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Summary

Wockhardt was promoted by the Khorakiwala family in 1959 and was known as Worli Chemicals. In 1979, Wockhardt set up a new pharmaceutical plant at Aurangabad. A second company, Wockhardt Synchem, was floated to manufacture speciality bulk drugs, at Ankleshwar, Gujarat.With the demerger of its pharmaceutical division into a separate entity, the company has been renamed Wockhardt Life Science while the new company with the pharmaceutical division is now called Wockhardt. In 1989, it diversified into medical services by setting up a day-care facility, Wockhardt Medical and Research Centre at Calcutta. In 1990, Wockhardt set up an IV fluid manufacturing plant at Waluj with technical assistance from Pharmaplan, Germany. It also started a super-speciality hospital in Bangalore, specialising in cardiology, cardiac surgery and kidney transplants. In 1992, it commissioned its new bulk drugs plant and began work on its third bulk drug plant at Ankleshwar. It set up a subsidiary in Ireland, Wockhardt Europe, to promote exports. In 1994, Wockhardt floated a $ 75 mln GDR issue to raise the funds required for its expansion plans.It has enterered into a joint venture with Rhein Biotech, Germany, for research and development and manufacturing of biotechnology products. In 1995, Wockhardt received the national award for R&D efforts in the biotech industries by the Department of Science and Industrial Research. It has acquired Accumed Pharmaceuticals, US, with which it had a joint venture for
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