By Pravin PrashantChemical, August 01, 2020
IOL Chemicals sets up Metformin manufacturing unit
The new manufacturing Unit-VII has been established at the existing plant site of the company at Barnala.
IOL Chemicals and Pharmaceuticals (IOLCP), a leading manufacturer of APIs/bulk drugs and specialty chemicals has successfully set up a new Unit-VII to manufacture Metformin with an installed capacity of 7,200 MT per annum.
Metformin is primarily used for the treatment of diabetes. The company already has manufacturing facilities of Metformin (Unit-IV) with an existing installed capacity of 4,000 MT per annum. With the installation of Unit VII, the total manufacturing capacity of Metformin has now increased by about 3 folds at 11,200 MT per annum as compared to existing capacity.
The new manufacturing Unit-VII has been set up with a capex of about Rs. 28 crore, which has been funded fully through internal accruals only. The new manufacturing Unit-VII has been established at the existing plant site of the company at Barnala.
Vijay Garg, Joint Managing Director, IOLCP said, "The company has successfully set up another Unit VII to manufacture the Metformin with an installed capacity of 7,200 MT per annum to cater the growing demand. Metformin is a well-established product of the company in our bulk drug division."