About
P I Industries Ltd
PI Industries Limited (PI) is an agri-sciences company with strong presence in both domestic and export market. The Company has three manufacturing facilities in Gujarat and a Research & Development centre at Udaipur. The manufacturing facilities include 5 multi-purpose plants at Panoli and, 3 multi-purpose plants at Jambusar and dedicated high-pressure reaction facilities equipped with futuristic is automation. In addition, the Company's two formulation units at Panoli help it meet requirements of local as well as global clientele.
PI Industries was founded and incorporated by the name 'Mewar Oil & General Mills Limited' on 31st December, 1946. During the period 1947-1980, the Company established marketing network across India, installed Agchem technical plant, diversified into mining and mineral processing business (later hived off into a separate company named as Wolkem India Ltd) and started AgChem Formulation and Marketing under VEGFRU brand. It made first export of Agchem formulation during the period under review.
During the period 1980-2000, the name of the company was changed to PI Industries Ltd. During the period under review, the company diversified into Polymer Compounding, Custom Synthesis & Manufacturing and Energy Metering (later rechristened as Secure Meters Ltd). During the period under review, the company set up a manufacturing site at Panoli (Gujarat) and installed Phorate technical Plant. It also set up a turnkey Agchem Manufacturing Unit in the Middle East.
During the period 2000-2005, PI Industries divested polymer business. During the period under review, the company carried out expansion of its R&D Centre at Udaipur and started formulation plant at Jammu.
During the period 2005-2012, PI Industries commissioned a new manufacturing site at Jambusar, Gujarat. During the period under review, the company divested Polymer Compounding business. During the period under review, the company completed expansion of Custom Synthesis & Manufacturing (CSM) facilities (built two new MPPs in Panoli).
On 5 November 2009, PI Industries Limited announced investment of Rs 50 crore into the company from Standard Chartered Private Equity (SCPE). The investment is in the form of convertible preference shares and debentures. PI Industries will use the funds to part-finance the expansion of its existing facilities and setting up of a new manufacturing facility in Gujarat.
On 6 January 2011, PI Industries Limited (PI) announced the inauguration of the PI-Sony Research Centre at Udaipur. The Research Centre will focus on development of synthetic organic chemicals for applications in the electronics industry.
On 31 January 2013, PI Industries Ltd announced that it has concluded its fund raising exercise through Qualified Institutional Placement (QIP) process. The company raised Rs 117.33 crore through the QIP route which saw participation by some highly reputed investors in India and across the globe. The issue was priced at Rs 609.60 per share. In 2013-14, PI Industries set up a new formulation site at Panoli in Gujarat.
In 2014-2015, PI Industries commercialized three new molecules for custom synthesis exports. It also established an office in Germany in 2014-2015.
On 11 December 2015, PI Industries Limited (PI), a leading Indian Agri-Input and Custom Synthesis company, announced that its promoters have divested their holding to the extent of 6.4%. Their holding will stand at 51.7%, ex-transaction. The stake was acquired by a combination of high-quality domestic and foreign investors, reaffirming their faith in the company's long-term prospects.
In 2015-2016, PI Industries established a State-of-the-Art R&D center (P. P Singhal Research Centre at Udaipur, Rajasthan). During the period under review, PI Industries commissioned two world class Multi Product Plants at Jambusar in Gujarat. The company also established a new operations office at Vadodara, Gujarat during the period under review.
On 30 May 2016, PI Industries Limited (PI) and Mitsui Chemicals Agro, Inc. (MCAG) jointly announced to have entered into an agreement to establish a joint venture company in India. This joint venture company is being set up to provide registration services for MCAG's proprietary agrochemicals and intends to leverage PI's deep understanding of Indian agriculture, farmers needs, regulatory system, etc. and MCAG's capability of delivering innovative agrochemicals. This tie up will further strengthen collaboration between the two companies and help them bring innovative solutions in India to enhance farm productivity. MCAG will hold 51% stake and P I Life Science Research Ltd, a wholly owned subsidiary of PI Industries, will hold 49% stake in the new joint venture company. The joint venture company will be named Solinnos Agro Sciences Pvt. Ltd.
In 2017, the Company commissioned new R&D Centre at Udaipur. It commissioned two new MPP at Jambusar. It established Greenhouse testing facility at Udaipur.
On 9 May 2017, PI Industries and BASF, one of the world's leading chemical companies and a well-known name in the in the crop protection industry, announced a strategic partnership to offer farmers in India a broader portfolio of crop protection solutions. PI Industries will market BASF's innovative fungicide technologies for rice, maize, fruits and vegetables as well as a new herbicide for maize. Following this partnership model, both companies aim to enhance their market participation in these important crops segments.
On 22 June 2017, PI Industries announced an equal joint venture with Kumiai Chemical Industry Co., Ltd. Japan to bring superior innovative solutions in India to enhance farm productivity. The new joint company (JVC) is being set up initially to manufacture and distribute Bispyribac Sodium, one of the flagship agrochemical products of Kumiai, in India to achieve operational efficiencies and further growth. Kumiai and PI, after due consultation, may also add more products to JVC portfolio in future for evaluation, manufacture, registration and distribution in India to leverage PI's deep understanding of Indian agriculture, brand and reach with the Indian farmers and Kumiai's robust research and development capabilities for new products. The JVS will be named PI Kumiai Private Ltd and headquartered at Gurugram, Haryana (India).
In 2017-18, PI Industries simultaneously launched 5 new generation products for the first time.
As on 31 March 2018, the Company had three Wholly owned Subsidiaries and two Associate Companies.
Consequent to the nationwide lockdown announced on 24th March 2020, Company's operations were disrupted at R&D facilities at Udaipur, manufacturing facilities at Gujarat and sales depots across the country. The Company has since been able to resume operations at its various sites from the beginning of April in a gradual manner and management believes that being into an essential commodity, there is no significant impact of COVID-19 pandemic on the current and future business condition of the Company.
The Company invested Rs 3,420 million in fixed assets for expansion of manufacturing and Research & Development capacities.
The Company completed the acquisition of Isagro (Asia) Agrochemicals Private Ltd ('Isagro Asia') on 27 December 2019 by acquiring 100% stake from Isagro S.p.A. and its affiliates.The total transaction value of acquisition is Rs 4432 million and Isagro Asia has a 30 Acre manufacturing site including production plants for agrochemical technical and formulations adjacent to Company's existing manufacturing unit in Panoli (Gujarat). The Company successfully completed Integration of Isagro brand molecules and the manufacturing facilities with an aim to maximize synergies and capacity utilization.
The Company has raised Rs 20,000 million in July 2020 through Qualified Institutional Placement (QIP) of equity shares. The Company has issued 13,605,442 equity shares of face value of Re 1 each at a price of Rs 1,470 per Equity Share, including a premium of Rs 1,469 per Equity Share.
During the FY2021,the company has incorporated two whollyowned subsidiaries namely, PI Enzachem Private Limited and PI Fermachem Private Limited.
As on 31 March 2021,the Company had 7 Wholly owned Subsidiaries and 2 Joint Ventures with leading Japanese Companies.
The Company has entered into two joint ventures (JV) agreements, lhrough its subsidiaries, on 11 October 2021 wilh Polymath holding LLC, for undertaking the business of Manufacturing and selling lhe producls for bio chemislry process and bio chemical enabled pharmaceutical intermediates.
During the year 2021-22, Isagro (Asia) Agrochemicals Private Limited (Transferor Company) business other than B2C got merged with PI Industries Limited (Transferee Company) vide Order passed by the Hon'ble NCLT, Jaipur Bench dated December 06, 2021, which was filed with ROC, Jaipur and Mumbai on December 31, 2021 making the merger effective from December 31, 2021. Consequently, lsagro
(Asia) Agrochemicals Private Limited stands dissolved.
During the year 2021-22, Company launched 3 new products namely Distruptor (Insecticide) Defensa and Wagon (Fungicides). It
commercialized 9 new molecules during the year including 2 new Electronic Chemicals marking Company's foray into this niche specialized field offering promising potential in future. It operationalized 'Flow-Chemistry' at Pilot level and also commissioned manufacturing facility for MMH and established Azide chemistry at a commercial scale.
During the year 2022-23, the Company launched seven new products, namely Distruptor, Brofreya, Dinoace, Taurus (Insecticide), Tomatough (Biostimulant), Provide (Herbicide) & Sectin (Fungicide). It commercialized 4 new molecules during the year, which included 2 new Electronic Chemicals. The Company's subsidiary, PI Health Sciences Limited incorporated a wholly-owned subsidiary in Netherlands i.e., PI Health Sciences Netherlands B.V on April 07, 2023 and acquired 100% shareholding in two companies i.e., Therachem Research Medilab (India) Private Limited and Solis Pharmachem Private Limited on June 02, 2023. PI Health Sciences Netherlands B.V has incorporated a wholly-owned subsidiary in United States i.e., PI Health Sciences USA LLC on April 24, 2023 and acquired 100% shareholding of Archimica S.p.A. on April 27, 2023.
P I Industries Ltd
Chairman Speech
Responsible growth that nurtures the needs of today without
compromising the possibilities of tomorrow is a motto that PI has embedded in its growth
journey.
Dear Shareholders,
I am pleased to present our first ever Integrated Report for FY23,
reflecting upon the progress and accomplishments of our global agrochemical Company over
the past year. In my last letter, I emphasized envisioning our next 75 years, and the need
for a healthier planet. In an era of increasing environmental awareness and the urgent
need for sustainable solutions, we have remained committed to our mission of transitioning
our business while reimagining a healthier planet.
Amidst global economic uncertainty, businesses faced a multitude of
challenges in the past year. Factors such as inflation, fluctuating exchange rates, and
geopolitical tensions added complexity ; to the operating environment. The pervasive .
impact of supply chain disruptions, raw material i shortages, and escalating input costs
significantly influenced commodity prices. Keeping in mind / the future implications of
climate change, this year we witnessed a significant shift in the agrochemical industry's
landscape, with a growing emphasis on sustainable practices, biodiversity preservation,
and the well-being , of our planet. As responsible corporate citizens, we have proactively
embraced this . transition, recognizing the importance of addressing the challenges posed
by climate change, resource scarcity, food, and nutrition ¦ security.
Agriculture plays a pivotal role in , addressing global challenges such
as food 1 and nutritional security, and as a global ; agrochemical Company, one of our
primary ' objectives is to redefine our approach to ; agrochemicals and develop
innovative,
Narayan K Seshadri
Chairperson,
Board of Directors
Embracing responsible growth for a better tomorrow, our key focus areas
harmonize with NITI Aayog's 2030 India vision, encompassing measures to enhance farmers'
income, ensure nutritional security, and foster sustainable food systems.
environmentally friendly solutions. Our research and development teams
have been hard at work, collaborating with leading scientists and experts to create a new
generation of products that reduce environmental impact without compromising productivity
to address the food and nutritional needs of our planet.
With a growing global population, rapid urbanization, and increased
expenditure on food consumption, our purpose to serve customers in both global and
domestic markets becomes even more vital. Embracing responsible growth for a better
tomorrow, our key focus areas harmonize with NITI Aayog's 2030 India vision, encompassing
measures to enhance farmers' income, ensure nutritional security, and foster sustainable
food systems. Areas we are focusing on for the future include the following:
Sustainable Crop Protection
Promoting sustainable agricultural practices and responsible use of
crop protection chemicals, we emphasize adoption of integrated pest management practices,
and follow responsible marketing and accurate labelling on all our products among the
farming communities in India. Through advanced biotechnology and precision application
techniques, we aim to minimize the ecological footprint while ensuring crop protection and
productivity. We are also actively working to increase the share of biologicals in our
product mix. In FY23, biologicals contributed 9.2 percent to the domestic agri brands
revenues. Further reaffirming our commitment towards customer safety and protecting human
health and the environment, all our products remain free from highly toxic substances.
Soil Health and Regeneration
Nurturing soil health today paves the way for responsible growth,
ensuring a better tomorrow where sustainable agriculture thrives and our precious earth
flourishes. Recognizing the importance of healthy soils for sustainable agriculture, we
have invested in fostering key strategic alliances, research
and education programs focused on soil conservation, restoration, and
regeneration. In line with this commitment, PI Foundation has partnered with state
agricultural universities. Furthermore, PI Foundation has formed a collaborative
partnership with the District Administration in Bharuch district, Gujarat. This joint
effort aims to implement an agricultural demonstration project, focusing on sustainable
agricultural practices in the region. Our objective is to assist farmers in enhancing soil
health and resilience by advocating for the promotion of organic matter enrichment,
implementing reduced tillage practices, and encouraging responsible nutrient management.
Through these approaches, we strive to support farmers in their efforts to improve soil
quality and strengthen its ability to withstand environmental stresses.
Biodiversity Conservation
We firmly believe that agriculture should coexist harmoniously with
nature. To that end, we continued to undertake significant efforts to promotebiodiversity
conservation efforts on farmlands, such as creating pollinator-friendly habitats,
implementing integrated pest management practices, and partnering with organizations
dedicated to increase forest cover and protect endangered species.
Climate-Smart Agriculture
Climate change presents formidable challenges to global agriculture. We
are focused on driving innovation in our product offerings by building resilience to
climate change impacts, improving agricultural productivity while minimizing negative
environmental impacts and increasing farmers' earnings at the same time. Our national
level climate-smart agriculture initiatives such as the Direct Seeded Rice (DSR) strive to
support farmers in adapting to climatic change conditions and saving trillions of litres
of water while mitigating greenhouse gas emissions. We proactively explore climate-
resilient crop varieties, resource-efficient irrigation techniques, and carbon
sequestration practices as part of our comprehensive approach.
Promoting inclusive decision making at PI
We undertook a restructuring of our board to enhance governance,
diversity, and expertise, ensuring effective leadership for sustainable and impactful
decision-making. The enhanced Board composition brings together a wealth of thought
leadership, empowering us to embrace and adapt to the evolving landscape of the
agrochemical and agriculture sectors. Notably, we have bolstered women's representation on
the Board, achieving a remarkable 25 percent increase. This step ensures a more inclusive
decision-making process, enabling us to meet the expectations of our stakeholders with a
positive impact. Through these strides, we are poised to make informed and meaningful
decisions that propel us towards a future of inclusivity and success.
We continued to focus on PI's Compass, which we evolved last year
through a comprehensive thought exercise. The same enabled us to perform beyond
expectations. We leveraged our rich capabilities of R&D, customer centricity, and
digital focus to further align with our vision of "Leading with science, technology,
and human ingenuity to create transformative solutions in life sciences". Our Custom
Synthesis & Manufacturing business sustained and consistently delivered through our
breakthrough innovation, with 4 products commercialized this year. Our domestic business
also grew 12 percent year-on-year, on the back of volume growth and price increase of
about 4 percent. Amidst ongoing global turmoil and supply chain challenges, India has
displayed remarkable resilience, propelled by robust exports, steadfast domestic demand,
and favourable growth drivers within the agriculture sector. Our strategic position in the
global agrochemical industry is a testament to our alignment with India's growth
narrative.
Our world class manufacturing facilities continued to operate safely
and sustainably, and we continued to implement pioneering technologies for enhancing
operational efficiency and integrating ESG effectively in our operations. Our consistent
efforts towards embracing ESG in the way we operate at PI are reflected in our performance
at select assessments and ratings. I am proud to share that PI has improved its S&P
Global Corporate Sustainability ranking to 93rd percentile and retained the Ecovadis Gold
Medal second time in a row. We further advanced in our ESG journey and revisited the
material topics that are
most significant to our Company and stakeholders through a
comprehensive materiality assessment. Our engagement with key stakeholders, both internal
and external, enabled us to garner valuable insights and perspectives on key ESG topics.
This exercise surely has helped us integrate and address topics that will only serve to
future-proof our business from key ESG-related risks.
Our people-first outlook and talent management strategy have proven
successful in attracting and retaining top-tier talent, solidifying PI's position as an
employer of choice in the Agrochemical Industry. Our commitment to initiatives like
promoting Women in STEM roles, prioritizing Diversity, Equity & Inclusion (DEI),
investing in learning and development, and fostering employee well-being through
comprehensive physical and mental health programs have significantly elevated engagement
and productivity levels. As we continue these - efforts, we extend our purpose beyond our
organization and into the communities we serve, delivering meaningful programs that make a
positive impact.
Lastly, our strategic diversification through PI Health Sciences
promises an exciting journey ahead of us as we expand
pharmaceutical business.
This will also keep us aligned
with our vision of providing
transformative solutions in life
sciences and further strengthen
our growth sustainably. On ‘ *"-
behalf of our Board members,
leadership teams, and our
employees we welcome you on this
journey to come together for a better
tomorrow.
Thanking you for your continued support.
Warm Regards,
Mr. Narayan K Seshadri
Chairperson, Board of Directors
  Â
P I Industries Ltd
Company History
PI Industries Limited (PI) is an agri-sciences company with strong presence in both domestic and export market. The Company has three manufacturing facilities in Gujarat and a Research & Development centre at Udaipur. The manufacturing facilities include 5 multi-purpose plants at Panoli and, 3 multi-purpose plants at Jambusar and dedicated high-pressure reaction facilities equipped with futuristic is automation. In addition, the Company's two formulation units at Panoli help it meet requirements of local as well as global clientele.
PI Industries was founded and incorporated by the name 'Mewar Oil & General Mills Limited' on 31st December, 1946. During the period 1947-1980, the Company established marketing network across India, installed Agchem technical plant, diversified into mining and mineral processing business (later hived off into a separate company named as Wolkem India Ltd) and started AgChem Formulation and Marketing under VEGFRU brand. It made first export of Agchem formulation during the period under review.
During the period 1980-2000, the name of the company was changed to PI Industries Ltd. During the period under review, the company diversified into Polymer Compounding, Custom Synthesis & Manufacturing and Energy Metering (later rechristened as Secure Meters Ltd). During the period under review, the company set up a manufacturing site at Panoli (Gujarat) and installed Phorate technical Plant. It also set up a turnkey Agchem Manufacturing Unit in the Middle East.
During the period 2000-2005, PI Industries divested polymer business. During the period under review, the company carried out expansion of its R&D Centre at Udaipur and started formulation plant at Jammu.
During the period 2005-2012, PI Industries commissioned a new manufacturing site at Jambusar, Gujarat. During the period under review, the company divested Polymer Compounding business. During the period under review, the company completed expansion of Custom Synthesis & Manufacturing (CSM) facilities (built two new MPPs in Panoli).
On 5 November 2009, PI Industries Limited announced investment of Rs 50 crore into the company from Standard Chartered Private Equity (SCPE). The investment is in the form of convertible preference shares and debentures. PI Industries will use the funds to part-finance the expansion of its existing facilities and setting up of a new manufacturing facility in Gujarat.
On 6 January 2011, PI Industries Limited (PI) announced the inauguration of the PI-Sony Research Centre at Udaipur. The Research Centre will focus on development of synthetic organic chemicals for applications in the electronics industry.
On 31 January 2013, PI Industries Ltd announced that it has concluded its fund raising exercise through Qualified Institutional Placement (QIP) process. The company raised Rs 117.33 crore through the QIP route which saw participation by some highly reputed investors in India and across the globe. The issue was priced at Rs 609.60 per share. In 2013-14, PI Industries set up a new formulation site at Panoli in Gujarat.
In 2014-2015, PI Industries commercialized three new molecules for custom synthesis exports. It also established an office in Germany in 2014-2015.
On 11 December 2015, PI Industries Limited (PI), a leading Indian Agri-Input and Custom Synthesis company, announced that its promoters have divested their holding to the extent of 6.4%. Their holding will stand at 51.7%, ex-transaction. The stake was acquired by a combination of high-quality domestic and foreign investors, reaffirming their faith in the company's long-term prospects.
In 2015-2016, PI Industries established a State-of-the-Art R&D center (P. P Singhal Research Centre at Udaipur, Rajasthan). During the period under review, PI Industries commissioned two world class Multi Product Plants at Jambusar in Gujarat. The company also established a new operations office at Vadodara, Gujarat during the period under review.
On 30 May 2016, PI Industries Limited (PI) and Mitsui Chemicals Agro, Inc. (MCAG) jointly announced to have entered into an agreement to establish a joint venture company in India. This joint venture company is being set up to provide registration services for MCAG's proprietary agrochemicals and intends to leverage PI's deep understanding of Indian agriculture, farmers needs, regulatory system, etc. and MCAG's capability of delivering innovative agrochemicals. This tie up will further strengthen collaboration between the two companies and help them bring innovative solutions in India to enhance farm productivity. MCAG will hold 51% stake and P I Life Science Research Ltd, a wholly owned subsidiary of PI Industries, will hold 49% stake in the new joint venture company. The joint venture company will be named Solinnos Agro Sciences Pvt. Ltd.
In 2017, the Company commissioned new R&D Centre at Udaipur. It commissioned two new MPP at Jambusar. It established Greenhouse testing facility at Udaipur.
On 9 May 2017, PI Industries and BASF, one of the world's leading chemical companies and a well-known name in the in the crop protection industry, announced a strategic partnership to offer farmers in India a broader portfolio of crop protection solutions. PI Industries will market BASF's innovative fungicide technologies for rice, maize, fruits and vegetables as well as a new herbicide for maize. Following this partnership model, both companies aim to enhance their market participation in these important crops segments.
On 22 June 2017, PI Industries announced an equal joint venture with Kumiai Chemical Industry Co., Ltd. Japan to bring superior innovative solutions in India to enhance farm productivity. The new joint company (JVC) is being set up initially to manufacture and distribute Bispyribac Sodium, one of the flagship agrochemical products of Kumiai, in India to achieve operational efficiencies and further growth. Kumiai and PI, after due consultation, may also add more products to JVC portfolio in future for evaluation, manufacture, registration and distribution in India to leverage PI's deep understanding of Indian agriculture, brand and reach with the Indian farmers and Kumiai's robust research and development capabilities for new products. The JVS will be named PI Kumiai Private Ltd and headquartered at Gurugram, Haryana (India).
In 2017-18, PI Industries simultaneously launched 5 new generation products for the first time.
As on 31 March 2018, the Company had three Wholly owned Subsidiaries and two Associate Companies.
Consequent to the nationwide lockdown announced on 24th March 2020, Company's operations were disrupted at R&D facilities at Udaipur, manufacturing facilities at Gujarat and sales depots across the country. The Company has since been able to resume operations at its various sites from the beginning of April in a gradual manner and management believes that being into an essential commodity, there is no significant impact of COVID-19 pandemic on the current and future business condition of the Company.
The Company invested Rs 3,420 million in fixed assets for expansion of manufacturing and Research & Development capacities.
The Company completed the acquisition of Isagro (Asia) Agrochemicals Private Ltd ('Isagro Asia') on 27 December 2019 by acquiring 100% stake from Isagro S.p.A. and its affiliates.The total transaction value of acquisition is Rs 4432 million and Isagro Asia has a 30 Acre manufacturing site including production plants for agrochemical technical and formulations adjacent to Company's existing manufacturing unit in Panoli (Gujarat). The Company successfully completed Integration of Isagro brand molecules and the manufacturing facilities with an aim to maximize synergies and capacity utilization.
The Company has raised Rs 20,000 million in July 2020 through Qualified Institutional Placement (QIP) of equity shares. The Company has issued 13,605,442 equity shares of face value of Re 1 each at a price of Rs 1,470 per Equity Share, including a premium of Rs 1,469 per Equity Share.
During the FY2021,the company has incorporated two whollyowned subsidiaries namely, PI Enzachem Private Limited and PI Fermachem Private Limited.
As on 31 March 2021,the Company had 7 Wholly owned Subsidiaries and 2 Joint Ventures with leading Japanese Companies.
The Company has entered into two joint ventures (JV) agreements, lhrough its subsidiaries, on 11 October 2021 wilh Polymath holding LLC, for undertaking the business of Manufacturing and selling lhe producls for bio chemislry process and bio chemical enabled pharmaceutical intermediates.
During the year 2021-22, Isagro (Asia) Agrochemicals Private Limited (Transferor Company) business other than B2C got merged with PI Industries Limited (Transferee Company) vide Order passed by the Hon'ble NCLT, Jaipur Bench dated December 06, 2021, which was filed with ROC, Jaipur and Mumbai on December 31, 2021 making the merger effective from December 31, 2021. Consequently, lsagro
(Asia) Agrochemicals Private Limited stands dissolved.
During the year 2021-22, Company launched 3 new products namely Distruptor (Insecticide) Defensa and Wagon (Fungicides). It
commercialized 9 new molecules during the year including 2 new Electronic Chemicals marking Company's foray into this niche specialized field offering promising potential in future. It operationalized 'Flow-Chemistry' at Pilot level and also commissioned manufacturing facility for MMH and established Azide chemistry at a commercial scale.
During the year 2022-23, the Company launched seven new products, namely Distruptor, Brofreya, Dinoace, Taurus (Insecticide), Tomatough (Biostimulant), Provide (Herbicide) & Sectin (Fungicide). It commercialized 4 new molecules during the year, which included 2 new Electronic Chemicals. The Company's subsidiary, PI Health Sciences Limited incorporated a wholly-owned subsidiary in Netherlands i.e., PI Health Sciences Netherlands B.V on April 07, 2023 and acquired 100% shareholding in two companies i.e., Therachem Research Medilab (India) Private Limited and Solis Pharmachem Private Limited on June 02, 2023. PI Health Sciences Netherlands B.V has incorporated a wholly-owned subsidiary in United States i.e., PI Health Sciences USA LLC on April 24, 2023 and acquired 100% shareholding of Archimica S.p.A. on April 27, 2023.