Indian Sucrose Ltd Company Summary

Indian Sucrose Ltd Summary

Indian Sucrose Limited (Formerly known Oswal Sugars Limited) was incorporated on 12th December, 1990 as a Public Limited Company. It was originally promoted jointly by Punjab Agro Industries Corporation (PAIC) and Mukerian Papers Ltd. Subsequently Mukerian Papers Ltd. its nominee Companies including Malwa Cotton Spinning Mills Ltd. and Punjab Woolcombers Ltd. took over the Control of the Company. The Company is engaged in the manufacture of Sugar. In year 1990, the Company set up a plant for the manufacture of white crystal sugar with an installed capacity of 2500 TCD, which was expanded to 12,000 TCD in Punjab. The cost of the project was originally estimated at Rs 32.6 cr and commercial operations were projected to commence by Jan.92. However, due to factors like belated transfer of its letter of intent, etc, the project was delayed and project cost was revised to Rs 42 cr to include captive power generation. To part-finance the project, OSL came out with a public issue in Aug.93. In 1995-96, the company allotted 12,70,000 equity shares to IFCI and ICICI, to convert their loans into equity shares. During the year 2003-04, the name of the Company was changed from Oswal Sugar s Limited to Indian Sucrose Limited with effect from 4th December 2003. The plant capacity was expanded from 2500 TCD to 3500 TCD. At present, the plant has an installed capacity of 9000 TCD. The plant had also certain additional facilities like co-generation of power to the extent of 40 M.W.