|In 1945, a Goan entrepreneur Mr. Govind Ramnath Kare, who was in the business of wholesale and retail trade of pharmaceuticals, started a firm which he named Indo Continental Trading Company. The principal business of this firm was to import pharmaceutical formulations from Europe and distribute them in Western India. However in 1947, after India became independent, the new Government in its bid to encourage indigenous manufacturing of medicines banned import of several formulations. Mr. G.R. Kare instead of being discouraged, decided to venture into manufacturing of pharmaceuticals. Accordingly, on 23rd August 1947, a week after India's independence, a new Company was founded with the intent to manufacture and sell pharmaceutical formulations. Thus Indo Continental Trading Company became Indoco Remedies Limited.
The manufacturing operations were started in a small house in Thane near Mumbai. However in this early period, the Company suffered a severe set-back. After Indian independence, the Portuguese Government in Goa sealed the border between Goa and India and Mr. Kare was unable to travel to Mumbai very often. In 1963, two years after Goa's independence, Mr. Suresh Kare, son of Mr. G.R. Kare came to Mumbai and took over as Managing Director of the then sick unit. Under the stewardship of Mr. Suresh Kare, Indoco never looked back. From a meager turnover of Rs. 1 Million and a total employee strength of around 50 in 1969, the Company has grown by leaps and bounds. Indoco now has an estimated turnover of Rs. 1.81 Billion for the year 2003-04 and is over 1750 employees strong.
-Indoco Remedies enters into an Agency Agreement with SRU