Saurashtra Cement Ltd Share Price

History of Saurashtra Cement Ltd

Promoted in 1956, Saurashtra Cement Limited (SCL), was set up to manufacture cement by the semi-dry process. In 1960, the Mehta group, headed by Nanji Kalidas Mehta invested Rs 50 lac in SCL. The plant is located at Ranavav, Gujarat. In 1980, the group was invited by the Government of Gujarat to invest in a joint venture, Cement Corporation of Gujarat, now called Gujarat Sidhee Cement (GSCL). The Mehta group spans over seven countries with interests in sugar, engineering, cement, electrical cables, power, alcohol, etc. SCL was the first BIFR case to be turned around without a rehabilitation package/assistance. It enjoys a market share of 23% in Gujarat. In Oct.'93, it issued rights shares and PCDs to increase its capacity from 8.63 lac tpa to 11.29 lac tpa. At present, the company is engag ...ed in the business of manufacturing and selling of Cement and Paints. It has entered into a technical collaboration with Fuller, US, to provide designs for plant equipment. It holds a mining lease near Ranavav for limestone quarrying. The Company commenced a 7500 tonne silo for the bulk loading of cement at its jetty in the Porbandar Port during 2004 and was made fully operational in 2006. It installed second silo having a capacity of 8000 MT at the jetty along with mechanized facility to load cement in 2006. The Company's net worth as at 30th June, 2005 had been completely eroded and the Hon'ble BIFR declared the Company as a sick industrial undertaking vide its order dated 21st September 2006. The Company had five wholly owned subsidiary companies. Out of these five subsidiaries, four companies namely Pranay Holdings Limited, Prachit Holdings Limited, Ria Holdings Limited and Reeti Investments Private Limited accordingly merged with the Company through the Scheme of Amalgamation and the said Amalgamation became effective from 1st April 2018. Similarly, Parsec Enterprises Private Limited, a promoter group company, got amalgamated with Company effective from April 01, 2020. The Company acquired the paints business of Snowcem Paints Pvt. Ltd., including the brands owned by them on a slump sale basis during FY 2021-22. Further, it embarked on a digital transformation journey under 'Project Parivartan'. In 2023, the Scheme of Amalgamation of Gujarat Sidhee Cement Limited (GSCL) with the Company became effective from 30 March, 2023. In terms of the said Scheme of Amalgamation, the Company issued and allotted 5,40,09,641 new equity shares of Rs 10/- each fully paid up to the shareholders of erstwhile Gujarat Sidhee Cement Limited on April 26, 2023 in the merger ratio of 62:100. The Company launched 'Hathi Prime' - a superior PPC product and 'Hathi Putty' during FY 2023-24. In addition, certain new products in Paint Division were introduced in the Economy Emulsion Category namely OutWeather (Exterior), SnowCoat (Interior), PermaCem as economy grade in cement paints, Colorator Universal Stainer in the Colour category and Damp Proof in the water proofing segment.