Oricon Enterprises Ltd

Oricon Enterprises Limited was formerly incorporated as a Private Limited Company in the name of Oriental Containers Private Limited on December 07, 1968 which later on converted into a Public Limited Company in the name of Oricon Enterprises Limited effective from May 02, 2006. The Company is engaged in manufacturing petrochemical products, trading, liquid colorants, preform metal, plastic closures and real estate. The company commenced operations with the manufacture of metal containers and closures like pilfer-proof caps and roll-on pilfer-proof caps. In 1983, it set up facilities to manufacture aluminium collapsible tubes. In 1991, OCL diversified into the petrochemical industry to manufacture import substitutes and speciality solvents. The company's products are sourced by some of the best companies in the country such as Indian Oil, Gulf Oil, Pennzoil, Glaxo, Bayer, Colgate-Palmolive, Kissan, McDowell, Shaw Wallace, Reliance, IPCL, BASF, etc. In 1992-93, Parijat Shipping and Finale (PSFL) became a subsidiary of the company. PSFL is engaged in hiring / chartering barges. In a major diversification in 1983, a plant was set up in Thane district for the manufacture of 25 million numbers p.a of aluminium collapsible tubes. In 1998-99, the company increased its installed capacity of Aluminium Collapsible Tubes/Rigid Containers by 22000000 Nos, thereby taking its installed capacity to 170000000 Nos. The Metal Packaging division has received ISO-9002 Certification recognised by Quality Certification Bureau Inc. in 1999-2000. The company has been awarded with two 'India Star Award' for its innovative products which is the highest recognition for excellence in Packaging. During the year 2006, the Company with the approvals of shareholders and creditors as also of the Hon'ble High Court Bombay effected merger of Scientific Vacuum Coating Pvt. Ltd. and accordingly, the shareholders of Scientific Vacuum Coating Pvt Ltd were allotted 4273875 equity shares on October 30, 2006. Pursuant to above merger National Cotton Products P Ltd. became Subsidiary of company. The Company acquired 100000 equity shares of Rs.10/each in USL Shinrai Automobiles Ltd. and 50000 equity shares of Rs.10/each in USL Auto Services Ltd. and post acquisition, USL Shinrai Automobiles Ltd and USL Auto Services Ltd. became wholly owned subsidiaries of company effective from April 01, 2006. Pursuant to the Agreement dated February 25, 2006 with Oricon Packaging Pvt. Ltd.(now known as Oriental Containers Ltd.) for sale of its Packaging Division on slump sale basis and approved by the shareholders, the company transferred its packaging division effective from May 01, 2006 along with all the assets and liabilities. Oriental Containers Ltd. since then raised funds from Private equity investor and as a result the voting rights of company came down to 30%. National Cotton Products Pvt.Ltd. ceased to be a subsidiary of the Company during the period 2007-08. The Hon'ble High Court Bombay, vide its Order dated August 27, 2010 approved the Scheme of Merger of Naman Tradvest Pvt Ltd and Zeuxite Investment Pvt Ltd with the Company and pursuant to the said Scheme of Merger, National Cotton Products Pvt.Ltd. (100%) and United Shippers Ltd (50.19%) became subsidiaries of the Company in 2010. During the year 2014-15, Oriental Containers Limited became wholly owned Subsidiary of the Company w.e.f. 27th March, 2015. Earlier the Company was holding 32,46,192 (30%) Equity Shares of Oriental Containers Limited, who had acquired 75,74,644 Equity Shares of Oriental Containers Limited from OC Holding Ltd. National Company Law Tribunal, Mumbai Bench (NCLT) vide its order dated October 18, 2017 approved the Scheme of Amalgamation of Oricon Properties Private Limited, a wholly owned subsidiary, with Company. National Company Law Tribunal, Mumbai Bench (NCLT) on June 22, 2018 vide its order pronounced on July 30, 2018 approved the Scheme of Amalgamation of Oriental Containers Limited and Shinrai Auto Services Limited, the wholly owned subsidiaries, with Company. During year 2017-18, Oriental Containers Limited (100%)-Subsidiary Company; Shinrai Auto Services Ltd (100%) -Subsidiary Company; United Shippers Limited (64.29%) -Subsidiary Company Claridge Energy LLP (50%) -Joint Venture Company were the Subsidiary Companies and Joint Venture Company of the Company. The Subsidiaries of the Company, Oriental Containers Limited and Shinrai Auto Services Limited merged with Oricon Enterprirses Limited during the year 2018-19. Further Oricon Properties Pvt Ltd, ceased to be the wholly owned subsidiary of the Company on account of its amalgamation with the Company. During the year 2019-20, United Shippers Limited, Reay Road Iron & Metal Warehousing Private Limited, Oriental Containers Limited were the subsidiary companies, Claridge Energy LLP was a joint venture and Tecnocap Oriental Private Limited was an associate of the Company. During the year 2021-22, United Shippers Limited (Subsidiary Company) sold its business to Shreeji Shipping for a total consideration of Rs. 184.75 Crores. United Shippers Limited had Bought-back 10,32,000 equity shares from its existing shareholders. Post Buy-back the shareholding of the Company in its subsidiary increased from 64.29% to 82.79%. The Company further acquired 5,47,297 Equity Shares of United Shippers Limited from Logiscor Limited for a total consideration of Rs. 38,85,80,870/-. Post-acquisition the holding of the Company in USL increased from 82.79% to 98.05%. Bulk Shipping PTE Ltd, a step down subsidiary of the Company ceased to be step down subsidiary of the Company on account of sale of Shares by USL Shipping DMCEST, Dubai, a step down subsidiary of the Company. Read More