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Piramal Enterprises Ltd. Company History and Annual Growth Details


- The Company was incorporated on 26th April, under the name of Indian
Schering, Ltd., U.K. as a subsidiary of British Schering, Ltd.


- E. Griffiths Hughes, Ltd. of which British Schering, Ltd., U.K. was
a subsidiary was taken over by Aspro-Nicholas, Ltd., U.K. Since then,
the principal owners of the Company belonged to the Nicholas Group of
Companies whose ultimate holding company, Nicholas International, Ltd.,
Melbourne, Australia, are well known for their registered trade marks
'Aspro', 'Asmapax', 'Albucid', 'Olycrol', 'Neutradonna', etc.


- 5,000 Bonus Equity shares issued in prop. 5:1 on 30.6.1967.


- Nicholas of India, Ltd. transferred to the Company the business and
undertaking of its Indian branch as a going concern with effect from
1st July. The name of the Company was changed from Indian Schering,
Ltd. to Nicholas Laboratories India, Ltd., with effect from 27th

- The non-resident holding in the Company was reduced to 39.59% after
the issue and allotment of shares to the public during November.

- Shares subdivided on 28.8.1979. 6,00,000 Bonus shares of Rs 10 each
issued in prop. 10:1 on 4.10.1979. 8,03,600 shares of Rs 10 each then
issued (pre. Re.1 per share): 25,000 shares reserved and allotted to
the existing Indian shareholders as rights; 5,12,200 shares reserved
and allotted to financial institutions (2,62,200 shares to UTI and
1,25,000 shares each to LIC and GIC); 40,000 shares reserved for
allotment to employees, etc. of the Company and 2,26,400 shares offered
to the public in November 1979.


- The Company issued 15% non-convertible debentures of the aggregate
value of Rs 50 lakhs on a private placement basis. These debentures
are redeemable at a premium of 5% at the end of the 7th year from the
date of allotment viz., 24th June, 1985.


- The Pharmaceutical division of the Company introduced another
medicine called 'Mono Sorbitrate' for cardiac patients.

- During July-August, Aspro Nicholas PLC, U.K., voluntarily diluted all
its shareholding of 5,84,760 No. of equity shares of Rs 10 each by an
offer for sale at a premium of Rs 35 per share. Out of this, 3,62,177
shares were sold to Swastik Safe Deposit & Investments, Ltd. Out of
the remaining 2,22,583 shares, 29,238 shares were reserved for
allotment to the employees of the Company but only 8,350 share taken

- The balance of 1,93,345 shares, along with the unsubscribed portion
of 20,888 shares out of the employees quota, were offered to the Indian
resident shareholders of the Company in the proportion 11:50 (All were
taken up).


- With effect from 1st April, Gujarat Glass Ltd. (GGL) was merged with
the Company. As per the terms of the scheme 16,50,000 No. of equity
shares of Rs 10 each of the Company were allotted to the equity
shareholders of GGL without payment in cash in the ratio of one equity
share of the Company for every two shares held in GGL.


- During the year, the new formulation plant at Pithampur in Madhya
Pradesh was commissioned.

- The Company proposed to diversify the glass division activity into
non-pharmaceutical field. The new TPD borosilicate plant was

- The Company proposed to undertake an ambitious expansion plan over
the next two years by setting up soda lime plant of 65 TPD, relining
and modernisation of BRS plant, doubling of the present form fill seal
capacity and setting up a bulk drug plant.

- 31,13,600 Bonus shares issued in prop. 1:1.


- The Company was setting up a second formulation plant at Pithampur in
Madhya Pradesh with the State-of-the-art manufacturing facilities. The
plant was commissioned in March.

- During February/March the Company offered to shareholders 15,56,800 -
12.5% partly convertible debentures of Rs 100 each on rights basis in
the ratio of 1 debenture: 4 equity shares held. Additional 2,33,520
debentures were allotted to retain oversubscription.

- Another 77,840-12.5% partly convertible debentures of Rs 10 each were
offered to the employees of the Company on an equitable basis.
Additional 11,676 debentures were allotted to retain oversubscription.

- Part A of Rs 50 of each debenture was to be converted into 1 equity
share of Rs 10 each at a premium of Rs 40 per share at the end of six
months from the date of allotment.

- Part B of Rs 50 of each debenture was to be redeemed at par in three
annual instalments of Rs 17, Rs 17 and Rs 16 respectively at the expiry
of 8th, 9th and 10th years from the date of allotment.

- With effect from 2nd December, the name of the Company was changed
from 'Nicholas Laboratories, Ltd.' to 'Nicholas Piramal India, Ltd.'

- 18,79,836 shares allotted (prem. Rs 40 per share) in part conversion
of debentures.


- The Company entered into a joint venture agreement with Allergan of
U.S.A., the leading manufacturers of Ophthalmic products.

- 4,053,518 bonus equity shares issued in prop. 1:2 to the existing
shareholders, 30,30,000 shares issued to Financial Institution at a
price of Rs 330 per share.


- The Company proposed to enhance manufacturing facilities at Pithampur
to cater to the growing market reqirements of the Pharma Division
notably in Generics and Exports.

- A joint venture agreement was entered into with Sateliec, France for
dental care products. Also proposed to set up a joint venture
overseas-one in southern part of Africa and the other in Vietnam.

- 22,00,000 No. of Equity shares issued at a premium of Rs 80 per share
on conversion of warrants issued along with Non-convertible debentures.


- The Company entered into a scheme of arrangement with Sumitra
Pharmaceutical and Chemicals Ltd. (SPCL) Hyderabad. Under the scheme
bulk drug division of SPCL shall stand transferred and vested in the
Company effective April.

- Anand Piramal Investments, Ltd. and Swati Piramal Investments, Ltd.
are subsidiaries of the Company.


- The Company has entered into a product tie-up with F.
Hoffman-La-Roche and Boehringer Mannheim, both leads in Pharma

- The Flaconnage (Glass) Division successfully commissioned 5 MW
captive power plant at Kosamba to insulate the division from the
vagaries of power availability and tariff increases.

- With effect from 1st April, Boehringer Mannheim India Ltd. (BMIL) was
merged with company. As per the terms of the scheme 17,73,402 No. of
Equity shares of Rs 10 each of the company were allotted to the equity
share holders of BMIL in the ratio of 1 equity shares of the company
for every 2 shares held in BMIL.

- With effect from 1st April, the company entered into a scheme of
arrangement with Piramal Healthcare Ltd. (PHL). As per the terms of
the scheme 75,05,004 No. of equity shares of Rs 10 each of the company
were allotted to the equity shareholders of PHL in the ratio of 3
equity shares of the company for every 4 shares held by PHL.


- The state-of-the-art 230 TPD plant for manufacture of sodaline
containers at Jambusar near Baroda was commissioned with an investment
of Rs 125 crores.

- NPIL has a joint venture with Allergan, US, for eye care products;
Scholl, UK, for foot-care products, and with Cytran, US, for
immunological products. The company took over Jenkins Botswana, a
formulation company based in South Africa.

- Nicholas Piramal India Ltd (NPIL), the Rs.500-crore pharmaceutical
major, has entered into a marketing agreement with Stryker Corporation
of the US, for surgical and medical products.

- Piramal International has been incorporated with an initial capital
of Rs.359 crore for entering into pharma joint ventures abroad.

- NPIL entered into an agreement with Reckitt & Colman for joint
marketing of the latter's OTC products in India.

- Nicholas Piramal India Ltd (NPIL) and Ambalal Sarabhai Enterprises
(ASE) have entered into a 50:50 joint venture for the marketing of
human health products of ASE's Suhrid-Geigy division.

- Nicholas Piramal India Ltd (NPIL), Reckitt & Colman Plc and Reckitt &
Colman of India (RCI) on October 15, announced a three-way joint
venture for the marketing of over-the-counter (OTC) products. NPIL and
Reckitt & Colman Plc will hold 40 per cent each of the Rs.10-crore
equity of the new company, Reckitt Piramal, and RCI, 20 per cent.

- Nicholas Piramal is transferring Aspro and Lacto Calamine to the
joint venture, while Boots will bring in Strepsils and Sweetex besides
some other brands.

- 10,39,410 shares allotted to shareholders of Sumitra Pharmaceutical &
Chemicals Ltd. pursuant to the scheme of arrangement with the company.


- A memorandum of understanding has been signed with a major European
chemicals company to start manufacturing speciality chemicals with
equity partnership. The final agreement is expected to be entered into
in the next four to six weeks.

- Nicholas Piramal, a company built by mergers and acquisitions, has
acquired the basic research unit of Hoechst Marion Roussel (India) at
Mulund on the outskirts of Mumbai for about Rs.20 crore.

- Nicholas Piramal is getting into a three-way joint venture in food
additives, a completely new area of business for the group.

- Nicholas Piramal India Ltd (NPIL) has forged a 49:51 joint venture
with 274-million pounds Boots Healthcare International (BHI) to develop
and market consumer healthcare products in India.

- Nicholas will form a new company in which it will hold 50 per cent
stake, with up to three foreign partners sharing the remaining equity.


- Nine products were launched in the first nine months of the year
including Recormon, Accutrend, Amexyl, Orthrobid Gel and Carvetrend.

- Nicholas Piramal India Ltd (NPIL) has become the first Indian
pharmaceutical company to join the Industrial Liaison Programme (ILP)
of Massachusetts Institute of Technology (MIT), USA.

- Nicholas Piramal India Ltd, the pharmaceutical major, has identified
an anti-cancer molecule at its research centre for which it wants to
file a global patent application.

- Nicholas Piramal has entered into an arrangement with the UK-based
Norton Healthcare to develop three formulations set to go off patent by


- The Company has to raise capital by way of international offering by
issue of securities through ADRs/ADS, for an amount upto US$ 100

- The Company has signed an agreement with the CSIR-affiliated Centre
for Biochemical Technology for collaborative research in the field of
gene technology.

- The Company has entered into a research alliance with Hindustan Lever
for developing 'Cosmoceuticals' and personal care products.

- The Company and Banner Pharmacaps (India) announced that they had
signed a memorandum of understanding to manufacture several of NPIL's
nutraceutical products as soft gelatin capsules.

- The Company is launching a slew of new products in 2000-01 as its
targets a sales growth of 20 per cent in the current fiscal.

- The Industrial Paints Division of the company would be hived off into
a separate joint venture company with an international player.

- Nicholas Piramal India Ltd. (NPIL) has tied up with the Centre for
Biochemical Technology (CBT) for conducting basic research in genomics.

- The Company has entered into a 'knowledge-based' collaboration with
the Centre for Biochemical Technology for the study of genomics.

- The Company acquired a 40 per cent stake in Rhone-Poulenc India Ltd
-- which makes it the second largest pharmaceutical group in India.


- Nicholas Piramal India has pulled out of its 50:50 joint venture with
the UK-based Scholl Plc (now known as Seton-Scholl Healthcare Plc).

- Nicholas Piramal group is close to acquire a 27.72 per cent equity
stake in German Remedies Ltd. at a price of Rs 400-425 per share.

- The Company has entered into a strategic alliance with MDIndia
Healhtcare Services Pvt. Ltd. where NPIL will sponsor five Internet hub
centres (IHCs).

- Nicholas Piramal India and the Reckitt Benckinser group are planning
to alter the nature of their joint venture, Reckitt Piramal.


-ICI India transfers pharmaceuticals business to Nicholas Piramal.

-The Board of Directors of Nicholas Piramal India Ltd on October 24, 2002 considered & approved the appointment of Mr S Ramadorai as Director of the Company and Dr Swati A Piramal has been re-appointed as Director in Wholetime employment of the company (designated as Director Alliances & Communications) for a period of five years.


-NPIL introduces 10 new anti-allergic drug through newly formed repiratory
division ACTIS.

-NPIL is all set for an expansion abroad by setting up subsidaries in the lucrative US
and South East Asian Markets.

-Nicholas Piramal India has launched 'a new generation anti-allergic' called 'Airitis'
to combat allergic rhinitis in the country.

-NPIL has decided to phase out its version of the drug, Orthobid and replace it
with Vah ( valdecoxib), which is said to be a better drug with no side effects.

-NPIl has entered into an agreement with the US base Minrad Inc. for the exclusive
distribution and marketing of a new generation of inhalation anesthetic products.

-NPIL stopped the Frame Co-operation Agreement with F Hoffman La Roche.

-NPIL with a capital investment of Rs 4-5 cr is expanding the capacity of its
Contract Research Organization(CRO).

-Nicholas Piramal India Ltd has procured Rs.10 million foreign loan through
External Commercial Borrowing(ECB) arranged by Rabo Bank International.

-NPIL has informed the changes in the board of directors
1. Mr. R A Shah, Mr. M R Shroff, and Mr.G P Goenka who were retiring are
re-appointed as directors.
2. Mr. Rajesh Khanna, Mr. Deepak Satwalekar and Mr S Ramdorai are
appointed as directors.

-Nicholas Piramal India & Advanced Medical Optics sign agreement for supply of products

-The country's second largest pharamceutical company, Nicholas Piramal India Ltd (NPIL), has undergone major changes at the top level. Four senior officials of the company have relinquished their posts. They are: NPIL senior vice-president finance V Hariharan, president (Actis division) Sainath Iyer, vice-president (exports) SM Raina, and vice- president (knowledge resources) Srikumar Chattopadhyay. The company has already made replacements for the vacant posts. Rajesh Ladda has joined NPIL as the company's new senior vice-president (finance). Sailesh Gadre has joined as president (Actis division). Ananth Narayan will be the new vice-president (exports), while Sohail Abidi is the company's new vice-president (knowledge resources).


-Nicholas forges alliance with scientists from Imperial College of the UK to carry out research in the field of rheumatoid arthritis

-Pharma major Nicholas Piramal India Ltd (NPIL) has entered into a research collaboration with the Bangalore-based Indian Institute of Science (IISc) to identify potential new targets for developing drugs to treat fungal infections.

- Nicholas Piramal revamps operations

-Nicholas Piramal seals an In-Licensing Agreement with Genzyme Corporation for Indian Market

-Nicholas Piramal India has set up a new research & development centre in Chennai that is to complement its partnership with the Anna University in the area of drug discovery

-NPIL joins hands with NII for research on inflammation drugs

-Nicholas Piramal - In-licensing Agreement with Ethypharm, France

- Nicholas Piramal India Ltd's (NPIL) Wellquest, the independent clinical research division becomes the first Indian CRO (Clinical Research Organization) to receive the Statement of GCP (Good Clinical Practices) Compliances from the UK MHRA (Medicines & Healthcare Products Regulatory Agency), for clinical studies carried out to support the registration of generics products in the international regulated markets.

-NPIL ties up with 7 global pharma firms


-Nicholas Piramal acquires Avecia Pharmaceuticals, UK


-Nicholas Piramal signs agreement to acquire Pfizer's Morpeth, UK Facility with potential outsourcing revenues exceeding US$35

-Nicholas Piramal India Ltd. has informed regarding a press release dated November 17,2006, titled 'BioSyntech signs scientific collaboration agreement with Nicholas Piramal'.

-Nicholas Piramal - Acquisition of Pfizers Morpeth UK facility

-Nicholas Piramal - BioSyntech signs scientific collaboration agreement with the Company


-Nicholas Piramal India Ltd and Napo Pharmaceuticals, Inc on January 22, 2007 announced that they have entered into a Plant Screening Agreement to discover novel diabetes therapeutic agents.

- Nicholas Piramal has spun off its new chemical entity and herbal drug research division into a stand-alone company with plans to list it on the stock exchanges.

- Nicholas Piramal India Ltd has forayed into a 49:51 joint-venture with Japan-based Arkray Inc to market diagnostic products.


- Company name has been changed from Nicholas Piramal India Ltd to Piramal Healthcare Ltd.

-Nicholas Piramal acquires Anafortan & CEFI Brand Groups from Khandelwal Laboratories Pvt Ltd

-Piramal Healthcare Ltd to acquire Minrad International, Inc.

-Nicholas Piramal - Piramal Group announces launch of new corporate identity


-Piramal Healthcare - Acquisition of U.S. Inhalation Anesthetic Gas Distribution Business of RxElite Inc

-Piramal to foray into Phytopharma

-Piramal Healthcare launches BioElectronic's ActiPatch