Aurobindo begins operations; nine more units to come up.
The pharmaceutical industry is all set to get a boost with the exclusive Andhra Pradesh Industrial Infrastructure Corporation Formulation SEZ at Jadcherla in Mahaboobnagar district becoming operational.
City-based Aurobindo Pharma, which was allotted 75 acre, commenced its operations today. Nine other formulation companies are setting up their units in the SEZ, which is coming up on 250 acre on the Hyderabad-Bangalore highway at Polepally.
In all, the SEZ is expected to attract investments to the tune of Rs 500 crore, the largest in the backward Mahaboobnagar district in the Telangana region.
Aurobindo has invested Rs 157.63 crore in the unit that would generate direct employment for about 1,500 people and indirect for 3,000. The company has a capacity to make 700 million tablets and 16 million capsules per month. The unit would handle the formulations for drug major Pfizer.
According to a senior official of the industries department, the Formulations SEZ, for which the formal approval was given in October 2006, will create an employment for 5,000 people directly and to 10,000 people indirectly.
AP Healthcare has been allotted 26 acre, while Hetero Drugs has got 66 acre, Hetero Labs 9 acre and Raichem Pharma 6.28 acre. Epsilon Pharmaceuticals, MSN Laboratories, Glouchem Industries and Smilax Laboratories have been given 5 acre each at the SEZ. Reevax Pharma has been allotted 2,400 sq yards.
Work on the projects are in various stages of completion. The Hetero units would be ready by March next year, and the remaining would come up in a year, the official said.
The Formulations SEZ is a part of the 955-acre Green Industrial Park (GIP), which will also have textile, engineering, service and training and other units. Of the 955 acre, 645.07 acre patta land was acquired at Rajapur and Polepally.
The official said 143 families had lost about 264 acre to the SEZ and to the GIP. They had been paid an ex-gratia of Rs 18,000 per acre.
Two housing layouts on 26.8 acre are under development for the families that have been displaced. “Houses will be constructed by the entrepreneurs,” he said.
The displaced families in Polepally, however, are demanding their land back alleging that the compensation paid to them was less.
Tax experts say valuation of shares is a grey area and may lead to litigation
Yearly comparison shows a 12 per cent increase in hiring activity when compared to March 2013