Pharma major IOL Chemicals and Pharmaceuticals Limited (IOLCP) Friday said it will expand its existing unit at Barnala and also set up an ancillary facility at Raikot in Punjab with a cumulative investment of Rs 347 crore.
The company's Managing Director Varinder Gupta met Chief Minister Amarinder Singh here to brief him on the projects, an official release said.
The company, which is the world's largest manufacturer of Ibuprofen as well as the second largest manufacturer of Iso-Butyl Benzene (IBB), is investing Rs 300 crore in a phased manner at its Barnala site.
This will generate additional direct employment for 800 people and indirect employment for 1,000, Gupta informed the chief minister.
IOLCP, through its ancillary unit, is investing another Rs 47 crore for establishing a new manufacturing facility at Industrial Focal Point, Raikot.
This will generate direct employment opportunity for 150 people and indirect employment for 300, said Gupta.
IOLCP is one of leading players in the pharmaceutical sector in the country with cumulative investment of Rs 700 crore. Its projected annual turnover for 2018-19 is Rs 1,700 crore.