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 (Rs 1 bilion) involves purchasing a 400-acre block in the 2,250-acre pharma manufacturing park at a cost of Rs 25 lakh (Rs 2.5 million) 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 (Rs 4 billion) 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 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, the pharma park is aimed at enabling global pharma majors outsource around 400-odd drugs from India in the post GATT regime.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group
