Chandigarh, March 8:
Giving a further thrust to industrial development in Punjab, IOL Chemicals and Pharmaceuticals Limited (IOLCP) on Friday announces its plans to expand its existing unit at village Dhaula, Barnala, and to set up an Ancillary Unit at Raikot, Punjab, bringing in a total fresh investment of Rs. 347 crore.
The Company’s Managing Director Varinder Gupta met Chief Minister Captain Amarinder Singh here to brief the latter on the projects. The company, which is the world’s largest manufacturer of Ibuprofen with backward integration and captured 30% global market share as well as the second largest manufacturer of Iso- Butyl Benzene (IBB) in the world, is investing Rs 300 Crore in a phased manner at Barnala site. This will generate additional direct employment for 800 people and indirect employment for 1000 people, Gupta informed the Chief Minister.
IOLCP, through its Ancillary Unit (Vivachem Intermediates Private Limited), is investing another Rs 47 Crore for establishing a new manufacturing facility at Industrial Focal Point, Raikot (Punjab). This will generate direct employment opportunity for 150 people and indirect employment for 300 people, said Gupta.
Gupta thanked Captain Amarinder Singh for not only considering the crucial industry demands, power at Rs. 5 per unit and for bringing an attractive incentive policy for the Industry, but also acknowledged the productivity of labour and peaceful labour relations in the State. He appreciated the facilitation of One Stop Office (Invest Punjab) of Government of Punjab in transforming IOLCP’s plan into reality.
IOLCP is one of the most prominent and leading players in the Pharmaceutical sector in India since 1986, with a to-date cumulative investment of Rs 700 Crore and projected annual turnover for FY19 is Rs 1700 crore. It is one of India’s leading manufacturers and exporters of API’s (Bulk drugs) and specialty organic chemicals.
The company has a well-diversified product portfolio and Ibuprofen is the flagship product of company in Pharmaceutical segment and Ethyl Acetate in Chemical segment. It is also manufacturing Iso Butyl Benzene, Mono Chloro Acetic Acid, Acetyl Chloride within the Drug Intermediary segment and Metformin, Finofibrate, Clopidogrel, Lamotrigine and UDCA in Pharma segment