Incorporated in 1955, Polychem products include polystyrene, styrene monomer, industrial alcohol, VAM, acetic acid, PVA, etc. It also has a fairly wide range of alcoholic beverages like whisky, vodka and brandy. Some of the brands marketed by the company include Royal Secret, Alcazar, Beehive, etc. It came out with a rights issue of zero-interest FCDs in Nov.'92 to part-finance the expansion of its alcohol distillery, vinyl acetate monomer plant (VAM), and polyvinyl alcohol (PVA) plant, and to meet working capital needs (estimated cost of Rs 32 cr).

Polychem signed an agreement with International Distillers and Vintners (IDV), UK, to produce and market the latter's brands in India. It also formed a strategic alliance with Dow Chemical Company, US, to market the latter's speciality grade polystyrene in India. Polychem, in collaboration with AVX, US, promoted a new company, Gujarat Poly-AVX Electronics, to manufacture leaded and chip multi-layer ceramic capacitors.

In 1999-2000, due to the accumulated losses the company has reffered to the BIFR in terms of its provision of SICA and has appointed IDBI as its operating agency.