Ocean Agro Industries Ltd Company Summary

Ocean Agro Industries Ltd Summary

Incorporated in Jun.90 as a private limited company, Ocean Agro (India) (OAL) was converted into a public limited company in Apr.94. The promoters of the company are Kaushik B Parikh and Maharbhai D Patel. Kaushik B Parikh is the managing director of OAL.It manufactures hi-tech polymer packaging material and bio-stimulants. The companys manufacturing units are located at Nandesari the Baroda district. In Jul.94, it came out with its initial public issue of 39 lac equity shares (premium : Rs 40), aggregating Rs 19.5 cr. The main objectives of the issue were to part-finance a Rs 30.54-cr project to remove bottlenecks in its plastics division, incorporate automation wherever possible for increasing the capacity, enhance plant capacity of the bio-stimulants division and set up a nationwide marketing network.In 1995, the company set up a drip/sprinkler irrigation system in Baroda for which it received subsidies from the Gujarat government. It has also set up a solar photovoltaic pumping system for agricultural purposes with financial assistance from IREDA.