The $2-billion Indiastar (Mauritius) fund, foreign private equity investor, has picked up an 18.5 per cent equity stake in Punjab-based IOL Chemicals and Pharmaceuticals Ltd (formerly known as Industrial Organics Ltd), a leading manufacturer of industrial chemicals and bulk drugs in the country.
IOL Chemicals and Pharmaceuticals Ltd, based out of Ludhiana-Punjab, manufacturers and exportersindustrial chemicals, organic chemicals and drugs like Glacial Acetic Acid, Ethyl Acetate, Acetic Anhydride, Ibuprofen.
The company has completed the expansion of its capacities of acetic acid to 50,000 TPA, Ethyl Acetate to 33,000 TPA, Acetic Anhydride to 12,000 TPA and Ibuprofen to 3,600 TPA. The company has also put up a 4Mw cogeneration power plant for captive consumption.
The company is also going in for expansion of Rs180 crores to be funded partly by aforesaid securities, debt from financial institutions and internal accruals.
The company would further expand Ibuprofen capacity to meet the growing export demand. Currently, it is exporting its finished products mainly in South Asian countries.
The major customers for the company include United Phosphorus Ltd, Rallis India Limited, Ranbaxy Laboratories Limited, Nector Life Science Limited etc .
IOLCP is also exporting products to countries such as Bangladesh, Dubai, Libya, Lebanon, Thailand, Syria & Singapore.
(Source: Business Standard)
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