Gujarat Narmada Valley Fert & Chem has completed its leadership transition with the formal appointment of Shri Rajkumar Beniwal as Managing Director. The company informed stock exchanges about the completion of the management change through regulatory filings under SEBI Listing Regulations.

Leadership Transition Completed

The Government of Gujarat's General Administration Department Order No. AIS/35.2025/56/G dated December 23 has been fully implemented. Shri Rajkumar Beniwal assumed charge as Managing Director on December 29, while Dr. T. Natarajan relinquished his additional charge on the same date.

New Managing Director Profile

Shri Rajkumar Beniwal brings nearly two decades of distinguished public service as an IAS officer of the 2004 batch, Gujarat Cadre. He holds a B.Tech. degree in Mechanical Engineering from IIT (BHU), Varanasi, and a Master's degree in Public Administration from Duke University, USA.

Formal Transition Process

Dr. T. Natarajan submitted his resignation letter on December 29, expressing appreciation for the Board's support during his tenure. In his resignation letter, he acknowledged the privilege of serving as Managing Director and thanked the organization for the trust and confidence extended to him. He specifically expressed sincere appreciation to the Chairman and Board Members for their continued support, guidance, and cooperation during his tenure.

The resignation was submitted pursuant to the Government of Gujarat notification whereby he was relieved from the additional charge of Managing Director. Dr. T. Natarajan will continue as Nominee Director representing the Finance Department, Government of Gujarat, on the Board of the Company.

Regulatory Compliance

The management transition has been conducted in full compliance with SEBI Listing Obligations and Disclosure Requirements Regulations. The company confirmed that Shri Rajkumar Beniwal is not debarred from holding the office of Director by any SEBI order or regulatory authority, ensuring seamless continuation of corporate governance standards.

The company will proceed to complete statutory procedures and compliances to formally induct Shri Rajkumar Beniwal on the Board. His appointment remains subject to approval by the Nomination and Remuneration Committee and the Board of Directors.

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has announced a major contract award worth approximately ₹360.00 crores to Toyo Engineering India Private Limited for the supply of an Ammonium Nitrate-II plant. The disclosure, made under Regulation 30 of SEBI Listing Regulations, marks a significant expansion in the company's fertilizer manufacturing capabilities.

Contract Details and Specifications

The awarded contract encompasses the supply of an Ammonium Nitrate-II plant on LEPC (Lump Sum Engineering, Procurement and Construction) basis. Key parameters of this major industrial project are outlined below:

Technology Partnership and Board Approval

The project received board approval during GNFC's meeting. Toyo Engineering India has established a strategic tie-up with INCRO, S.A., Spain, for the supply of process know-how and license for the Ammonium Nitrate-II plant. This international collaboration brings advanced Spanish technology to enhance India's fertilizer manufacturing capabilities.

Capacity Enhancement and Market Impact

The new Ammonium Nitrate-II plant represents a substantial expansion for GNFC, with the company stating that this installation will enhance their capacity by 94%. Currently, GNFC operates an existing Ammonium Nitrate plant, and this additional facility will significantly strengthen their market presence in India's Ammonium Nitrate segment.

Regulatory Compliance and Corporate Governance

The contract award adheres to strict regulatory requirements, with GNFC confirming several key compliance aspects:

• No promoter or group company interest in the contracting entity
• The transaction does not fall within related party transactions
• Full compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155

Strategic Alignment with National Initiatives

GNFC emphasized that this plant installation aligns with the Make in India Campaign, demonstrating the company's commitment to supporting domestic manufacturing initiatives. The project also reflects GNFC's dedication to environmental conservation while fulfilling downstream requirements in the fertilizer sector.

The contract award represents a significant milestone in GNFC's expansion strategy, positioning the company to better serve India's growing demand for Ammonium Nitrate while leveraging advanced international technology through the Toyo-INCRO partnership.