Invest Punjab Bureau doing wonders to facilitate industry in state: Varinder Gupta

Ludhiana, November 26, 2019: Mr Varinder Gupta, Managing Director, IOL Chemicals & Pharmaceuticals Ltd (IOLCP) today said that the Invest Punjab Bureau of the state government is doing wonders for facilitating the industry in Punjab. He also appreciated the industrial policy formulated by the Punjab government for the benefit of industry in the state. He said that the Capt Amarinder Singh led Punjab government has provided a congenial atmosphere for the industry to grow and that is why, several top companies of the globe are investing here.
During a media interaction in his factory premises in Industrial Area “A”, Mr Varinder Gupta stated that in May 2018, IOLCP had approached Invest Punjab Bureau for expansion cum diversification project with capital outlay of about Rs. 232 Crores in phased manner and they got all essential regulatory approvals well within time through Invest Punjab.
"In our Associate Company (Vivachem Intermediates Pvt. Ltd.), we had filed request with Invest Punjab to set up a New Pharma Intermediate plant with capital outlay of Rs 48 Crore in August 2018 and we were allotted the requisite land within a period of 2 months only, further the said plant was commercialised within short span of mere nine months along with all regulatory approvals. The commissioning of project in such a short span was possible only with the continuous support from officers of invest Punjab and other state government authorities,” Mr Gupta said.
He said that the one stop clearance system under Invest Punjab is being well received by the industrialists. He said that the Punjab government has a positive attitude when it comes to promoting industry. He said that several incentives related to electricity duty, GST, land ownership stamp duty, reduced power tariff, etc have been provided by the state government, which are proving very beneficial for growth of Industry. Mr Gupta also appealed to other industrialists to take full advantage of the various schemes of the Punjab government so that industry in the state grows further.
He said that IOLCP started its journey in Joint venture with Punjab Government in the year 1991. “We had started with a single product Acetic Acid and now we have the basket of more than 15 products such as Ibuprofen, Metformin, Clopidogrel, Fenofibrate, UDCA, Ethyl Acetate, Iso Butyl Benzene and more products in pipeline and now IOLCP has global leadership in flagship product i.e. Ibuprofen with global market share of 30%. Presently the company has given direct employment to 1800 persons with an indirect employment to approx. 2500 persons which will increase to 2200 persons and 3000 persons respectively after completion of expansion. We thank Punjab Government under the leadership of Capt. Amarinder Singh for providing excellent industrial environment and responsible, proactive Bureaucratic system,” said Mr Varinder Gupta, Managing Director, IOL Chemicals & Pharmaceuticals Ltd (IOLCP).