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Singapore
firm seen in Vizag realty deal
Mumbai March 08, 2006
Business Standard
A Singapore-based
infrastructure development company is all set to sign a major plot acquisition
deal with the developers of Jawaharlal Nehru Pharma City coming up at Parawada
in the outskirts of Visakhapatnam.
The deal, valued at over Rs 100 crore
involves purchasing a 400-acre block in the 2,250-acre pharma manufacturing park
at a cost of Rs 25 lakh per acre, said sources close to the development.
The
company is learnt to have invested in the industrial site in India with an objective
of attracting multinational pharmaceutical companies to set up their direct manufacturing
operations in India.
The sources added that the company is already in talks
with 14 top multinational pharmaceutical companies, all of which have wholly-owned
subsidiaries in Singapore.
The work on the Rs 400-crore Pharma City project
is moving at a brisk pace. Common infrastructure facilities to help the units
begin operations would be completed shortly.
Hyderabad-based Ramky Pharma
City (India) is executing the project.The Vishakhapatnam district authority had
recently initiated steps to acquire an additional 250-acre land in the vicinity
of Parawada for the Pharma City, apart from the previously sanctioned 2,000-acre
land.
The industry project, a first of its kind in the southern state,
was initiated by the Bulk Drug Manufacturers Association (BDMA) in support of
the Andhra Pradesh government.
The Pharma City will also provide infrastructure
for the drug discovery, research and development functions, as also help with
clinical trials. It will also facilitate with the manufacturing and marketing
functions, both to Indian as well as international pharma companies.
Located
at a special economic zone (SEZ), the pharma park is aimed at enabling global
pharma majors outsource around 400-odd drugs from India in the post GATT regime.
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