromethane plant and a 5,500 tpa poly tetra fluoro ethane (PTFE) plant. The PTFE plant is the largest in the country. During the year, the company entered into an agreement for formation of a joint venture company in the People's Republic of China which will be engaged in the business of manufacture of anhydrous hydrogen fluoride and allied activities. From July 1, 2008, Inox infrastructure Pvt Ltd became the wholly owned subsidiary of the company by issuing 5,00,00,000 equity shares of Rs.10/- each to the company. In February 2008, the company entered into an agreement to divest their stake in Inox Global Services Ltd, an associate company. On 20 March 2009, Gujarat Fluorochemicals announced closure of buyback of shares. The company has till date bought back 59.30 lakh Equity Shares amounting to Rs 61.36 crore i.e. 99.89% of the Maximum Buyback Size. As per the terms of Public Announcement dated 31 July 2008, the Buyback will close with effect from 20 March 2009. Earlier, the company's Board of Directors 21 March 2018 approved share buyback at a price not exceeding Rs 300 per Equity Share and total amount of the Buy-Back not exceeding Rs 61.43 crore through purchases in Stock Exchanges. On 14 October 2009, Gujarat Fluorochemicals announced that it has incorporated a new subsidiary company by the name Inox Wind Ltd., to carry out the business of manufacturing of wind turbines. On the same day, the company announced incorporation a new subsidiary company in the United States of America by the name Gujarat Fluorochemicals Americas LLC to carry out the business of processing and marketing of PTFE products manufactured by the company in United States of America. On 26 November 2009, Gujarat Fluorochemicals announced that the company has planned to make a total investment of about Rs 500 crore to increase the installed capacity of its plants at Dahej, GIDC Estate, Taluka Vagra, District Bharuch, State Gujarat to meet increased product demand for domestic and international markets and for captive power consumption. On 7 December 2011, Gujarat Fluorochemicals announced that the company has entered into a joint venture agreement with Gujarat Mineral Development Corporation Ltd. (GMDC) and Navin Fluorine International Ltd. (NFIL) to undertake a Fluorspar Beneficiation Project for supply of Acid Grade Fluorspar and Metallurgical Grade Fluorspar to GEL. The joint venture will be in the form a separate company, in which GFL will own 25% equity. On 12 December 2011, Gujarat Fluorochemicals announced that the company has completed commissioning of its 50 MW Wind Farm Project in the State of Gujarat at Chotila, District Surendranagar, Gujarat, based on Wind Turbine Generators manufactured by the company's subsidiary Inox Wind Ltd. With this, the total installed capacity of Wind Farms Projects operated by the company stands at 119.1 MW. On 30 March 2012, Gujarat Fluorochemicals informed the stock exchanges that the company has transferred, by way of slump sale, the wind energy business of the company including all the undertakings comprised therein to INOX Renewables Ltd, a subsidiary of the company.In July 2013, Inox Leisure ceased to be a subsidiary company of Gujarat Fluorochemicals (GFL) after GFL's holding in Inox Leisure was reduced to 43.42% of the total Paid up Equity Share Capital of Inox Leisure. The dilution in stake followed Inox Leisure's allotment of 3.45 crore new shares to the shareholders of Fame India Limited and its subsidiaries in pursuance of the composite scheme of amalgamation between Inox Leisure Limited and Fame India Limited and its subsidiaries. On 10 September 2013, Gujarat Fluorochemicals announced that it has incorporated a new subsidiary company by the name Gujarat Fluorochemicals GmbH in Hamburg, Germany to carry on the business of trading as well as import and export, processing , distribution, marketing and storage of polymers and organic and inorganic compounds, especially Poly Tetra Fluro Ethylene and to provide after sales service as well as technical support to its German and EU customers. On 14 September 2013, Gujarat Fluorochemicals informed the stock exchanges that Inox Leisure Limited has informed the company that at the Annual General Meeting of Inox Leisure Limited, the shareholders have approved alteration of its Articles of Association by adding an Article 137A in the Articles of Association wherein Gujarat Fluorochemicals Limited (GFL) shall be entitled to appoint majority directors on the Board of lnox Leisure Limited if GFL holds not less than forty percent of the issued, subscribed and paid up capital of Inox Leisure Limited. Hence, with the passing of the said resolution, Inox Leisure Limited has once again become a subsidiary of Gujarat Fluorochemicals Limited as per Section 4 (1) (a) of the Companies Act, 1956 on account of Gujarat Fluorochemicals Limited controlling the composition of the Board of Directors of Inox Leisure Limited. With the introduction of PFOA free PTFE resins and dispersions in the year 2013, GFL has emerged amongst a handful of the world's major players offering PFOA free products. In March 2015, Gujarat Fluorochemicals sold a part of its stake Inox Wind in an initial public offer of Inox Wind. On 10 December 2015, Gujarat Fluorochemicals announced that Inox Wind Infrastructure Services Limited, a step down Subsidiary of Gujarat Fluorochemicals Limited, has acquired 100% of Equity Shares of Sarayu Wind Power (Tallimadugula) Private Limited with effect from 9 December 2015. In view of the same, Sarayu Wind Power (Tallimadugula) Private Limited has become step down subsidiary of Gujarat Fluorochemicals Limited. On 25 January 2016, Gujarat Fluorochemicals announced that Inox Wind Infrastructure Services Limited, a step down Subsidiary of Gujarat Fluorochemicals Limited, has acquired 100% of Equity Shares of Vinirrmaa Energy Generation Private Limited with effect from 23 January 2016. In view of the same, Vinirrmaa Energy Generation Private Limited has become step down subsidiary of Gujarat Fluorochemicals Limited. On 25 March 2016, Gujarat Fluorochemicals announced that Inox Wind Infrastructure Services Limited, a step down subsidiary of Gujarat Fluorochemicals Limited, has acquired 100% of Equity Shares of Sarayu Wind Power (Kondapuram) Private Limited with effect from 25 March 2016. In view of the same, Sarayu Wind Power (Kondapuram) Private Limited has become step down Subsidiary of Gujarat Fluorochemicals Limited. On 22 July 2016, Gujarat Fluorochemicals announced that the company has entered into an agreement for sale of its stake in its Joint Venture Company Xuancheng Hengyuan Chemical Technology Company Limited, China. In view of the same, Xuancheng Hengyuan Chemical Technology Company Limited, China will cease to be a Joint Venture Company of Gujarat Fluorochemicals Limited on receipt of approval from the relevant regulatory authorities and transfer of Gujarat Fluorochemicals Limited's shareholding in the Joint Venture Company. On 7 March 2017, Inox Renewables Limited (IRL), a wholly owned subsidiary of Gujarat Fluorochemicals, and Inox Renewables (Jaisalmer) Limited (IRJL), a wholly owned subsidiary of IRL, entered into definitive agreements for the sale of substantially all of their operating wind farms to Leap Green Energy Private Limited (LGE) and its subsidiaries, on a slump sales basis, for an undisclosed price. IRL with its wholly owned subsidiary IRJL is one of the leading renewable energy companies in Indian and together they own operating wind farms in Rajasthan, Maharashtra, Madhya Pradesh and Tamil Nadu, with a total capacity of about 260 MW. The Company commissioned FI Plant in 2019 with an installed capacity of 34 MT. It further commissioned R125 plant by utilizing TFE vent gases from different plants in Polymer div & membrane separators in TFE plants. The Company in 2019, commenced Fluorspar mining and beneficiation project in Morocco. In order to meet additional demand, increased capacity of R22 at Dahej to 140 TPD.