Pharma company to invest Rs47 cr in Raikot

Shivani Bhakoo
Tribune News Service
Ludhiana, August 13

IOL Chemicals and Pharmaceuticals Limited, through its ancillary unit (Vivachem Intermediates Private Limited) will invest Rs 47 crore for establishing a new manufacturing facility at the Industrial Focal Point, Raikot, (Punjab). Vijay Inder Singla, PWD and Education Minister, Government of Punjab, will be laying the foundation stone of the unit tomorrow at Raikot. The unit is coming up with the support of Invest Punjab.

Providing details, the CEO Invest Punjab Rajat Aggarwal said this would generate direct employment opportunity for 150 people and indirect employment for 300. “Invest Punjab provided all the support to the company in the form of fast and time-bound regulatory approvals and quick clearances,” said the CEO.

It may be mentioned here that IOL Chemicals and Pharmaceuticals Limited, incorporated in 1986 having to-date cumulative investment of Rs 700 crore and projected annual turnover for FY 2019 is Rs 1,700 crore. IOLCP is one of India’s leading manufacturers and exporters of API’s (Bulk drugs).

IOLCP has a well-diversified product portfolio and Ibuprofen is the flagship product of the company in the pharmaceutical segment and Ethyl Acetate in chemical segment.

The company is also manufacturing Iso Butyl Benzene, Mono Chloro Acetic Acid, Acetyl Chloride within the Drug Intermediary segment. It is world’s largest manufacturer of Ibuprofen.

IOLCP is targeting to invest Rs 300 crore in the coming three years at its Dhaula (Punjab) site. This will generate additional direct employment for 800 people and indirect employment for 1,000 people.