Wadala Commodities Ltd Merged Company Summary

Wadala Commodities Ltd Merged Summary

Godrej Foods (GFL) was incorporated as Noble Soya House Pvt Ltd in Mar.84 by the Godrej and Bhiwandiwalla groups. Vegoils, a fully-owned company of the Godrej group was merged with Noble Soya House in 1991 and the company was named Godrej Foods (GFL). Adi B Godrej is the chairman.GFLs activities encompass two broad areas -- manufacture and sale of vanaspati, refined oil, extractions and solvent oils, and the processed foods division including the processing of liquid foods like fruit drinks, juices, soya milk, etc. The company made a rights issue of 10.31 lac zero interest FCDs of Rs.100 aggregating Rs.10.31 crores. The issue was to restructure the financial base by reducing the debt burden and to augment core working capital.GFL has tie-ups with the US-based Blue Diamond Almonds to sell flavoured almonds, pistachios and cashewnuts, and with Pillsbury Company, US, to market wheat dough products like value-added wheat flour and bakery products like Hot fudge and Dinosaur. The companys plant at Mandideep which aseptically packs fruit drinks, juices, jams, etc, has been awarded the ISO 9002 certification by the Bureau of Indian Standards.GFL was launched Godrej Pure Aqua - Mineral Water in Maharashtra, Karnataka, Madras during January-March97 and also decided to set up a second unit at Mysore to manufacture Jumpin range of fruit drinks.During 1998-99, the company increased its installed capacity of Fruit Juices by 30850 Kilo Litres.In view of the prolonged recession in the International and Domestic edible oil market,the company has reduced its trading activities during 2000-01.The company has terminated its Distribution and Consignment Agency Agreement with Godrej Pillsbury Limited and started its own Selling and Distribution Network.Recently the manufacturing business together with its Marketing, Sales, Finance and other related functions has been demerger into Godrej Ind. (GIL). However Oil Trading business has been retain by the company. The appointed date for demerger is 30th June 2001. Under the scheme, every shareholder of the company will be issued one share of GIL (par value of Rs.6/-) for 15 shares of GFL (Par value of Rs.10/-). The face value of the company stands reduced to Re.1/- consequent to the demerger.