Fine Organic Industries Ltd

History of Fine Organic Industries Ltd

Fine Organic Industries Limited is a pioneer and the largest producer of oleochemical-based additives in India and a key producer globally. The Company produces a wide range of specialty plant derived oleochemicals-based additives used in the foods, polymers, plastic, cosmetics, personal care, paint, ink, coatings feed nutrition and other specialty application in various industries. It is the first largest producer of to introduce slip additives in India. Its facilities are located at Ambernath, Badlapur, Patalganga and Dombivali. Fine Organic Industries Limited (FOIL) was originally incorporated as a private limited Company on May 24, 2002 in Mumbai under the name 'Fine Organic Industries (Mumbai) Private Limited'. The Company got converted the status into a public limited and the name of the Company was changed to Fine Organic Industries Limited on November 2, 2017. Company commissioned its first facility in Dombivli MIDC Industrial Area in 1973, i.e. the Dombivli Facility which carried out processing and supply of food additives in Gujarat and Maharashtra. In 1975, Mukesh Maganlal Shah joined the partnership firm and expanded the business across India. Thereafter, in 1982, then existing partners incorporated a private limited company at Mumbai under the name of Smoothex Chemicals Private Limited' for further expansion of the business. In 1988, the partnership firm had set up a production facility of various specialty additives i.e. the Second Ambernath Facility. Su ...bsequently, Smoothex Chemicals expanded the production facilities in Malaysia and Thailand in 1990 and 1993, respectively. Further, the then existing partners founded another partnership firm in the name of Olefine Organics' for enhancing the capacity in order to meet the market demands. In 1995, the then existing promoters incorporated another private limited company under the name of Oleofine Organics (India) Private Limited for expanding the capacity for polymer additives. A plot of MIDC land of 39,412 square metre at Additional Ambernath was procured under a lease for 95 years. In 2003, then existing promoters incorporated another private company under the name of 'Fine Research & Development Centre Private Limited' for undertaking dedicated research and development in their existing products, and established the Research and Development Centre in Navi Mumbai. In the First Ambernath Facility, the company commissioned a fatty acids esters facility in 2006. In 2008, the company commissioned a polymer additives unit at its First Ambernath Facility. In January 2009, the name of the Company was changed to Fine Organic Industries Private Limited for a better depiction of the nature and scale of operations and the business of the Company which is not limited to Mumbai only, as contained in the original name, with effect from February 16, 2009. In 2010, polymer additives capacity was expanded at the company's First Ambernath Facility. Pursuant to the order passed by the High Court of Bombay on June 17, 2011, Oleofine Organics (India) Private Limited was amalgamated with the Company. In 2012, the company commissioned additional food and polymer additives unit at its First Ambernath Facility. In 2013, the Company incorporated its wholly owned Subsidiary at the United States of America. In 2014, the Company established Joint Venture with Zeelandia International at Mumbai to manufacture food premixes and to maximize the benefits of synergies. In 2015, the company commissioned additional food and polymer capacity at its First Ambernath Facility. In 2016, the Company incorporated its wholly owned Subsidiary in Europe. Pursuant to the order passed by the National Company Law Tribunal, Mumbai on June 19, 2017, Fine Speciality Surfactants Private Limited, a company incorporated on August 19, 1987, and engaged in the manufacture, distribution and production of speciality chemicals, and Fine Research & Development Centre Private Limited were amalgamated with the Company. Thereafter, on July 18, 2017, the Company has sub-leased the facility and general plant and machinery at Dombivli, MIDC from Fine Organic Industries partnership firm pursuant to the leave and license agreement. In 2018, the company signed a joint venture agreement with Germany's Adcotec for application, development, marketing, distribution and sales activities of food and food additives. The Company launched the initial public offer of 76,64,994 equity shares of face value of Rs 5 each by raising funds aggregating to Rs 600 Crore through offer for sale in June, 2018. During the FY 2017-18, pursuant to the resolutions passed by the Board of Directors at its meeting held on 5th July, 2017 and the scheme of amalgamation, 2,80,000 equity shares of face value of Rs 10 each were allotted to the shareholders of Fine Speciality Surfactants Private Limited and Fine Research and Development Centre Private Limited. Further, pursuant to a resolution passed by our Shareholders on 22nd September, 2017 in their Extra-Ordinary General Meeting, for issue of Bonus shares in the proportion of two equity shares for every one equity share, 1,02,19,992 equity shares were allotted to the shareholders as of the record date, being 10th August, 2017 pursuant to the resolution passed by the Board in its meeting held on 16th October, 2017. The Company carries on business, in India and abroad, as manufacturers, processors, suppliers, distributors, dealers, importers, exporters of flavours, perfumes and flavouring chemicals, oil and colours, surface active agents, emulsifiers, preservatives, clouding agents, textile auxiliaries, lubricants, oleo chemicals and their derivatives, fatty acids and their derivatives, salt and esters. It also develops, processes, manufactures, deals in and carries on business in India and abroad in fine and heavy chemicals, oils, fats, dyes, dyestuffs, dye retardants, dye assistants, organic and inorganic chemicals. As on March 31, 2021, the Company has two subsidiaries i.e. Fine Organics (USA), Inc. and Fine Organics Europe BV and two joint venture companies i.e. Fine Zeelandia Private Limited and FineADD Ingredients GmbH. On May 6, 2021, Company executed Joint Venture Agreement with Oleofine Organics Thailand Co., Ltd. (OFT) and Oleofine Organics Sdn. Bhd. (OFM) for incorporation of a new Joint Venture Company (JVC) in Thailand to carry on the business of manufacturing of Speciality Chemical products and supplying, exporting and distribution of such products. A joint venture company, Fine Organic Industries (Thailand) Co., Ltd. was incorporated on May 31, 2021. In 2022-23, the Company commissioned new Fine Organics plants at Ambernath, Badlapur, Dombivli and Patalganga. Fine Organic Industries (SEZ) Private Limited was incorporated as wholly owned subsidiary of the Company in India to engage in manufacturing of specialty chemical additives in October, 2023. The Company acquired a 30-acre -acre site at the Jawaharlal Nehru Port Authority Special Economic Zone (JNPA SEZ) in Mumbai to support future capacity expansion and export-oriented production in FY 2025.