GUJARAT THEMIS BIOSYN LTD.

Founded by Kantilal Shah, Gujarat Themis Biosyn Limited was established in 1981 as a joint venture between Gujarat Industrial Investment Corporation Ltd (GIIC) and Chemosyn (P) Ltd. Production commenced in August 1985 under this collaboration. In June 1991, the company underwent a change in ownership, being acquired by the Yuhan Group of South Korea and Pharmaceutical Business Group (India) Ltd. (PBG), a consortium comprising Themis Medicare Ltd., Kopran Ltd., Anant & Co., Cadila Health Care Ltd. (Zydus), and Lyka Labs Ltd. Since 2007, it has been effectively managed by Themis Medicare Ltd., a joint venture of Gedeon Richter Ltd. of Hungary. Initially focused on manufacturing erythromycin, GTBL acquired licenses for the production of bulk drugs such as rifampicin, cephalexin, and griseofulvin, along with their formulations, in 1990. However, challenges related to purity levels, yield, and imports led to financial difficulties, resulting in its inclusion as a case under the Board for Industrial and Financial Reconstruction (BIFR) in 1990. Following this, a group consisting of Lyka Labs, Themis Chemicals, Kopran, and Cadila took over the company. Additionally, Yuhan Corporation of South Korea provided technology and financial support for GTBL's operations. In 1995-96, the company's paid-up share capital increased from Rs 11.25 crores to Rs 11.60 crores through the allotment of 350,000 Equity shares of Rs 10 each at a premium of Rs 20 per share to financial institutions by converting fund interest term loans. During this period, the installed capacity of rifamysin-S was expanded to 90 mtpa, and the rifampicin production was scaled up to its maximum capacity of 120 mtpa. Furthermore, the company launched a new pharmaceutical division during this time, introducing a wide range of anti-tuberculosis products and other antibiotics. GTBL continues to explore new avenues for diversification and expand the capacity of existing products to further reduce production costs and increase turnover.