Indian drugmaker IOL Chemicals and Pharmaceuticals Ltd. (IOLCP) intends to infuse a cumulative 347 crore rupees (about $50 million) in its expansion projects in Barnala and Punjab.
The company noted that it will pump in about $43 million to expand its Barnala site in a phased manner, expecting to create extra direct employment for 800 people.
Moreso, IOLCP also said that via its ancillary unit, the company intends to also inject another $7 million to construct a new manufacturing facility in Raikot, Punjab.
The project is expected to generate direct employment opportunities for 150 people and indirect employment for 300 in the region.