Amrit Corp Ltd Company Summary

Amrit Corp Ltd Summary

Amrit Banaspati, engaged in the manufacture of vanaspati since its inception, diversified its activities by putting up a mini-paper plant in 1978. The paper unit uses only agro wastes like wheat/rice straw to manufacture quality printing and writing paper. Over the years, refined-oil units, margarine plants and washing soap units have also been added to its two vanaspati plants. The food division of the company processes and packs dairy milk and soya milk in aseptic packs.In 1986, the company promoted Amrit Protein Foods (APFL), to produce soya milk, soya beverages and other soya products. APFL was amalgamated with the company in Sep.91.A modernisation-cum-upgradation scheme of the single-stage bleach pulp mill to a 120-tpd multi-stage bleach pulp mill at the paper plant and the installation of certain equipments to improve productivity and reduce water and power consumption in the vanaspati plants was implemented in 1993-1994. The paper mill was registered by the Ministry of Industry, Government of India, as a paper mill producing newsprint in Aug.93.The first company to install the latest Sharples continuous refining plant in 1962, which reduced the processing cost and improved the quality of vanaspati, it has established itself well in the vanaspati market. One of the largest manufacturers of a variety of edible oils (mustard, groundnut, sunflower, soyabean), ABCs products are marketed under the brand names Gagan (vanaspati), Ginni (edible oils), Merrigold (table margarine) and Bansari. It also markets the Uncle Chipps brand of potato wafers manufactured by Amrit Agro Industries, an associate company.In 1999-2000, the company has been declared as a sick industrial company by the BIFR and has appointed IFCI as the operating agency. The growth in the dairy division is linked with the growth of Mcdonalds operations in India as they have plans to substantially increase their presence in the Indian market. During 2002-03 the company made a turnaround and the networth turned positive and stands at Rs.2480.18 lacs. The operations improved substantially,lower interest burden and extra-ordinary income arising out of written back of interest & other dues of the FIs.