The Board of Directors of IOL Chemicals and Pharmaceuticals has considered the successful setting up of new manufacturing facilities ('Unit-10') for manufacturing multiple Pharma (API's) products with a Capex of Rs. 28.69 crores funded by internal accruals.

Dr Sanjay Chaturvedi, Chief Executive Officer said "During the quarter ended June 2021, the company's performance has been satisfactory despite difficult operating conditions faced by the company during the Covid-19 pandemic.

He also added, the Company completed the installation of new manufacturing facilities 'Unit-10' to manufacture multiple Pharma (API's) products including Fenofibrate, Lamotrigine and Ursodeoxycholic Acid (UDCA) to cater for the growing demand.

Speaking about upcoming projects, he added that the installation of a new manufacturing facility 'Unit-9' for manufacturing Gabapentin & other pharma (APIs) products is slightly delayed of its schedule due to the 2nd wave of Covid-19 and is expected to be completed in the third quarter of FY22 without any cost overrun.