The Company was incorporated on the March 22, 1991,
pursuant to a Memorandum of Understanding (MOU) dated
September 17, 1987, executed between Torrent
Pharmaceuticals Limited (TPL) and Gujarat Industrial
Investment Corporation Ltd. (GIIC), to promote a company
for setting up an industrial project to manufacture
Penicillin-G. Subsequently, the Shareholders' Agreement
was executed on June 21, 1991 between TPL and GIIC.
The salient features of the Shareholders' Agreement are as
1. The Equity participation in the Company is agreed to be
i) Torrent Group of Companies 40%
ii) GIIC Ltd. 11%
2. The Board of the Company shall be so constituted that
two of the Directors nominated by GIIC, will be in the
3. Neither TPL nor GIIC shall at any time create any charge
or pledge or encumber in any way their respective Shares
whether in whole or in part as a result of which the rights
and obligations accrued to either of them under the
Agreement may be altered, varied or modified in any manner
Having been incorporated as a Public Limited Company on
March 22, 1991 with the immediate object of setting up a
project to manufacture 1000 MMU Penicillin-G at Village
Masar, Taluka Padra, Baroda District, the Company obtained
the Certificate of Commencement of Business on June 12,
1991 from the Registrar of Companies, Gujarat, at
The project was originally conceived for an installed
capacity of 1000 MMU p.a. in accordance with the Letter of
Intent received by the Company. The project execution,
which was scheduled to be completed by November, 1993,
however, was delayed by sixteen months. In the meantime,
following the economic liberalisation, the licensing
requirements for manufacture of Penicillin was repealed by
the Government. The Company therefore, decided to modify
the project to enhance the Penicillin-G capacity by 50% to
1500 MMU p.a. as well as to create production facilities
for the manufacture of certain down stream products. The
cost of the revised project is Rs. 210 crores as against
the original estimate of Rs. 150 crores.
-Torrent Gujarat Biotech Ltd has entered into Memorandum of
Understanding with Sterling Biotech Ltd to purchase the manufacturing
facility at Masar, District Vadodara, Gujarat
- Company name has been changed from Torrent Gujarat Biotech Ltd to
Torrent Cables Ltd.
- The Board of Directors of the Company, has recommended dividend @
Rs 3.00 per equity share of Rs 10 each for the financial year.
- Shri Raghu Parakh has been appointed as Director as well as
Director-in-Charge of the Company.
- Shri Amit Agrawal, Assistant General Manager (Finance) has been
appointed as Chief Financial Officer of the Company.