Improvising a vlookup code

Dear Experts,
Code below takes about 7.5 mins to fill up the formula and then converting values in the cells
(Total number of columns rows used in this sheet is 999,999 (which can vary).
Converting to values is required as sheet 2 will be deleted after few steps.
Please consider my VBA knowledge as zero as I am learning VBA through net and this forum
Best Regads/VKS

 ‘---------------------- Part of macro created using record macro -------------------------
ActiveCell.End(xlDown).Offset(0, -1).Select’******** Go to the last row
    Selection.End(xlUp).Offset(0, 1).Select’******** come back next to the last used cell of the column on left
    With range(Selection, Selection.End(xlUp))’***** to fills up the formula in all the cells
    .FormulaR1C1 = _
        "=IF(ISERROR(VLOOKUP(RC8,Sheet2!r1c1:r11735c3,2,FALSE)),""Indirect Location"",VLOOKUP(RC8,Sheet2!r1c1:r11735c3,2,FALSE))"
         .Value = .Value
        End With