In a massive recruitment drive undertaken by a PSU in the post-recession period, the Rs 2,600-crore fertilizers and chemicals major, Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has initiated the process to hire 800 people for its Dahej plant in Gujarat. GNFC is jointly promoted by Gujarat government and GSFC, also a state PSU. The process for hiring 300 people is already underway for the Toluene Di-Isocyanate (TDI) project in Dahej which is scheduled to be commissioned by December 2011. The first phase will see recruitment of close to 250 engineers who will be from streams like chemical, mechanical, electrical, instrumentation and civil, according to an Ahmedabad-based HR firm which is associated with the recruitments. Confirming the development, a GNFC official told ET that a stipend of Rs 12,000 will be paid to engineering graduates while Rs 5,000 will be given to diploma holders apart the accommodation at GNFC’s township.
The PSU has already indentified nine engineering and 11 polytechnic institutes across Gujarat to hire engineers. The next phase of recruitment will begin in 2012 when the PSU would hire for its upcoming MDI plant. Earlier, GNFC hired in batches of 30-40 in February 2007 when the PSU merged Narmada Chematur Petrochemicals Ltd (NCPL). GNFC’s Dahej project has a capital outlay of Rs 1,655 crore, which will have a capacity expansion of 50,000 MTPA. Once the plans are executed, GNFC will become the only company in Asia to have a capacity to produce 65,000 MTPA of TDI.
Commenting on the scale of hiring by a PSU the CEO of Ma Foi Management Consultancy E Balaji says: “PSU banks are the only ones who have undertaken massive recruitment drive in the recent times (post-recession), as during the 90s they shed a lot of manpower through voluntary retirement scheme (VRS). PSUs in the manufacturing sector do not undertake massive recruitment as they already have a problem of overstaffing.”
Currently, the Bharuch-based GNFC has over 2,900 people working at 18 plants. For FY 2009-10, GNFC recorded net sales of Rs 2,614.45 crore against Rs 2,920.06 crore for FY 2008-09. The net profit too has plummeted to Rs 123.84 crore from Rs 227.52 crore for year 2008-09. For the first Q1 of 2010-11, GNFC has registered sales of Rs 367.81 crore and net profit of Rs 22.67 crore.