Gujarat Sidhee Cement Ltd share Price

Incorporated in 1973, as Cement Corporation of Gujarat, a wholly-owned subsidiary of the Gujarat Industrial Investment Corporation (GIIC), Gujarat Sidhee Cement (GSCL) was promoted by GIIC and the Mehta group. The company got its present name in Jan.`94. GSCL undertook a project to manufacture 1 mtpa of portland cement on 344 hectares land obtained at Junagadh district, Gujarat. The mining lease of 254 hectares is awaited. GSCL is a sick company registered with the BIFR since Jul.`90. Due to differences between the two promoters and the following prolonged litigation, GIIC decided to disinvest part of its holding in GSCL, in favour of the Mehta`s. The Mehta group with a 38% equity stake, now exercises control over the company. GSCL came out with its first rights issue in Jan.`90, followed by a second one in Jul.`94 to pay off loans, add balancing equipment and raise its capacity from 1 mtpa to 1.2 mtpa. This increased the equity to Rs 119.08 cr. GSCL has been awarded the coveted Certificate under ISO-9002 by TUV Private Ltd., a subsidiary of RWTUV of Germany for excellence in quality management. Over the last three years, GSCL has been showing signs of recovery, with higher capacity utilisation each year. GSCL received a Certificate of Merit for 95-96 from CAPEXIL for its export performance. The company is also planning to install a captive power plant, construct a captive jetty close to the plant along with other modernisation jobs in its plant. The company is planning to go for modernisation of its Raw Mill,Preheater and clinker cooler systems.