Incorporated on 7 Sep.'90 as a private limited company and promoted by B N Thakore, N J Patel and N L Upadhyaya, Norris Medicines is purely a pharmaceutical formulations-based company. It became a public limited company in Mar.'92. Commercial production of the formulation unit commenced in Nov.'91.
The company came out with a public issue aggregating Rs 5 cr in Dec.'93 to expand its existing capacity for tablets, capsules, etc, besides diversifying into bulk drugs and setting up an injectables unit. The project cost of Rs 14.21 cr was financed through loans and equity. The project was delayed by about nine months and was completed in 1995.
The company undertakes job work/loan license work of reputed pharmaceuticals majors and expects to continue with the present arrangement besides expecting big boost in exports in the coming years with the PHC groups focus and marketing strengths worldwide.