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The Group

Gujarat Fluorochemicals Limited (GFL) is a part of the $2 billion INOX Group of Companies. INOX Group is a family owned, professionally managed business group, with market leadership in diverse businesses including Industrial Gases, Refrigerants, Chemicals, Cryogenic Engineering, Renewable Energy and Entertainment. The INOX Group employs more than 8000 people at more than 100 business units across the country, and has a distribution network that is spread across more than 50 countries around the globe. Each INOX Group company is characterized by three distinct characteristics - early identification of a winning business idea, building it to a size of market leadership in that segment, and attaining profit leadership position through cutting-edge efficiency in operations.

Major Inox Group Companies, other than GFL, include:
Inox Air Products Limited - Amongst India’s largest industrial gas company – a 50:50 joint venture with Air Products Inc. of the United States, amongst the world’s largest industrial gas players.
Inox India Limited - India's largest cryogenic technology company.
Subsidiaries of GFL include:
Inox Leisure Limited - Amongst India’s largest and, fastest growing multiplex chain.
INOX Wind Limited - India’s fastest growing and most profitable wind energy company.
Inox Renewables Limited - A leading wind farm company.
Gujarat Fluorochemicals Americas LLC - Engaged in the business of processing and marketing of PTFE products manufactured by GFL, in United States of America.
Gujarat Fluorochemicals GmbH – Engaged in business of trading as well as import and export, processing, distribution, marketing and storage of polymers and organic and inorganic compounds, especially Poly Tetra Fluoro Ethylene (PTFE grades) and to provide after sales service as well as technical support to its German and EU customers.
Step-down subsidiaries of GFL include:
Inox Wind Infrastructure Services Limited – Engaged in the business of providing of EPC services, O&M services and setting up infrastructure facilities for implementation and operation of wind farms.
Inox Renewables (Jaisalmer) Limited - Engaged in the business of operating of wind farms.
The Company
Gujarat Fluorochemicals Limited (GFL) is a public limited company, listed on both the leading stock exchanges of India –BSE Limited and the National Stock Exchange of India Limited. It was incorporated in 1987, and commenced commercial operations in 1989.

GFL has Gross Fixed Assets of US $ 439 million, Net Worth of US $ 460 million, and strong cash profits close to US $ 100 Million as on 31st March, 2013. GFL has been accredited AA- (stable) rating for long term credit and A1+ rating for short term credit by CRISIL, India’s largest rating agency.

Driven by the principle of “conservative aggression”, GFL’s dynamic corporate team very meticulously identifies and plans new projects and growth opportunities, which, once selected, are aggressively implemented by a professional management team. As result of this approach GFL has attained leadership position in virtually all segment of its operations.

GFL attained a key milestone in 2007, when it commissioned India’s largest PTFE plant. PTFE is an extremely specialized engineering plastic, and only a select few firms the world over have the technology for PTFE manufacture. GFL also operates India’s largest refrigerant plant, and at one time, exported refrigerants to more than 75 countries across the globe.

GFL has been at the forefront in bringing the concept of carbon credits to India. GFL’s CDM project was the first in the world to seek registration by the CDM Executive Board, a body of the United Nations Framework for Climate Change. GFL was the largest CDM player in India, and amongst the top 5 globally. GFL has exhibited its strong emphasis on sustainable development and corporate social responsibility through implementing this project.

GFL’s subsidiary, INOX Leisure Limited, runs India’s leading cinema exhibition business through its world-class multiplex chain.

Continuing to show GFL’s strong commitment to the environment, we aspire to becoming India’s largest renewable energy generator, through the wind energy business we are currently implementing.

GFL has been named as India’s most Investor Friendly Company by Business Today and India’s Best Managed Company in the Chemical Sector by American Express and Dun & Bradstreet.


GFL has been rated no.# 1 amongst India’s most Investor Friendly Company by Business Today.
India’s Best Managed Company in the Chemical Sector by American Express and Dun & Bradstreet.
Selected as one of India’s 100 best managed companies by Business Today – Ernst & Young study.
 
Chemicals Business
GFL’s Chemical Division combines chemistry and innovation with the principle of sustainability to address diverse needs of industry. GFL has a well-established diverse portfolio of chemicals catering to a broad range of industries.

GFL’s chemical complex commenced operations in the year 2007 at Dahej, Gujarat. In a short span of 6 years, it has grown to become a highly integrated and technologically advanced chemical complex which comprises of a 1,10,000 tpa Caustic Soda / Chlorine plant, a 87,500 tpa Chloromethane plant, and combined coal and gas based captive power plant with a capacity of around 90 MW.

These facilities have significantly enhanced GFL’s cost competitiveness due to the advantages of backward integration, besides adding to GFL’s product portfolio. GFL will always look to strengthen its chemicals business further primarily on the basis of upstream investments in resources and raw materials.
 
Fluoropolymers Business
GFL is India’s largest PTFE producer with hi-tech state of the art technology plants at Dahej, Gujarat. With its backward integration right up to caustic soda, hydrofluoric acid and captive power, GFL is one of the world’s most integrated PTFE producers. GFL has an installed capacity of 16000 TPA PTFE, covering a broad product portfolio of granular virgin and modified PTFE resins, fine powder virgin and modified PTFE resins, PTFE based aqueous dispersions and PTFE micro powders. The Dahej complex is ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certified by Intertek.

To strengthen its physical presence in the strategic markets, GFL has incorporated subsidiaries - GFL Americas and Gujarat Fluorochemicals GmbH.

GFL Americas operates its own blending facility & warehouse at Rockdale, USA and caters to PTFE and PTFE compounds customers in USA and Latin American countries.

Gujarat Fluorochemicals GmbH operates from Hamburg, Germany and has tie up with a well known international warehousing company to service PTFE customers in European territory.

With the introduction of PFOA free PTFE resins and dispersions in the year 2013, GFL has emerged amongst a handful of the world’s major players offering PFOA free products.

PTFE is a versatile and advanced engineering plastic, which has multiple applications across industries due to its outstanding chemical resistance, heat resistance, insulation, low-friction and non-stick properties. PTFE is used in chemicals, textile, automobile, electrical, semiconductor, aerospace and a host of other sectors.

As PTFE products are served to niche segments, GFL always strives for serving best quality products to its customers. A stringent quality assurance (QA) system has been put in place to evaluate processes at each step of manufacturing to maintain consistent best quality. Gujarat Fluorochemicals Research Centre (GFRC) is a dedicated research and development centre certified by the Department of Scientific and Industrial Research (DSIR). GFRC also includes an application development laboratory to meet customer requirements and industry needs. PTFE manufacturing units maintain clean room class 1000 – 100000 standards.

A team of highly qualified and experienced personnel supports the functions of the fluoropolymers business. The division has adopted a business approach of contacting the customers directly and thus working closely in partnership with them. This approach helps the division to be able to provide solutions to customer’s problems, technical services and requirements speedily. The division is fast acquiring the reputation for providing tailor made products and solutions to customers.
 
Carbon Credits Business
Driven by its strong beliefs in the principles of Sustainable Development and Corporate Social Responsibility, GFL developed a UNFCCC-compliant Clean Development Mechanism Project, which earned “carbon credits” by thermal oxidation of a waste gas, HFC23, generated in its refrigerant gas manufacturing plant. This was the first CDM Project in the world to seek registration under the Kyoto Protocol, and has been approved by the Governments of India, United Kingdom, Netherlands, Japan and Italy. Since commencement, till December 2012, this project has reduced 54 million tonnes of greenhouse gas emissions, and the carbon credits so earned have been sold to leading companies across the globe for compliance purposes.

Post December 2012, there is uncertainty about the future of the carbon credit business in absence of legally binding emission reduction obligations under the Kyoto Protocol.
 
Entertainment Business

GFL owns and operates an entertainment business through INOX Leisure Limited. INOX Leisure Limited is engaged in the setting up and operating India’s premium brand of multiplex cinema theatres - INOX. INOX currently operates 82 multiplexes with 320 screens & 86231 seats and is present in 45 cities making it a truly pan-Indian multiplex chain. Inox has also completed the acquisition of 100% stake of Satyam Cinplexes Limited (SCL). SCL currently operates 9 multiplexes with 38 screens and is present in 7 cities.INOX has won the ICICI Best Retail Entertainment Company of the Year Award, 2005, the Taal Multiplexer of the Year Award, 2006 and the Emerging SuperBrand of the Year Award, 2007. In 2010, INOX Leisure Limited had acquired Fame India Limited, a competing multiplex chain, to emerge as India’s largest multiplex player then. INOX is amongst India’s largest integrated multiplex brand, as well as amongst India’s fastest growing and most profitable multiplex chain.

 
Renewable Energy Business
On the basis of a business diversification study conducted by McKinsey & Co Inc. for the Group, GFL decided to invest in the renewable energy business. Having worked in detail on the concept development for this initiative over the past couple of years, GFL has firmed up its business plan and is in the process of aggressively implementing the same. The business plan consists of 2 verticals:-

(a)
The wind IPP business – has been set up with an aim to become one of India’s largest wind IPP’s.
(b)
The wind turbine business - has been set up with an aim to become one of India’s largest wind turbine supplier/wind power solutions provider.




GFL is convinced that with the present power shortage across Indian states, which was only expected to be accentuated with India’s economic growth, and with the right kind of regulatory impetus, the wind energy business could be developed into an environmentally friendly, socially responsible and financially attractive business.

The following two subsidiaries have been incorporated to take this business forward.
 
Inox Wind Limited
INOX Wind Limited was launched in 2010. INOX Wind is a fully integrated player in the wind energy market. One of the fastest growing wind turbine manufacturers in India, INOX Wind offers complete end to end solutions from concept to commissioning. This includes wind resource assessment, land acquisition and development of power evacuation, infrastructure development with all statutory approvals, supply of wind turbine generator (WTG), erection and commissioning and providing long term operation and maintenance of wind farms. Key components including Blades, Towers, Hubs and Nacelles are manufactured at the company’s state- of-the-art manufacturing plants which ensure high quality, advanced technology, reliability and cost competitiveness and it also offers wind energy solutions across multiple states in India. INOX Wind WTG’s are designed keeping in mind India's low wind sites and climatic conditions.

Inox Wind has an extremely robust, energetic and experienced wind team comprising of experts across all relevant fields/verticals. INOX Wind is an ISO 9001:2008, ISO 14001:2004, ISO 3834 & OSHAS 18001 certified company for its management systems pertaining to manufacturing, installation, commissioning O&M of wind turbines and for its occupational health and safety. INOX Wind WTG’s are C-WET (part of MNRE) approved and Type Certified by TUV SUD.

In FY 2012-13, INOX Wind Limited became the 4th largest WTG Company in India in terms of WTG’s installed.
 
Inox Renewables Limited
INOX Renewables Limited was set up with a vision to become one of India’s largest renewable energy IPP’s with an aim to install about 2000 MW’s of wind energy assets in the next few years. In pursuance of this goal, it is rapidly setting up capacities for generating renewable energy.

To oversee this ambitious growth, INOX Renewables has not only built up a team of highly committed, experienced and competent professionals comprising of industry veterans across all verticals but has also built up a significant land bank across the country with requisite evacuation approvals.

INOX Renewables has an operating assets of more than 200 MW, has an under construction capacity of over 300 MW and a development pipeline of over 1000 MW.
 
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