Gujarat State Fertilizers & Chemicals has received reaffirmation in credit ratings from CARE as under:

Long term bank facilities - CARE AA+
Short term bank facilities - CARE A1+

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Gujarat State Fertilizers & Chemicals has restarted its Methanol Plant with installed capacity of 525 metric tonnes per day. The Plant was commissioned earlier in 2013, however no commercial production took place for the same as the same was unviable due to high raw material cost and non-availability of market.

As such, Methanol is used in many industrial applications like Formaldehyde, API formulations, Methyl Amines, Dyes & Intermediates, Paints, Solvents, Adhesives, Pesticides etc. In the Indian market, the major application of Methanol is in Formaldehyde, which accounts for 60% of Methanol consumption.

The plant has been re-started on trial basis from 31st August, 2020. The plant will be operating at its full capacity by 10th September, 2020 and is expected to produce approx. 470- MT per day.

As a result of this the top-line of the Company will be up by approximately Rs 150 crore in the current Financial Year 2020-21.

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Gujarat State Fertilizers & Chemicals announced the appointment of Tapan Ray, IAS (Retd.) (DIN :00728682), Dr. Ravindra HarshadraiDholakia (DIN:00069396), Gauri Kumar, IAS (Retd.) (DIN:01585999), and Sudhir Kumar Jain (DIN :03646016) as Non-Executive Independent Directors on the Board of Directors of the Company with effect from 02 September 2020.

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Gujarat State Fertilizers& Chemicals announced that the 58th Annual General Meeting (AGM) of the company will be held on 30 September 2020.

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