Gujarat Narmada Valley Fertilizers & Chemicals has announced important leadership changes following a notification from the Government of Gujarat. The company informed stock exchanges about the transition in its Managing Director position through a regulatory filing under SEBI Listing Regulations.

Leadership Transition Details

The Government of Gujarat issued Notification No. AIS/35.2025/56/G dated December 23, implementing significant changes in the company's top management structure. The notification addresses both the withdrawal of current leadership responsibilities and the nomination of new management personnel.

Current Managing Director Status

Dr. T. Natarajan's additional charge as Managing Director has been withdrawn by the Gujarat government. However, his association with the company continues in a different capacity. He will remain on the board as Nominee Director representing the Finance Department of the Government of Gujarat, ensuring continuity in government representation.

New Managing Director Appointment

Shri Rajkumar Beniwal has been nominated by the Government of Gujarat for appointment as Managing Director. His formal appointment will be confirmed at the upcoming Board of Directors meeting. The company has indicated that all necessary statutory procedures and compliance requirements will be completed as part of the transition process.

Transition Process

The company has outlined a structured approach to the leadership transition. The management will complete formal appointment of Shri Rajkumar Beniwal at the ensuing Board meeting, along with completion of handover and takeover procedures. All statutory requirements and compliance formalities will be fulfilled, with separate communication of exact transition dates to stock exchanges.

The management change reflects the Government of Gujarat's ongoing oversight of the company's operations, given its status as a government-nominated entity. The transition is being conducted in accordance with SEBI Listing Obligations and Disclosure Requirements Regulations, ensuring full regulatory compliance and transparency for stakeholders.

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.