IOL will invest Rs.300 cr in extension plan

Thebullishtrends: IOL Chemicals share price closed yesterday at Rs.109(-Rs.8.55). Punjab-based IOL Chemicals and Pharmaceuticals announce that it will be investing around Rs 300 crore in its proposed extension plan in the next one year. The company has acquired 65 acres of land for its backward and forward integration project. IOL is also entering into a new segment of proton pump inhibitors by undertaking the implementation of project to manufacture Rabiprazole, and anti-ulcer drug and its derivatives. As the Rabiprazole is going off-patent, the company is entering into this new segment and by investing Rs 300 crore to achieve a turnover of Rs 800 crore in the year 2010-11