In 1945, Late Mr. Govind Ramnath Kare founded ‘Indo-Continental Trading Company’ in Goa, the principal business of which was to import pharmaceutical formulations from Europe and distribute them in the Western India. However, in 1947 after India’s independence, one of the first endeavours of the Indian Government was to foster manufacturing of indigenous products. To encourage this, import of various items including several pharmaceutical products were banned.
Thus, Mr. Kare ventured into the manufacturing of pharmaceuticals and accordingly on 23rd August 1947, a week after India's independence, Indoco was founded with the intent to manufacture and sell pharmaceutical formulations.
Thus, Indo Continental Trading Company became Indoco Remedies Limited.