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Indoco Remedies Ltd. Company History and Annual Growth Details

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.


2005

-Indoco Remedies enters into an Agency Agreement with SRU

2006

- Indoco Remedies mulls to enter US mkt.

- Indoco Remedies secures US FDA approvals.

- Board has proposed a dividend of 62.5%.

2007

- Mr. J. B. Salian has been appointed the Secretary of the Company.

- Board has proposed a dividend of 65% .

2008

- Board has recommended a dividend of Rs 5.00 per share.

- IDMA Quality Excellence Awards 2008 - The Sterile Facility at Goa Plant II received the Gold Award and the Solid Dosage Forms and Externals Facility at Goa Plant I received the Silver Award.

- First shipment of Diclofenac Ophthalmic solution shipped to USA against an approved ANDA.

2009

- Board has decided to declare a final dividend of Rs 2.00 per equity share.

- UK-MHRA approval for the Solid Oral Dosage forms at Baddi Plant.

- Successfully faced Slovenia audit for the Sterile Facility at Goa Plant II for the Injections Area.

2010

- The Company has signed an agreement with Aspen Pharmacare, South Africa for supply of ophthalmic products.

- Board has recommended a payment of divided of Rs. 7.00 per equity share.

- Indoco Remedies teams up with ASPEN, South Africa by licensing out intellectual property (dossiers) for marketing its products in emerging markets covering 30 countries, including SA, Brazil, Mexico, Venezuela, Russia & Australia.

2011

- Board has recommended a dividend of Rs. 8/- per equity share.

- Indoco received the Silver Quality Excellence Award for Sterile Manufacturing Facility in Goa and Solid Dosages Facility in Baddi (HimachalPradesh) at IDMA's Golden Jubilee celebrations.

2012

- Indoco Remed - Enters into a strategic business alliance with DSM Pharmaceutical Products (DPP) NV.

- Mr. Sunil Joshi has been appointed as Company Secretary & Compliance Officer of the Company.

- Indoco announced the signing of an agreement with DSM, a € 9 billion Company, for commercial cooperation for Active Pharmaceutical Ingredients (APIs). Indoco and DSM have formed a strategic alliance, wherein DSM shall be marketing and selling the APIs manufactured by INDOCO.

-Company has splits its Face value of Shares from Rs 10 to Rs 2

-Indoco Remedies has given the Bonus in the Ratio of 1:2

2013

-Indoco Remedies Ltd. has received the approval from United States Food & Drug Administration (USFDA) to manufacture and market GLIMEPIRIDE 1mg, 2mg & 4mg tablets.

-Indoco Remedia Ltd. has recommended payment of dividend of Rs.1.10 per equity share on the face value of Rs. 2/- each i.e. 55% for financial year 2012-13.

2014

-US-FDA approves Sterile (Plant II) and Solid Dosages (Plant III) facilities in Goa.

-IDMA Best Patent Award for Tazarotene & Adapalene.

-Indoco Remedies Ltd. has Certificate of Good Manufacturing Practice (GMP) Compliance of a Manufacturer.

2015
- Indoco wins IDMA Patent Appreciation Award for Betaxolol
- Indoco acquires Piramal's Clinical Research Division

2016
- Indoco acquires Manufacturing plant at Baddi
- Indoco Honoured with the IDMA Best Patent Award for Three International Patents
- Indoco honoured with the 'Best Patent Award' by PHARMEXCIL in the Bulk Drugs / API category

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