Allotment letters to 2 drug companies in SEZ

Hyderabad, Nov 18: With the Centre clearing the decks for setting up a Formulations Special Economic Zone in the state, Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today handed over to heads of two drug companies the letters of allotment of lands for setting up their units in the export-oriented State-of-the-art SEZ.

The allotment letters for 75 acres of land each in the forumlation SEZ at Jadcherala in Mahaboobnagar district, were given to Aurobindo Pharma Managing Director Nityananda Reddy and 'Hetero Drugs' Chairman B Parthasaradhi Reddy, an official release said.

The two companies have come forward to be ''anchor tenants'' for setting up export-oriented SEC and proposed to invest Rs 200 crore and generate jobs to over 2000 people. The construction work of the two units would begin in Janauary 2007 and completed by December.

The forumations SEZ was part of efforts of the state government to consolidate preeminent position of Hyderabad as centre for pharma formulations and bulk drugs industry in the country, it said.

UNI