The IOL Chemicals and Pharmaceuticals Limited (IOLCP) has announced plans to invest ₹1,400 crore to set up a new Active Pharmaceutical Ingredient (API) manufacturing facility at Badbar village in Barnala district, said industry and commerce minister Sanjeev Arora on Wednesday.
Addressing a press conference here, Arora said that environmental clearance has already been obtained, and the company has taken possession of the land for the project. “The new unit would generate employment opportunities for 2,000 people,” he said, adding that IOLCP is one of India’s leading producers of APIs and specialty chemicals and is globally recognised as the largest manufacturer of Ibuprofen, a key non-steroidal anti-inflammatory drug (NSAID) used to treat pain, fever, and inflammation.
Arora said that the company already operates an existing manufacturing unit in Barnala. The announcement was made in the presence of IOLCP managing director Varinder Gupta and Invest Promotion CEO Amit Dhaka.
Hero Motors-STP Group JV to launch ₹260-cr project
In another key development, Munjal STP Industries Limited – a joint venture between Hero Motors Limited (HML) and Germany’s STP Group – will invest ₹260 crore to develop, manufacture and sell forging for the automotive sector, announced Arora.
He said the venture, which came into effect in March 2025, will create employment for around 400 people in its initial phase. The ceremony for the new facility was held on Wednesday at Dhanasu in Ludhiana. The STP Group, which has six facilities across Germany, produces high-precision forged and machined components for automotive and industrial applications.
{{/usCountry}}He said the venture, which came into effect in March 2025, will create employment for around 400 people in its initial phase. The ceremony for the new facility was held on Wednesday at Dhanasu in Ludhiana. The STP Group, which has six facilities across Germany, produces high-precision forged and machined components for automotive and industrial applications.
{{/usCountry}}At the ceremony, Seema Bansal, vice-chairperson of the Punjab Development Commission, said the state government assured the JV of full cooperation from the state government. The upcoming plant will be part of the growing ecosystem at Hero Industrial Park, which also houses other key automotive and electric vehicle (EV) units, including HMC HIVE, HYM Drive Systems Pvt. Ltd., and Spur Technologies Pvt. Ltd.