150 acres leased for Formulations SEZ in AP

Hyderabad: Pharma majors - Aurobindo Pharma Ltd (APL) and Hetero Drugs Ltd have come forward to be anchor tenants in the proposed Formulations SEZ at Jadcherla in Mahboobnagar district of Andhra Pradesh.

The SEZ, approved recently by the Centre, will come up on a 250-acre land, located about 35 kms from the upcoming International Airport, on the Hyderabad-Bangalore national highway. APL and Hetero Drugs would set up latest formulations facilities with an export orientation. The two companies are expected to invest around Rs 200 crore. The employment potential has been put at about 2,000.

ALLOTMENT LETTERS


The Chief Minister, Dr Y.S. Rajasekhara Reddy, formally handed over allotment letters for a lease of 75 acres of land each to Mr K. Nityananda Reddy, Managing Director of APL, and Mr B. Parthasaradhi Reddy, Chairman and MD of Hetero Drugs, on Saturday.

The formulations SEZ at Jadcherla is also expected to attract other leading formulations companies in the country.

With Hyderabad already a strong centre for pharma formulations and bulk drug industry in the country, the State Government hopes that it will gather momentum quickly.

The construction of work of the two units would begin in January 2007 and would be inaugurated in December, 2007 as per initial milestones.

The Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC), has promoted the Formulations SEZ with an intention of consolidating the State's position in the pharma sector.