UCIL meaning in Business ?

Union Carbide India Limited (UCIL) was a chemical company established in 1934, eventually expanding to employ 9,000 people working at 14 plants in five divisions. UCIL was 50.9% owned by Union Carbide and Carbon Corporation (UCC) and 49.1% by Indian investors including the Government of India and government-controlled banks. UCIL produced batteries, carbon products, welding equipment, plastics, industrial chemicals, pesticides and marine products.

In 1970 UCIL built a pesticide plant in Bhopal, India, which gained worldwide attention as a result of the Bhopal disaster. On 3 December 1984, a release of methyl isocyanate (MIC) gas killed more than 3300 people. At the time of the disaster, UCIL was ranked twenty-first in size among companies operating in India. It had revenues of Rs 2 billion (then equivalent to US$170 million).

In 1994, UCC sold its entire stake in UCIL to Mcleod Russel India Limited of Calcutta, which renamed the company Eveready Industries India Limited. The proceeds from the UCIL sale ($90 million) were placed in a trust to fund a hospital in Bhopal to care for victims of the tragedy.