Captive Power Will Better Results

Captive Power Will Better Results Hansavivek GUJARAT STATE FERTILISERS COMPANY (GSFC) is expanding, and diversifying its activities. Its applications for enhancement of capacity of the ammonia plant to the tune of 1,000 tonnes per day as well as of caprolactum capacity by 30,000 tonnes to 50,600 tonnes per annum are in advanced stage of consideration by the Central government. The company has also approached the government for setting up a nylon spinning unit with a capacity of 3,300 tonnes per annum. Meanwhile, it has made rapid strides in implementing a coastal DAP complex of a capacity of 1.5 lakh tonnes of P205 per annum, as sanctioned by the government. Considering various techno-economic reisons, it has been decided with the approval of the authorities to locate this complex around Sikkaport in Jamnagar district. The site consists mostly of government waste lands, a major part of which has been acquired by the company. The contract for the main DAP process plant has been awarded to Hindustan Dorr Oliver, Bombay, and the work of selection of other major consultants/con- tractors is in progress and expected to be finalised soon. Setting up of all the necessary infrastructural facilities for development of Sikka port for handling imported raw materials, namely, ammonia and phosphoric acid is being organised jointly by the company and the state government. The scheme of amalgamation of Polymers Corporation of Gujarat (PCG) with the company with effect from January 1, 1983 has been approved by the Gujarat High Court. Attendant formalities for final approval of the Specified Authority under the provisions of Section 72 A of the Income-tax Act and consent of the Controller of Capital Issues for issue and allotment of shares as per the exchange ratio as also the bonus shares, are being completed. The accounts of the erstwhile PCG are incorporated in the accounts of GSFC for 1984. Assets and liabilities as on January 1, 1983 of the erstwhile PCG have been taken over at book value and further, as per stipulation in the scheme of amalgamation, the $hates of GSFC will be issued. The excess of liabilities over assets as also the value of shares to be issued have been treated as goodwill.