Indian Petrochemicals Corporation (IPCL), the pioneering petrochemical company in India, was incorporated on March 29, 1969.

IPCL owns and operates petrochemical manufacturing facilities at three locations in India (Vadodara, Nagothane and Dahej). The company manufactures over one million tonnes per annum (TPA) of products for merchant sales.

In May 2002, Reliance Industries (RIL) won the bid to acquire management control of IPCL from the government. With the acquisition of 20% stake in the subsequent open offer, RIL’s equity stake in IPCL has gone up to 46%.

IPCL is principal JV partner of Gujarat Chemical Port Terminal Company (GCPTCL), incorporated on June 10, 1992. The objective of this JV was to construct and operate a state-of-the-art liquid chemical handling port at Dahej.

At present, the port has the capacity to store nearly 300,000 cubic metres of products. An indigenously developed catalyst for the production of butene-1, a co-monomer in polyethylene production has been commercially proven in the Nagothane complex. This development has not only replaced the requirement of imported material, but it also has opened up a new business potential for this high technology material.

IPCL has drawn plans to execute the first cycle of Six Sigma Projects in the next financial year as part of strengthening customer satisfaction level for all its products and services.

Business area of the company

The business of the company comprises polymers, synthetic fibre, fibre intermediates, solvents, surfactants, industrial chemicals, catalysts and adsorbents. Polymer is the largest contributor of its sales. The main raw material used for production is naphtha and natural gas.

History

• 1969: The corporation was incorporated on  March 22, to manufacture and distribute synthetic organic chemicals, plastics, fibre and fibre intermediates from petroleum feedstock. It is the country's first petrochemical complex in the pubic sector. The corporation was converted into a public limited company on 21st March, 1986.
• 1978: Low Density Polyethylene plant was commissioned in May, the product is marketed under the brand name --Indothene-- and is available in 16 standard grades. Other products include Linear Low Density Polyethylene (LLDPE) for caps, closures, etc, and copolymer sheets for blow moulded containrs and automobile bumper compounds.
• 1978: Polypropylene plant was commissioned in May, for manufacture of Polypropylene under the brand name -- Koylene -- and Polybutadiene Rubber plant was commissioned in August, to produce high cis-polybutadiene rubber in three grades under brand name -- Cisamer.
• 1979: Acrylic Fibre plant was commissioned in March, acrylic fibre is the only man-made substitute for wool, for making fabrics, upholstery, etc. Supracry is another dry spun acrylic fibre developed for shawls, hosiery etc.
• 1984: One of the company's products, acrylic fibre, was being marketed under the brand name -- Cashmilon. Consequent upon the expiry of the agreement with the collaborators, Asahi Industries Company, Japan, the use of this brand name was terminated with effect from February 1, and the brand name was replaced by Indacrylon, an original and new brand name for the corporation.
• 1986: The Plasticulture Centre undertakes trials of drip irrigation in addition to development of LLDE grade with antioxidant for extrusion coating, UV stabilised grade for green house application.
• 1987: With the acquisition of catalyst manufacturing plant of ACC, the company proposed to produce a variety of catalysts and adsorbents.
• 1988: The acrylic fibre expansion project (with 12,000 TPA capacity) was commissioned in March. The project would cater to the production of both mono and bicomponent dry spun acrylic fibre. The project envisaging expansion of capacity of orthoxylene unit from 21,000 to 45,400 TPA and paraxylene unit from 17,000 to 48,600 TPA was mechanically completed.
• 1988: An agreement was signed with the Department of Biotechnology and Institute Merieux, Lyon, France for setting up a joint venture company for manufacture of viral vaccines at Gurgoan, Haryana.
• 1989: Government approval was received to set up an integrated gas-based petrochemical complex at Gandhar in the Bharuch district of Gujarat.
• 1990: Market development activities related to LLDPE as heat seal layer in multi-layer laminater, PP paint containers with parallel sides, modular furniture and folding chairs from polypropylene copolymer and multi-layer laminates for seeds packaging, were carried out.
• 1990: Three new projects, viz., butadiene revamp, polypropylene grass-root and polybutadiene rubber plant expansion with a total investment of Rs 300 crores was undertaken. During the year, the company proposed to set up a subsidiary `IPCL Videsh Ltd.' to focus on external contracts for training, plant operations and project management.
• 1991: The Nagothane complex commenced commercial operation of low density polyethylene (September 1991), ethylene oxide/glycol (November, 1991), and butane-1 (March, 1992) plants and produced 38,483 tonnes of major saleable products during the year.
• 1991: The company proposed to expand the capacity of ethylene, by setting up a new 75,000 MTA high density plant and by completed second phase of wire and cable compounding plant. These projects and the capital expenditure on renewals and replacements of Nagothane plants will involve investments to the tune of Rs 534 crore.
• 1992: Government approval was secured for expansion project at Nagothane complex in respect of ethylene production from 3 lakh TPA to 4 lakh TPA.
• 1992: The company undertook under phase I, chlor-alkali, VCM/PVC plants; jetty and captive power plants and associate utilities. In the second phase, the company proposed to undertake gas cracker of 3 lakh TPA of ethylene and 2,70,000 TPA of Polyolefins, Monoethylene glycol and ethylene oxide.
• 1994: The state-of-the-art application development centre at Gurgaon was inaugurated in March, and was operational with processing, testing proto-typing and CAED facilities for provision of technical support to the industry.
• 1995: Key sections of new grass-root polypropylene plant of 75000 TPA such as bagging sections, cooling water system etc. were commissioned apart from commissioning of finishing section of polybutadiene rubber plant of 3000 TPA.
• 1995: The corporation undertook to expand the gas cracker and high density polyethylene low density polyethylene plants at the complex.
• 1996: Production of polybutadiene rubber was low due to hook-up activities taken up for butadiene expansion project and diversion of propylene from the naphtha cracker to the new polypropylene plant. The Nagothane complex achieved capacity utilisation of 93% as compared to 97% in the previous year due to forced plant shutdown by virtue of non-availability of feed stock.
• 1996: The corporation commissioned the 75,000 TPA polypropylene plant, the 30,000 TPA polybutadiene rubber plant and the butadiene.
• 1996: An infrastructure project UT3 Gujarat Chemical Pvt. Terminal Company, a unique chemical port was being set up at Dahej in the Gulf of Khambhat in Gujarat and another joint venture was entered into with Vivima Petrochemical, a part of the Vinman Group USA for establishing a joint venture company in the name of 'Indian Petrovin' for setting up a plant for manufacture of methylmethacrylate (MMA)/polymethyl-methacrylate PMMA) adjacent to the acrylonitrite plant at Gandhar Complex.
• 1997: The company is setting up a 3 lakh tpa naphtha cracker plant; a downstream unit for Polyethylene, High Rubber Graft facility of 20,000 tpa and a plant for manufacture of Butene and Isobutylene at Vadodara.
• 1998: The London-based International Financing Review (IFR), has selected the 175 million equity linked issue of IPCL as the best equity linked issue for the year.
• 1998: The corporation will sign a memorandum of understanding (MoU) with the foreign company for supply of gas over a period of ten years.
• 1998: IPCL has also tied up its requirement of propane to the extent of 6,000-7,000 tonnes with suppliers in West Asia. The propane will be used as feedstock in the corporation's Nagothane complex.
• 1999: The company has commissioned 160,000 tpa of high density Polyethylene plant (HDPE) based on process license from Hoechst AG of Germany on March 26 at Dahej, without any cost or time overrun.
• 2000: The company has won British Safety Council's safety award for the year 1999-2000 for recording the lowest number of accidents.
• 2001: Indian Petrochemical Corporation said it will sell its Vadodara plant to Indian oil Corporation.
• 2002: RIL acquired 26% stake and management control in its major rival IPCL, which created a monopoly in the domestic market and also a major force in the petro industry and Government of India (GOI) to divest 26% equity in IPCL to the strategic partner by March 2002.
• 2003: CRISIL upgrades IPCL's Rs 1200 crore NCD issued to AA from AA- and Rs.203 cr NCD issue to AA from AA- and fixed deposit programme to FAA+ from FAA.
• 2004: GOI disinvests 71,850,056 equity shares of Rs 10 each amounting to 28.945% of the total share capital of the company through an IPO. The shareholding of the government after sale is 1,24,11,282 shares amounting to 5% of the total share capital of the company.
• 2004: Delists shares from Vadodara Stock Exchange.
• 2005: Anil D Ambani on January 3, 2005, addressed a letter to Mukesh D Ambani, chairman of the company, tendering his resignation as vice chairman and director of the company with a request to accept his resignation.