The companies will develop a `formulations special economic zone' in the Mahabubnagar site
HYDERABAD: Two drug companies have been allotted 75 acres of Government land on lease at Jadcherla in Mahabubnagar district, 35 km from the upcoming Hyderabad International Airport, for being developed as `Formulations Special Economic Zone'.
The firms -- Hetero Drugs Limited and Aurobindo Pharma -- acting as `anchor tenants', will develop the SEZ over an area of 250 acres by spending Rs. 200 crores together and providing employment to about 2,000 people.
Chief Minister Y. S. Rajasekhara Reddy handed over the allotment papers to S. Parthasarathi Reddy, chairman & MD, Hetero Drugs, and K. Nitayananda Reddy, MD, Aurobindo Pharma, at the Secretariat on Saturday. D. Lakshmi Parthasarathy, principal secretary, Industries, and B. P. Acharya, vice-chairman & MD, AP Industrial Infrastructure Corporation, were present.
Focus on export
The Jadcherla site, approved by the Union Ministry of Commerce, was selected as it is close to Hyderabad. The two companies will create state-of-the-art formulation facilities with export orientation.
The SEZ is expected to tap the vast export potential, attracting leading formulation companies from nook and corner of the country.
An official said the work on infrastructure facilities would begin in January.