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States » NorthPosted at: Mar 8 2019 7:51PM


IOLCP to expand existing unit, set up new ancillary unit in Punjab

Chandigarh, Mar 8 (UNI) Giving a further thrust to industrial development in Punjab, IOL Chemicals and Pharmaceuticals Limited (IOLCP) on Friday announced its plans to expand its existing unit at village Dhaula in Barnala and to set up an ancillary unit at Raikot, Punjab, bringing in a total fresh investment of Rs 347 crore.
Company’s Managing Director Varinder Gupta met Chief Minister Capt 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 per cent 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, Gupta said.
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Tags: #IOLCP to expand existing unit# set up new ancillary unit in Punjab
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