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RAYMED LABS LTD. was incorporated on 30th March 1992 as aprivate Limited company and was converted into a publiclimited company on 27th day of September 1993 Freshcertificate of conversion into public limited company wasissued on 6th day of December 1993.The company has been promoted by Dr. Sushil Kumar Saini.The company started its business activities by setting up aplant for manufacturing Injectables (Vials & Ampouls) withan installed capacity of 86.40 lakh nos. per annum onsingle shift and 300 working days per annum basis at 6.8 KMMiles Stone Dehradun Road Saharanpur (U.P.) The projectwas appraised by UPFC and financed by UPFC and State Bankof India to the tune of Rs.38.44 lakhs and Rs.2.00 lakhsrespectively. The existing project was appraised andfinanced by UPFC. UPFC sanctioned a term loan of Rs.32.00lakhs for the existing project in May 1992. The projectcost was estimated at Rs.54.95 lakhs and it was envisagedthat the unit will start commercial production w.e.f.February 1993. However due to delay in sanction of powerby UPSEB UPFC released the first disbursement of loan inMarch 1993 instead of June 1992. Further the companyapproached UPFC for sanction of additional term loan tomeet out the cost of changes in plant and machinery andbuilding construction as advised by Drug Authorities duringtheir inspection.UPFC again reappraised the proposal in June 1993 andestimated revised cost of project at Rs.68.44 lakhs andsanctioned additional term loan of Rs.6.44 lakhs.Thereafter the company has implemented the project andstarted commercial production w.e.f. 11th day of August1994.After successful commissioning of the Injectables Plant(Unit I) the company proposes to add further product linesas part of the expansion scheme to manufacture TabletsCapsules & Liquid Orals in Phase II adjacent to theexisting site. The land has been acquired for the purpose.