PAR DRUGS AND CHEMICALS LIMITED was incorporated in 1999 by Mr. V. J. Savani, who established the company in the year 1982 as M/s PAR INORGANICS.
17 years of innovation
2002: First time we used a spin flash dryer in India, which was a technological advancement in our product range.
2005: We established a second production line at GIDC Ankleshwer, Asia's biggest chemicals corridor.
2009: Changeover of fuel technology from furnace oil to coal-fired hot air generator, which significantly reduced our costs and increased profits.
2010: Our manufacturing facility in Bhavnagar was certified for Good Manufacturing Practices by the renowned World Health Organization (WHO).
2012: Two new manufacturing blocks were established in Bhavnagar, one devoted specifically to fine chemicals to expand our business segments beyond pharmaceuticals. The second block was dedicated to a single product, magnesium hydroxide. A spray dryer system was also installed at Ankleshwer.
2015: One API product called Sucralfate was added and we were the only manufacturer in India.
2017: By installing a 120kw Solar Power Plant on our premises - roof tops, we produce green energy and reduce 1,54,000 kgs p.a. of carbon emissions.
2018: As of November 5, 2018, the company changed its status from a private limited company to a limited company.
2019: On May 3, 2019, Friday, the company launched an Initial Public Offer (IPO) of 16,72,000 equity shares of face value of 10 each at a price of 51/- each, aggregating to 852.72 lakhs of equity shares, which closed on May 8, 2019, Wednesday, and equity shares of the company listed on NSE SME EMRGE platform on May 16, 2019.
As a result of all these expansions, Par Drugs & Chemicals now has the latest drying equipment available in bulk drying such as Spray Dryers, Flash Dryers, and Spin Flash Dryers. This gives the company the advantage of developing existing molecules for different applications.
We have also decided to diversify our business, after serving Pharma Companies exclusively these years. Developing amorphous aluminum hydrooxide for construction chemicals has already been the first step towards this. We are also developing three or four products, such as magnesium silicate, from our existing product mix, but for very different applications.