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History of Torrent Cables Ltd.

The Comp. was incorporated on the March 22, 1991, pursuant to a Memorandum of Understanding [MOUs] dated September 17, 1987, executed between Torrent Pharmaceuticals Limited [TPLs] & Gujarat Industrial Investment Corporation limited [GIICs], 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 & GIIC.

The salient features of Shareholders' Agreement are as under:

1. The Equity participation in the Comp. is agreed to be as under:

is] Torrent Group of Companies 40%

iis] GIIC limited 11%

2. The Board of Comp. shall be so constituted that two of Directors nominated by GIIC, will be in the rotating category.

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 whatsoever.

Having been incorporated as a Public Limited Comp. 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 Comp. obtained the Certificate of Commencement of Business on June 12, 1991 from the Registrar of Companies, Gujarat, at Ahmedabad.

The project was originally conceived for an installed capacity of 1000 MMU p.a. in accordance with the Letter of Intent received by 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 In the meantime, following the economic liberalisation, the licensing requirements for manufacture of Penicillin was repealed by the Government.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 Comp. 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 revised project is Rs. 210 crores as against the original estimate of Rs. 150 crores.

2005

-Torrent Gujarat Biotech Ltd has entered into Memorandum of Understanding with Sterling Biotech Ltd to purchase the manufacturing facility at Masar, District Vadodara, Gujarat