Hetero to set up SEZ near Vizag

Hyderabad-based Hetero Drugs Ltd (HDL) will shortly commence the development of 250 acre special economic zone (SEZ) it is setting up in Nakkapally, about 110 km from Vishakhapatnam.

It is also set to begin the construction of a manufacturing plant in the SEZ.

"We have got in-principle approval for the SEZ, while the final approval is expected by this month-end," HDL director, marketing, M Srinivas Reddy, said.

He added that the development of the SEZ would take place following the final approval for the project.

Reddy informed that 10 to 15 bulk drug formulations and ancillaries will be setting up operations in the SEZ, which would attract investments to the tune of Rs 250 crore. HDL itself would be setting up about five manufacturing units in the zone.

With its five units, the company's export earnings would go up to Rs 450 crore from the current Rs 300 crore. The company's turnover in last financial year was around Rs 1,000 crore.

HDL has come a long way since its inception in 1993 to be recognised as a strong player in pharmaceuticals.

Last year, the company had signed up with Roche for the Oseltamivir generic, Tamiflu, and it is now exporting the bird flu drug to various countries.