ADF Foods Ltd
ADF FOODS LTD
ADF Foods Ltd established on 27th August 1990 as a private limited company. In the year 1991, the company converted into a public limited company. Hariram Mewawala, Ramesh Thakkar, and Kishore Thakkar promoted the company. The company’s goal is to produce a large variety of canned and bottled vegetables/food/ fruits.
The company started to build the plant at GIDC Industrial Estate in Nadiad, Gujarat, which measured a land square of 4348 square meters and acquired in the agro-based taluka area of Nadiad, Gujarat. Sizeable underground storage tanks for the conservation of fruit and vegetables constructed at a depth of 30 feet. The company listed in Stock exchanges BSE and NSE.
In 1994, the company set up the installations at Nasik for the production of ground spices from Masala. The existing facilities in Nadiad modernized. As a result, the company anticipated its capacity to double to 12600 tons per year. In the same year, the company issued a share of 25,00,000 Rs.10 no. of shares each to Indian financial institution, Indian mutual funds, and Indian private placement companies for Rs. 62 per share. To be converted into equity shares, the company issued 725,806 warrants within 18 months at Rs.62 per share.
In addition, Capacity was extended in November 1995 at the Nadiad plant from 12 600 TPA to 19,900 TPA. The company got a loss of Rs 80 lakhs because of spoiling the raw materials. In the meantime, sales also decreased fierce competition and the change in the sales policy in the domestic division.
As a matter of fact, in the year 2003, the company established a Nadiad Export Oriented Unit to manufacture and treat frozen food products. Moreover, Adf Foods Ltd entered into the MOU for the use of all four brands, namely Ashoka, Camel, Aeroplane, and Classic Ashoka, owned by M/s American Dry fruits Stores, which is held by the partner firm until 20th November 2005.
The company recommended a dividend at 10% Rs 1 per equity share of Rs 10 for each in 2006. In the year 2007, A final bonus at 10 percent (Re 1/- per share) recommended by Adf Foods Ltd. Including a 10% provisional dividend, the total dividend is @ 20% (Rs 2/- per share). In the year 2008, the company appointed Mr. Ravinder Kumar Jain as an additional director.
- The dividend of 15% i.e., Rs 1.50/- per share in 2009.
- Dividend at Re. 1.5/- per share in 2011, 2013 and 2015.
In the year 2015, Mr. Nishikant Bapat appointed as Executive Vice-President of the Company.