Citurgia Biochemicals Ltd

History of Citurgia Biochemicals Ltd

Engaged in the manufacture of citric acid, calcium carbonate and plasticisers, Citurgia Biochemicals Limited was promoted by John E Sturge, UK; Bombay Dyeing and Manufacturing Company; and Sturdia Chemicals. The Promoter, John E Sturge was repayed its entire equity holding in 1987-88, which reduced the equity capital. In 1987-88, it acquired two subsidiaries, Sodality Trading & Agencies and Himgiri Trading & Agencies. Citric acid is traditionally used in foods, soft drinks, confectionery and drugs. It is also used in textile printing and dyeing, where it provides stable pH conditions for polyester and nylon, acrylic print-curing and cotton-resist printing. The company exports citric acid to the US, Japan, Germany, Australia, Iran, Malaysia, Sri Lanka, etc. In 1988, the company successfully commissioned an anaerobic effluent- treatment plant to treat the effluents discharged during the manufacture of citric acid. It also increased production capacities by implementing expansion and modernisation schemes. The modernization of coal fired boiler into a Fluidized Bed Combustion(FBC) coal fired boiler was completed. The wholly owned subsidiary, Jasper Investments Limited was merged with the Company through the Scheme of Amalgamation, making it effective from October 1, 2002. The lock out was declared at Rishikesh factory, with effect from 29th September, 2003. After registration of the Company's reference by the Hon'ble Board for Industrial & Financial Reconstructio ...n (BIFR) in May, 2003, the first hearing of BIFR took place on July 19, 2005. In the said hearing, BIFR passed an Order declaring the Company as sick industrial company and also appointed the Union Bank of India as Operating Agency to examine the viability of the Company and formulate a rehabilitation scheme based on the Company's proposal for its revival. The renovation at the Rishikesh plant started during the year 2007. The Rishikesh Plant for manufacturing of the calcium carbonate which was lying closed for last more than four years was renovated completely was put to production during 2008. The building construction work of residential complex at Rishikesh site was started in the Real Estate Division of the Company in 2010. The Company's operations at calcium carbonate division remained suspended throughout the year for the want of working capital and clearance from the Uttarakhand Environment Protection and Pollution Control Board. The appeal filed by the Company before Hon'ble Supreme Court against the order of Hon'ble High Court of Uttarakhand granting stay the Rehabilitation Scheme passed by Hon'ble BIFR is still pending.