The project, to be set up in Chopal area of Shimla district, would provide employment to 350 persons.
The Single Window Authority also approved 11 other projects with investment of about Rs 1,008 crore and employment potential for 2,175 persons.
Chief Minister Virbhadra Singh, who presided over the meeting, said that the projects included Amba Metal Melting Furnace Point, proposed to be set up at a cost of Rs 35.99 crore with employment potential for 54 persons for manufacturing of rods and sheets of iron, aluminium and brass.
The Rs 150 crore project of Himalaya Alkalies and Chemicals with employment potential to 250 persons for manufacturing of Caustic Soda Lye, Chlorine, Hydrogen Gas, Salicylic acid, Hydrochloric acid, etc and Rs 87.87 crore expansion project of Abbott Healthcare with employment potential to 54 persons for manufacturing of Pharmaceutical Formulations, DP Chocolates were also given approval.