Mumbai: Addressing the shareholders at its 26^th annual general meeting held at Narmadanagar, Bharuch, on 26 September 2002, Gujarat Narmada Valley Fertilisers Company (GNFC) chairman Pradipsinh Jadeja said his company had registered a maximum turnover of Rs 1,477.63 crore and a profit before tax of Rs 118.19 crore during the financial year 2001-02.

The chairman mentioned that the company had established 68 new records of production and sales during this financial year. As per the recommendation of the board, the shareholders approved a dividend of 25 per cent during the AGM, held on 25 September 2002.

Sharing the information on the capacity utilisation of the plants, Jadeja informed the stakeholders present at the AGM that both the ammonia and urea plants achieved more than 100-per cent capacity utilisation for the 11^th year in succession.

The ammonia plant produced 5,21,589 metric tonnes (MT) of ammonia, achieving the highest-ever capacity utilisation of 117 per cent. Whereas the formic acid plant produced 10,415 MTs of formic acid and acetic acid production of 71,089 MTs, registering the highest-ever capacity utilisation of 208 per cent and 142 per cent, respectively.

The nitrophosphate group of plants, besides excelling in the production performance of highest-ever yearly production of 2,74,385 MTs of weak nitric acid, 56,404 MTs of concentrated nitric acid and 1,66,010 MTs of ammonium nitrophosphate, achieved highest-ever capacity utilisation.

Briefing the shareholders on the corporate plan of the company and the projects completed during 2001-02 Jadeja said: "The third gasifier train with an investment of Rs 66 crore has been set up in the ammonia plant, which was successfully commissioned in May 2001 and is since then operational. The setting up of the third gasifier train has improved the plant reliability and has contributed towards the record production of the ammonia plant and its downstream units."

Speaking further on the projects under execution, the chairman said: "Using improved technology developed by BP Chemicals, UK, the original licensor, the capacity of the existing acetic acid plant is being enhanced from the current 50,000 MTs per annum to 1,00,000 MTPA. The project is expected to achieve completion well before the scheduled date. The commissioning will commence by the end of October 2002."