National, June 23, 2025: CORONA Remedies Limited, backed by Sepia Investments Limited, an affiliate of ChrysCapital, has appointed Mr. Ameetkumar Hiranyakumar Desai, Mr. Bhaskar Vemban Iyer, Mr. Shirish Gundopant Belapure and Ms. Monica Hemal Kanuga as Independent Directors to its Board of Directors bringing in diverse expertise and experience. 

CORONA Remedies Limited is an India-focused branded pharmaceutical formulation Company engaged in developing, manufacturing and marketing products in women’s healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.

Mr. Ameetkumar Hiranyakumar Desai currently serves on the board of directors of Adani Aerospace and Defence Limited, Ambuja Cements Limited, Adani Defence Systems and Technologies Limited, Adani Naval Defence Systems and Technologies Limited, and JM Financial Asset Reconstruction Company Limited. 

Mr. Bhaskar Vemban Iyer currently serves on the board of Cohance Lifesciences Limited, RPG Lifesciences Limited and Themis Medicare Limited. He has previously served at Abbott Healthcare Private Limited, Advent Pharma Limited and Quadria Capital.

Mr. Shirish Gundopant Belapure currently serves on the board of Innova Captab Limited, Jubilant Pharmova Limited, Jubilant Generics Limited, Natural Capsules Limited, and Uniza Lifecare Private Limited. He earlier served as Managing Director of Zydus Hospira Oncology Private Limited and President – Manufacturing (Formulations) at Zydus Lifesciences Limited apart from working at Cipla Limited, Sun Pharmaceuticals Industries Limited, M. J. Pharmaceuticals Limited, The Fairdeal Corporation (Private) Limited, Griffon Laboratoires Private Limited and Cyanamid India Limited. 

Ms. Monica Hemal Kanuga is registered as an insolvency professional with the Insolvency and Bankruptcy Board of India and the Insolvency Professionals Agency, and a qualified Company Secretary from the Institute of Company Secretaries of India. She currently serves on the board of directors of Shilp Gravures Limited.

Welcoming our Independent directors, Mr. Niravkumar Kirtikumar Mehta, Managing Director and CEO of CORONA Remedies, said: “We welcome these distinguished professionals to our Board. Their breadth of experience and strategic insight will support our mission of delivering impactful healthcare solutions and upholding high governance standards.”

Mr. Ameetkumar Hiranyakumar Desai, said: “I joined the Board of CORONA Remedies, where I will contribute my experience and insights to support the Company’s growth and strategic objectives.”  

Mr. Bhaskar Vemban Iyer added, “I joined the Board of CORONA Remedies committed to leveraging my industry insights to drive sustainable growth and build long-term stakeholder value. I will use my industry experience to support the Company’s sustainable growth and long-term value creation.”

Mr. Shirish Gundopant Belapure expressed by stating, I joined the board of “CORONA Remedies and will contribute to its success through operational excellence and innovation providing guidance on key appointments and succession planning, aligned with Company’s long-term vision and sustainability.”

Ms. Monica Hemal Kanuga stated, “I will contribute to the Board of CORONA Remedies, supporting the Company’s focus on innovation and patient-centric solutions.”

CORONA Remedies is the second fastest growing Company among the top 30 companies in the Indian Pharmaceutical Market (“IPM”) in terms of domestic sales between MAT December 2021 and MAT¹ December 2024 (Source: CRISIL Intelligence Report). The Company has two manufacturing facilities, located in the states of Gujarat and Himachal Pradesh and it is in the process of commissioning a hormone manufacturing facility in Gujarat at Ahmedabad. As of December 31, 2024, it had a workforce of 4470 with two facilities which are spread over an aggregate of 2.83 hectares and have an aggregate installed capacity for formulations of 1,285.44 million units per annum, with a total of 11 production lines.  

— ends —

About the Independent Directors:

Mr. Ameetkumar Hiranyakumar Desai holds a bachelor’s degree in business administration from Sardar Patel University, Anand, Gujarat. He also holds a master’s degree in business administration with specialisation in finance from Gujarat University, Ahmedabad, Gujarat. He has completed the leading and managing people program certified from and by The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, United States. He currently serves on the board of directors of Adani Aerospace and Defence Limited, Ambuja Cements Limited, Adani Defence Systems and Technologies Limited, Adani Naval Defence Systems and Technologies Limited, and JM Financial Asset Reconstruction Company Limited.

Mr. Bhaskar Vemban Iyer holds a bachelor’s degree in science and a master’s degree in marketing management, both from University of Bombay, Mumbai, Maharashtra. He was previously associated with Abbott Healthcare Private Limited, Advent Pharma Limited and Quadria Capital.

Mr. Shirish Gundopant Belapure holds a bachelor’s degree in pharmacy from Shivaji University, Kolhapur, Maharashtra. He also holds a master’s degree in pharmacy (pharmacognosy) from Nagpur University, Nagpur, Maharashtra. He has also completed a long-term diploma course in business management from the Nagpur Management Association, Nagpur, Maharashtra. He was previously associated with Zydus Hospira Oncology Private Limited as the Managing Director, Zydus Lifesciences Limited as the President – manufacturing (formulations), and was also associated with Cipla Limited, Sun Pharmaceuticals Industries Limited, M. J. Pharmaceuticals Limited, The Fairdeal Corporation (Private) Limited, Griffon Laboratoires Private Limited and Cyanamid India Limited.

Ms. Monica Hemal Kanuga holds a bachelor’s degree in commerce from Gujarat University, Ahmedabad, Gujarat. She also holds a bachelor’s degree in law (general) and a bachelor’s degree in law (special) from Gujarat University, Ahmedabad, Gujarat. She is registered as an insolvency professional with Insolvency and Bankruptcy Board of India and Insolvency Professionals Agency, and a Company secretary from the Institute of Company Secretaries of India. She currently serves on the board of directors of Shilp Gravures Limited.

About CORONA Remedies Limited 

CORONA Remedies is among the fastest-growing pharmaceutical companies in India, ranking second in growth among the top 30 players in the Indian Pharmaceutical Market (IPM) between MAT December 2021 and MAT December 2024. The Company has two manufacturing facilities, located in the states of Gujarat and Himachal Pradesh and it is in the process of commissioning a hormone manufacturing facility in Gujarat at Ahmedabad. As of December 31, 2024, it had a workforce of 4470 with two facilities which are spread over an aggregate of 2.83 hectares and have an aggregate installed capacity for formulations of 1,285.44 million units per annum, with a total of 11 production lines. 

Disclaimer: CORONA REMEDIES LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the DRHP dated April 30, 2025, with SEBI and the Stock Exchanges on April 30, 2025. The DRHP is available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.coronaremedies.com; and on the websites of the Book Running Lead Managers (“BRLMs”), i.e. JM Financial Limited, IIFL Capital Services Limited, (formerly known as IIFL Securities Limited) and Kotak Mahindra Capital Company Limited at www.jmfl.com, www.iiflcap.com and https://investmentbank.kotak.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” on page 30 of the DRHP filed with SEBI and the Stock Exchanges. Potential Bidders should not rely on the DRHP filed with SEBI and the Stock Exchanges for making any investment decision and should instead rely on the RHP, for making investment decision. The Equity Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold only outside of the United States in offshore transactions as defined in and in compliance with Regulation under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering in the United States