Incorporated in 1977, Gujarat Petrosynthese, is headed by R M Thakkar as Chairman & Managing Director. The main product of the company is polybutane. In 1990, the company increased its capacity to 6250 tpa. In the same year, the company diversified into the shipping business by acquiring a chemical carrier.

In 1995, the company and Karnataka State Industrial Investment and Development Corporation (KSIIDC) planned to created and deployed a joint venture in Bangalore in technical and financial collaboration with China National Chemical Construction Corporation to manufacture polymer blends, an import substitute.

In 1996-97, the joint sector project, Karnataka Petrosynthese Ltd., Bangalore successfully commenced commercial production. In 1997-98, the company embarked on an extensive restructuring of its activities to meet the challenges of the new liberalized environment. The various initiatives taken by the Company in this regard are

1) Strategic alliance with Indian Petrochemicals Corporation Limited

2) Restructuring the Company's activities through modification of Organisation Structure, Human Resource Development, Cost Cutting Program, Product mix, Strengthening Research & Development efforts & to work towards new product development and value addition.

The Company's plant is 16 years old and there has been obsolescence in Control Instrumentation and as well as on line analytical instrumentation.

The company is planning to manufacture chemically pure and FDA grade of Polybutene.

The company has approved amalgamation of Karnataka Petrosynthese Ltd. (KPL) with the company. One equity share of the company will be allotted for every five equity shares.