GACL - 38th Annual General Meeting held at Vadodara on 16-09-11

The company has achieved turnover of Rs.1561 crore in 2010-11 as against the turnover of Rs.1384 in 2009-10. He further said about the company's steps for putting up 20000 TPA Sodium Chlorate Project, 21 MW Wind Farm, 8000 TPA Hydrazine Hydrate Project, 2,00,000 TPA Caustic Soda Project...

GACL - 38th Annual General Meeting held at Vadodara on 16-09-11

Vadodara, Gujarat, September 16, 2011 /India PRwire/ -- Expressing pleasure addressing the 38th Annual General Meeting of Gujarat Alkali and Chemicals Limited, the Chairman of the Company Shri A.K. Joti, IAS cited the year 2010-11, as a year of recovery for Global Economy after two years of financial crisis and economic downturn.

He further said that Indian economy withstood the ripple effects of global economic crisis with resilience and strength during 2010-11. Giving an overview of total Indian economy in which industrial growth and manufacturing have remained stable, agriculture and exports have shown good growth as compared to previous year and Indian economy grew @ 8.5% in 2010-11 vis-a-vis 8 % growth in previous year he said, further adding that there is possibility of growth rate reducing in the near future.

Explaining the progress of the company he said that with efficient operation of plants, financial management, aggressive marketing, best customer relations, dealer network and supply chain management the Company could successfully take care of increase in raw materials price, reduce the interest cost, and has achieved Net Profit before Tax (PBT) of Rs.127.11 Crore for the year 2010-11, despite adverse external factors.

The company has achieved turnover of Rs.1561 crore in 2010-11 as against the turnover of Rs.1384 in 2009-10. He further said about the company's steps for putting up 20000 TPA Sodium Chlorate Project, 21 MW Wind Farm, 8000 TPA Hydrazine Hydrate Project, 2,00,000 TPA Caustic Soda Project and 2,00,000 TPA Chloromethane Project, over the next 3 to 4 years remained effective. Further, the Company is also considering a project to manufacture 1,50,000 TPA of Propylene Oxide and its downstream products like Propylene Glycol and Polyols with world renowned modern technologies.

Showing concern for the society, he said that the company has served the local community and the society at large, ensuring long term sustainability and value generation for business of the company. Moreover, by integrating social, environmental and ethical responsibilities into the governance of businesses, the Company asserts view that businesses are an integral part of the society.

He expressed his pleasure in announcing the Awards which the company was conferred with. The award includes Excellent achiever award for Valuable Contribution in Chemical Industry from Gujarat Chemicals Association, Ahmedabad, NSCI Safety award 2009, CHEMEXCIL Award from Export Promotion Council, Government of India for Outstanding Export Performance for the year 2008-09 and 2009-10.

He thanked on behalf of Board of directors, to the Central Government and Government of Gujarat, in particular the Ministry of Energy and Petrochemicals, Promoters, Shareholders, IDBI, Banks, Auditors, customers, agents, dealers and suppliers who extended their valuable support and cooperation to the company at all times.

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