Incorporated as a public limited company in Nov.'92, Adi Rasayan was promoted by Sanjay J Adani, Dinesh H Desai, Dayabhai Patel, Vikram R Shah and Mitesh J Adani. Subsequently, in Oct.'94, Shashikant M Gandhi joined as co-promoter. The company has implementing a project to manufacture organic and inorganic chemicals, dyes and pigments, at Panoli, Gujarat. Its product range include resist salt (680 tpa), metanilic acid (391 tpa), diethyl meta amino phenol (120 tpa), copper phthalocyanine green (CPC) (369.6 tpa) and iron oxide red (1030 tpa). Other than implementing the project, the company also trades in chemicals in a small way. The commissioning of the project has been delayed due to delay in getting the site clearance certificate. During the year 1999-2000, due to stiff competition the company incurred heavy losses.